A Lost, damaged, or stolen phone can be very costly and time consuming. Insurance carriers are well aware of this and, as a result, can take advantage of the consumer. As with any contract, it is important that consumers are aware of the ins and outs before purchasing Mobile Phone Insurance. Below are some tips you should know before purchasing Mobile Phone Insurance:
- Shop around for the best rate. Many options are available for purchasing Mobile Phone Insurance. The most common options are through the service provider or dealer where the phone was purchased. There are also several cell phone insurance companies who offer wireless phone protection programs. Another option is listing the phone under your homeowner’s insurance plan. If this is the route you choose, make sure you keep them abreast of any replacements or upgrades.
- Make sure the deductible is not greater than what it would cost you to replace the phone. If your deductible is $50 and that is about the cost of a replacement phone then you may want to ask yourself if you an insurance policy for your mobile phone. Take the value of your phone into consideration. Mobile Phone Insurance is most beneficial for the more expensive phones such as the Blackberry or Treo. The cost to replace these phones easily cost over $200.
- Understand what is covered under the Mobile Phone Insurance policy. Although most policies cover lost, damaged, and stolen phones, the policy may have certain exclusions. For example, the policy may not provide replacements if they determine you were negligent. Insurance carriers could also deny a claim based on who was in possession of the phone. If you are purchasing insurance for a phone that will be used by someone other than you, make sure you discuss this with the insurance agent. It is also important to understand what the insurance company considers damaged. A phone with a scratched screen, yet still in working condition, may not be considered damaged, and therefore, not covered under your policy.
- What kind of replacement phone will you get? When a phone is lost, damaged, or stolen insurance companies will send you an exact or comparable model of the phone you are replacing. In most cases, however, you will receive a refurbished phone. The refurbished phone may come with minor scratches or some other cosmetic defect.
- Are you responsible for charges incurred for a lost or stolen phone? You must notify your service provider immediately to report a lost or stolen phone since you will be responsible for any charges incurred until the service provider has suspended your service. If you decide not to replace your phone, you are still responsible for paying the monthly service fee until the contract has expired.
- Know how many lines are covered under your policy? When seeking to insure multiple phones, make sure you select an insurance company that will cover multiple lines under one policy. This will be extremely cost effective.
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