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But it might take a week or two to get back up and running between repair times and shipping. Insurance prices vary depending on the company you choose and the type of device you need to insure.

For example, some companies charge more for a plan or increase deductibles for flagship phones or other high-end devices. At the time of writing, insurance plan pricing for the major carriers are as follows:. But remember, monthly costs are only one part of the picture. If you need to make a claim, the insurance company will ask for a deductible as well. In some cases after deductibles, you might even pay more for your replacement than picking up a used one online.

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You own the latest phone from Apple or Samsung. You sign up for insurance and at month 8 disaster strikes.

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Where the math gets tricky is refurbished replacements. Then your savings decrease.

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You signed up for a contract and got a great deal through a phone subsidy or device leasing. Is phone insurance worth it in this scenario? Verdict: Most likely though avoiding subsidies and contracts is an even better option. But you do like a capable smartphone. You jump for the insurance because it should save you money. After 8 months, your son tries to flush your phone down the toilet. You figure insurance is a simple way to save money replacing it if something goes wrong.

After 8 months, you leave your phone on the roof of the car as you pull out of the driveway. As you can see, insurance values vary—largely based on the price of your phone and how quickly you need to make a claim. If you've decided you want cell phone insurance, the next question becomes: which insurance provider to choose? Better still, if you have an Apple Store nearby, they can likely repair it on-site.

In some cases, repairs are more affordable than you might think. The best rates are often found at local phone or electronics shops.

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However, most purchase protection options are only good for 90 to days from the date of purchase. Coverage amounts vary. This is by far the most efficient option. In fact, if you keep the money in an interest-bearing savings account, you might even make a little money in the process!

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This is lower than the deductible for the phone on most insurance plans. If your phone survives until upgrade time, you can sell your used phone after upgrading to jump start the savings toward a new replacement fund. Phones are getting more complex—particularly with waterproofing methods—so you might think twice before doing a repair yourself.

They offer step-by-step guides and videos for a range of popular devices. Be sure to research parts, tools and time requirements first.

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Saving money yourself instead of buying insurance requires more effort, but offers the most flexibility and savings. Consider deductibles, covered damages, loss or theft coverage. Always check the fine print to see how they will compensate you for your device. Many plans use refurbished phones or even different models entirely.

Please note: This article is based on our opinion and does not constitute financial advice. When considering purchasing financial products, you should always speak with an Independent Financial Adviser. Found this article after your phone was already lost, stolen or broken?

Our Used Phone Buying Guide can help you find a good deal on a reliable used phone instead of shelling out the money for a new one. You can use the savings to kick start your stash toward the next upgrade or replacement! Cell Phones Guides. Share Facebook Twitter Mail.

Buy Protection Risk-free, cancel anytime. Learn More. No thanks. The smarter the phone, the harder the fall. You can now. Follows you when you upgrade Your plan automatically transfers to your new phone.

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Follows you when you switch carriers Your plan covers your phone no matter the carrier. Same-day repair options available in most areas. In-home Repair same-day A certified tech replaces your broken screen at a time and place of your choice: home, office, coffee shop, anywhere. Local Repair same-day Get your phone fixed at one of thousands of local repair shops. Same-day repair options available in most areas In-home Repair same-day A certified tech replaces your broken screen at a time and place of your choice: home, office, coffee shop, anywhere.

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