Outside Provider
Using an outside provider is another option to insure your phone. Protect Your Bubble, for example, offers coverage for $5.99 a month in case of mechanical breakdowns, water and liquid damage and even cracked screens. There is no limit on number of claims and if an exact replacement is not available, the company will issue a check for the replacement value, minus the deductible.
SquareTrade insures for mechanical and electrical failures and accidental damage but not theft or loss. You can purchase coverage for $4 a month for a three-year plan or up to $8 pay for a month-to-month plan.
You could also insure your phone under your existing homeowners insurance as a valuable personal article for up to $50 a month. However, most home insurance policies have a $1,000 deductible, which is more than the cost if you went and purchased a new phone out of pocket.
Buying phone insurance could give you that extra peace of mind knowing that if you drop it, you are covered -- just be sure to read the fine print to know what you are covered for and for how much. Even $12 a month for insurance, not including the cost of a deductible (usually around $150), will start to creep up to the cost of buying a new smartphone.
It depends on your level of risk tolerance -- and tendency toward mishaps -- with your most prized possession.
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