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Is cell phone insurance worth the cost?

Tips to save you hundreds.

Regardless of age, location or profession, most of us are spending more time on our cell phones than ever before. How much time? One survey found the average adult spends almost 3 hours on their smartphone each day.

While some generations may be more attached to their phone than others (see the 2014 study that found 40% of Millennials believe losing their phone would be a bigger hardship than losing their car) – the fact is that we’ve all become fairly reliant on those handy little devices.

In fact, this dependency has given way to a new product – mobile, or cell, phone insurance. Mobile phone insurance packages vary by feature and are usually offered by service providers, like Verizon and AT&T, or by the phone manufacturer, like Apple or Samsung. 
Photo of cell phone insurance

Should you spend hundreds every year?

Mobile phone insurance costs range, but one article reported that Verizon’s plan started at about $11 a month, per phone. Based on that finding, if you have 4 phones, then you’re spending $528 a year - just on insurance.

Of course, that figure doesn’t include the fees that you may incur when you actually need to use the insurance. That same article found the plan had a deductible of $79 per cracked screen repair or $149 for more serious damage or to replace a lost phone.

Unless your whole family is very accident prone, these costs can be expensive to justify. A survey from Consumer Reports found that only 15% of phone buyers acquired a new phone because the old one broke. 

Mobile phone insurance at no extra cost when you check with us.

We read these reports, looked at our own phone bills and thought there should be a better way. That’s why we’re now offering mobile phone protection as a standard part of our Green Checking account.  

Green Checking mobile phone protection:

  • Covers the first 3 phones listed on your phone bill
  • Includes damage or theft (theft isn’t included in most provider or manufacturer insurance/warranty plans), up to 2 claims per year, up to $300 per claim
  • Only $50 deductible per claim 

Ready to start saving?

In order to qualify, your phone(s) must be paid through your Green Checking account.

If you're not yet a Green Checking client, contact your local branch or call us at 1-800-324-9375.


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

Have Questions?

Schedule a call or meeting with your local WaFd banker.

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