The latest smartphone models can cost well over $1,000. If you’re thinking of buying a new device, phone insurance can be a smart purchase. While a manufacturer’s warranty covers mechanical defects, phone insurance policies provide more coverage. Policies range in cost from $7.95 to $17 per month, and they can provide coverage against theft, damage, or cracked screens.
The cheapest phone insurance policies still provide valuable coverage, and you can purchase insurance through your wireless carrier, phone manufacturer, or a third-party company like Akko or Worth Ave. Group.
Budget-friendly cell phone insurance doesn’t mean you have to skimp on coverage; many providers offer low-cost insurance policies that provide comprehensive protection against accidents and mishaps.
The table below highlights the companies with the cheapest phone insurance policies:
*Listed premiums assume coverage for an iPhone 16 with a purchase price of $799
Verizon is one of the largest telecommunications and phone carriers in the world. Verizon Wireless customers can purchase phone protection plans through the company for as little as $7.95 for most devices. The company offers next-day replacement, and you can even use your coverage if your phone breaks or is stolen when you’re traveling outside of the U.S.1
The Apple iPhone is far and away the bestselling phone brand in the country. If you plan on purchasing an iPhone, Apple’s limited one-year warranty protects your phone. But that warranty only covers manufacturing issues and mechanical failures.2 It doesn’t cover accidental damages, theft, or losses.
Instead, you can add AppleCare+ to protect your phone (and other Apple devices). And your plan will include expert tech support. You can get coverage for Apple devices that are less than four years old, and coverage can cost less than $10 per month.
Akko is a third-party provider of device insurance policies, and it acquired Upsie, another smartphone insurance company, in 2024. Through Akko, you can get coverage for phones, tablets, and laptops. While some providers offer coverage only for brand-new phones purchased directly from a manufacturer or major retailer, Akko allows you to buy coverage for secondhand phones.
Although GEICO is well-known for its car insurance, it offers a range of insurance products, including mobile phone protection. Its policies are inexpensive, with a relatively low deductible. And you can get coverage for multiple electronic devices at a low cost. GEICO issues policies through a partnership with Warranty Life.
Worth Ave. Group insures phones, laptops, tablets, smartwatches, and other devices — including Samsung, Apple, and other brands. You can get coverage for secondhand phones and multiple devices in one family plan. Worth Ave. Group has strong customer reviews, cheap premiums, and low deductibles.
But it can take longer to receive reimbursement after a claim; Worth Ave. Group processes claims every Monday, and payment can take up to 30 days.
Device protection policies have some variations depending on the insurance provider and plan. But policies usually cover the following scenarios:
Cracked screens: Insurance policies generally pay to repair broken screens.
Accidental liquid damage: Most types of water damage are covered. So if you accidentally drop your phone in the bathtub, your insurer will likely pay to repair the damage or replace the phone.
Your phone is lost or stolen at the airport: While traveling, someone steals your phone from your bag. If your policy includes theft coverage, it’ll pay to replace your phone.
Budget-friendly phone insurance policies usually cost between $8 and $17 per month, or $100 and $150 per year.
Policies usually have deductibles. For something simple like a cracked screen, the deductible may be smaller — usually $30 or less — but more costly claims can have deductibles of $149 or more.
You may be able to save on coverage with the following strategies:
Cell phone insurance can be worthwhile, but it’s not necessary for all smartphone users. If you’re deciding whether to buy a policy, the following information can help you choose the right coverage.
Whether an inexpensive phone insurance policy is worth the cost depends on the value of your phone, whether you could afford to replace it out of pocket if it were lost or damaged, and your comfort level with risk.
Not necessarily. Coverage for lost phones varies by insurer and policy type. Some companies and plans only cover system malfunctions or damages, but not theft or losses.
Most wireless carriers will allow you to transfer your insurance coverage to a new or upgraded phone. But your premiums may increase if you purchase a new or more expensive phone. If you bought coverage through a manufacturer or third-party insurer, your new phone may not be protected.
Typically, you can file a claim online. Some insurance companies may also allow you to get repairs or a replacement device as soon as the same day or the next business day.
At Insurify, our goal is to help customers compare insurance products and find the best policy for them. We strive to provide open, honest, and unbiased information about the insurance products and services we review. Our hard-working team of data analysts, insurance experts, insurance agents, editors and writers, has put in thousands of hours of research to create the content found on our site.
We do receive compensation when a sale or referral occurs from many of the insurance providers and marketing partners on our site. That may impact which products we display and where they appear on our site. But it does not influence our meticulously researched editorial content, what we write about, or any reviews or recommendations we may make. We do not guarantee favorable reviews or any coverage at all in exchange for compensation.
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