As an Android user for over a decade, after mounting pressure from my family I'm finally turning to the dark side and moving to the Apple platform. There isn't anything I strongly dislike about my current phone or its features (the Google Pixel 2XL if you were curious) but the Apple ecosystem, build quality, inclusion of 5G, and proprietary features make it a pretty tempting option. As the launch date for the new slate of iPhone 12s launch on October 23rd, if you are lucky enough to grab one, you will want to protect your shiny new phone. Luckily there are several insurance options for you to choose from and each have their own pros and cons.
Lets start with the default insurance option for cell phones which you may not realize you already have: your current home, condo, or renters insurance.
Yes, if you have one of these insurance policies, your phone is most likely covered under certain conditions. The major downside to relying on your property insurance is that it is designed with large losses in mind, so your deductible could be anywhere from $500 to $2500. Some of the types of losses may not be covered (accidently got wet, mysteriously dissapeared, cracked screen). Another downside is that the claims process is not exactly setup with speed and urgency in mind for small claims so if you want to replace that phone within a day or two, this is not going to be the best option for you.
Another alternative to your property insurance, is specialized insurance for electronic devices. These are great plans that usually have a low deductible, include replacement cost for the phone, and may offer broader coverage than can be found on your property insurance. The downside to these plans is that they can vary wildly and the cost for the amount of coverage is usually pretty high compared to other types of insurance dollar for dollar. Despite this, it may help avoid filing property insurance claims which can save you money in the long run.
If you decide to go with Apple Care, Squaretrade, or a plan through your wireless provider, make sure you ask the following questions:
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What are the deductibles? (there may be multiple separate deductibles)
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Will you replace my phone with a new one if its damaged?
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If only a repair is needed, is it covered?
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What is the deductible for repair?
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Is there a lower cost for covering multiple phones or devices?
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Is theft or mysterious dissappearance covered?
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Is dropping the phone covered?
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Is water damage covered?
There may be other factors for you to consider but this should help get you started in the right direction.
You can compare plans by visiting these websites for more info:
Squaretrade - https://www.squaretrade.com/
AppleCare - https://www.apple.com/support/products