If you're a smart phone user - and 75% of Americans are - then you're probably paying about $50-$60 (per phone) every month to stay connected. While that number might not sound like a lot on its own, most of us have one phone per person, so if your household has 4 phones, then you could be shelling out $2,400 a year on cell phones.
Since you're spending that much, you want to insure those fragile little devices in case something happens, right? Here are some things to consider before you sign up for the protection.
You'll usually have to pay a deductible too.
The cost and coverage of mobile phone insurance varies greatly by provider, but many plans cost between $5 and $11 per month, per phone. Unfortunately, that usually just gets you the option to exercise your coverage.
When you actually need to use the insurance, you'll usually have to pay a deductible on top of that. Again, costs vary depending on your damage and provider, but they often range from $50 to $150 for things like a broken screen, water damage, etc.
Lost or stolen phones may not be covered.
Be sure to check the plan's coverage BEFORE you sign up, as lost or stolen phones may not be covered. For example, purchasing AppleCare+ or Samsung Premium Care for your phone may extended the carrier's warranty, but it won't help you if your phone gets lost or stolen, as detailed in this tom's guide article.
You're often limited as to the number of claims you can file in a year.
Are you really clumsy with your phone? Be aware that many mobile phone insurance providers limit the numbers of claims you can file a year, sometimes to just 1 or 2.
Most of our phones are safe.
Whether it's due to damage, carelessness or theft, being without a phone is an inconvenience. But for most of us, it's likely something we won't encounter. One study found that over half of us have never broken or lost a cellphone, which means all that money you're paying on insurance could be going towards something you may not use at all.
Save more AND stay covered with Green Checking.
What if there was a way to drop the extra cost of insurance and still keep your phone safe? Now there is.
Green Checking now includes mobile phone protection at no extra cost. That's right, you can cover your family's phones just by having a checking account, without having to pay more each month.
Here's what's included:
- Coverage for the first 3 phones listed on your cell phone bill
- Includes claims of damages AND theft
- Eligible for 2 claims per year
- Coverage of up to $300 per claim, just a $50 deductible per claim
Ready to start saving?
In order to qualify, your phone(s) must be paid through your Green Checking account.Learn about Green Checking Rewards
For product disclosures and more information about mobile phone protection and other My WaFd Wins benefits, please visit our My WaFd Wins page. Green Checking requires $25 deposit to open and costs $6 a month. Visit our Checking page for more information on account requirements.
Special Insurance Program Notes: The descriptions herein are summaries only. They do not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Insurance is offered through the company named on the certificate of insurance. Refer to Insurance Documents for complete details of coverage. Insurance products are not insured by FDIC or any Federal Government Agency; not a deposit of or guaranteed by the bank or any bank affiliate. Registration/enrollment required at MyWaFdWins.com.