Is Phone Insurance Worth It?

In today's world, cell phones are essential tools that we use for a variety of purposes, including communication, financial transactions, business, and staying informed. As our reliance on cell phones grows, we often invest in higher-quality, more expensive devices, which can represent a significant financial risk. In order to protect our investment and ensure that we have access to reliable and functional technology, it is important to consider cell phone insurance.

Is phone insurance worth it? In this blog post, we will go over 6 reasons why you should consider getting insurance for your phone.

Accidents and thefts are common

Unfortunately, accidental damage and theft are common for smartphones. Accidents often happen at the most inopportune time in an annoyingly diverse set of ways, think drops, spills, and cracks. Nearly two-thirds of smartphone owners have cracked their screens and, looking at the data you can see why - according to the New York Post, Americans drop their phones at least four times a week! The picture for theft doesn’t look much better, with the FCC reporting that phones are involved in over 40% of theft in major cities. Bottom line: accidents and theft of smartphones are, sadly, too common.

Repairing or replacing a smartphone is expensive

Whether it's a cracked screen, water damage, or some other issue, repairing a phone is costly and time-consuming. One of the most common repairs for an iPhone is a cracked screen. Depending on the model of your phone and the severity of the damage, the cost of repairing a cracked screen can range from $100 to $300 or more. Another common issue with iPhones is water damage. If your phone gets wet, it can cause corrosion and other damage that can be expensive to repair. In addition to the cost of the repair itself, you may also need to pay for other expenses, such as shipping your phone to the repair shop or paying for a rental phone while yours is being repaired. These additional costs can add to the overall cost of repairing your phone.

Broader coverage compared to a warranty

While a warranty typically covers mechanical defects and failures and lasts for a specific period of time, phone insurance offers broader protection for your smartphone. With phone insurance, you can typically file a claim to have your phone repaired or replaced if it is accidentally damaged or stolen. So, if you are one of the many Americans who drop their smartphone frequently or fall victim to the high rates of smartphone theft, insurance has you protected. As a bonus, with insurance, you are also covered for fire, flood, natural disaster, vandalism, and power surge caused by lightning.

Convenient and trusted repairs

The rapid growth of smartphones has driven a huge increase in the number of smartphone repair shops popping up in towns and cities across the country. Unfortunately, not all of these repair shops are trustworthy. First, some repair shops may not have the necessary skills or knowledge to properly diagnose and fix a problem with a phone. This can lead to incomplete or incorrect repairs, which can cause further issues down the line. Second, some repair shops try to charge exorbitant prices for repairs or use low-quality replacement parts. This can be especially frustrating if the repair ultimately doesn't fix the problem and leads to additional expenses down the road. With insurance, you can get your phone repaired quickly and easily, without having to worry about finding a reputable repair shop yourself or paying for the repair out of pocket.

Enjoy worldwide coverage

A phone insurance plan with Oyster offers worldwide coverage, so you are protected no matter where you are in the world. This can be especially important for frequent travelers who want to protect their phones while they are away from home. If your phone is stolen from your backpack whilst traveling, or you drop your phone and crack the screen whilst taking a sunset selfie, having an insurance plan will cover you for quick and painless repairs, so you can continue enjoying your time away, rather than worrying about the cost of repairing or replacing your phone.

Increased peace of mind

Knowing that your phone is protected gives you peace of mind and allows you to enjoy your device without worrying about unexpected costs or repairs. Phone insurance can offer peace of mind in the sense that it can provide a convenient way to get your phone repaired or replaced if it is damaged or stolen. Instead of having to pay for these costs out of pocket, you can simply file a claim with your insurance provider and they will handle the process for you. This can save you time and hassle, and allow you to get back to using your phone as quickly as possible.

Overall, getting insurance for your phone can be a smart move. It can protect your investment, save you money, and give you peace of mind.

Less hassle, better protection

Join Oyster today to learn how you can be properly protected from the unexpected things in life.

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