Only two decades back, it was not easy to imagine a gadget that fits in your palm with all the necessary tools. But new mobile phones have traversed that space. Their functions cover diverse aspects and they have emerged as indispensable.
Yet, people often lose their mobiles. A recent fact disclosed that around 70 million phones get lost each year. In such cases, phone insurance plays a prominent role. The global market for mobile phone protection plan has a chance to surpass USD 38.1billion valuation by 2024.
But before digging deep, let’s take a quick tour of what mobile protection plan is and what facilities your cell phone insurance providers offer.
What is the mobile protection plan?
Mobile protection plan covers the loss or the damages of the phone. As a user, you have to buy this protection plan separately. The global mobile protection plan market is on track to record 9% CAGR over the forecast period encompassing 2019 to 2024.
Mobile protection plan features
There are certain things that these protection plans cover. Cell phone insurance providers have planned this, keeping in mind the needs of mobile users.
- You can buy it for both used and new mobile phones
- Some plans provide cashless repair plans
- The policy term can vary from 6 months to 12 months
- It includes loss of phone due to robbery or theft
- Accidental damages
- Damages from liquid seepage
- Technical malfunctions
- Screen damages
- Damage due to fire
In some plans, protection plan providers offer transit damage claims and worldwide coverage.
Tips for buying the best mobile protection plan
Its always better to keep a few pointers in mind before buying a mobile protection plan. These will give a perspective and help in understanding where to invest your money to get the maximum benefit.
1. Manufacturer’s Warranty
If you own an iPhone, you know about the palpitating hearts. If you lost it, you know it will hurt you. But the number of iPhone users is also substantial. About 43.5% of smartphone users have an iPhone.
Bearing this in mind, Apple launched a protection plan called AppleCare+ a few years back. This plan includes phone, battery, accessories, and included earphones.
Apple’s rivals, like Motorola and Samsung, have their own plans as well. For Motorola users, Moto Care is a good option. Samsung Galaxy owners can opt for Samsung Protection Plus, which is a good choice.
2. Carrier Plan
It is not just the manufacturers who provide protection plan plans. You can get one from your carrier as well. Carriers like AT&T, Sprint, Verizon, and T-Mobile provide good plans.
- Verizon’s Total Mobile Protection plan comes at around a cost of $13 per month. It covers damage, loss, theft, and cracked screen
- AT&T Mobile Protection plan includes damage, liquid, loss, or other damages at a charge of $8.99 per month
- Sprint’s Cellphone Protection plan comes at the cost of $9-$17 per month. It incorporates plans for liquid/physical damage, loss, and repairs
- T-Mobile Device Protection can cost you around $9 to $15 per month and it covers theft, loss, mechanical issues, and accidental damage
- These plans include a certain amount as deductible, which is always lesser than the actual price of the phone
3. Third-Party Plans
There are third-party support providers as well. If you think the manufacturer plan is too costly, then you can opt for this one.
- A company like SquareTrade offers this plan with a deductible and a yearly payment scheme. The deductible costs around $25 and the yearly payment is somewhere between $89 to $129
- A third-party phone insurance provider like Geek Squad charges an amount like $7.99 to $10.99
4. Damage Coverage
Around 35% of gadget buyers get their devices damaged in the first year. Now, if you are not alert all the time, then the chances of getting your phone damaged are high.
- Check the damages the plan covers
- Sometimes these plans either cover liquid seepage or screen protection
- It’s better if you choose one that covers all
5. Time Limit
Sometimes you need to buy a plan within a time limit. This period begins from the day you buy the phone. You have to purchase plans within 2 weeks to 1 month. But before you commit, check whether the total price of both the phone and protection plan policy fits your purse.
A costly phone like iPhone’s latest ones or Samsung Galaxy series can burn a hole in your pocket. For such phones, if you get a phone protection plan it will save you some real concerns.