Is cell phone insurance worth it?

Team Marble
December 13, 2021
Is cell phone insurance worth it?

Unless you’re Godzilla, most of us aren’t actively trying to crush and break our things, which is why we purchase insurance to protect what matters most — be that a house, car, or great-granddaddy’s cufflinks. But what you should do about your cellphone is not such an obvious one.

We’ve all been there: One minute you’re holding your phone, the next it’s a shattered heap of glass shards. Or you’ve lost it at the movies. Or it’s fallen into the toilet. Whatever the reason, your phone is gone, baby, gone. So would cell phone insurance help in these cases?

Most cell phone insurance plans offer protection against theft, drops, and cracked screens, not to mention damage incurred from fire, snow, and any number of liquids —  all of which sounds pretty good to us. Given how much an iPhone or Android is going for these days, the cost of repairing or outright buying a new phone can make insurance feel like a necessity. 

That said, there are some clear downsides. For one thing, deductibles can equal or exceed what you pay per month for your phone — which can add up to a lot! While monthly costs for plans offered by cell phone providers average out to around $11, the deductible can be anywhere from $50 to $300, depending on your device.  And if you do make a claim, your insurer doesn’t have to give you an exact replacement or even a new phone. (That said, you probably won’t be given one of these beauties either.) Finally, if you’re using your phone company as your insurer, you’ll likely encounter fairly low limits on the number of claims you can make over a 12-month period — which means that if you make more than 2-3, they may just refuse the claim. 

With all this in mind, it’s impossible to forget that phones are practical, expensive tools that most of us use every day. So if insurance brings you peace of mind, by all means, go forth! There are much more affordable options out there than your cell carrier’s insurance plan. One of our favorites is AKKO: they offer coverage for not only your phone, but 25 of your other most valuable items (think computers, speakers, headphones, and more) at competitive pricing. 

At Marble, we want you to be protected against life’s surprises (and sudden drops). That’s why we built a digital wallet to help you organize your insurance, so you can find everything you need when you need it, all in one digital hub. Create your Marble account today to start managing your insurance — and get rewards for doing it!

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