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.
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.
There are certain things that these protection plans cover. Cell phone insurance providers have planned this, keeping in mind the needs of mobile users.
In some plans, protection plan providers offer transit damage claims and worldwide coverage.
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.
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.
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.
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.
Conclusion:
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.
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