Insuring Your Smartphone: Is Smartphone Insurance Worth The Price?

Nearly every smartphone and retail electronics company on the planet offers some form of insurance for their devices. These can range from Apple’s Applecare+ package to bespoke packages offered by outside companies. While these packages are undoubtedly popular, there are many users who go without insuring their phones. Troll Forsikring offers a wide range of insurance policies. Their most popular one is car insurance. Check out their website here, for more information:

Plans That Apply To Smartphone Users

In the case of AppleCare+, you can benefit from a policy that offers two years of customer support and two replacement phones if anything should happen to the devices for a one-time cost of $99 plus a $79 deductible. This can only be purchased when you get the phone, however.

Many outside companies offer similar plans that can be purchased at any time, and these offer larger compensations, in some cases up to four replacement phones during their plan period.

The fact that Americans have, in total, spent over $4.8 billion dollars on iPhone repairs and replacements alone in the past two years seems evidence enough that an insurance plan for your handheld device is worth its small price.

Identifying Your Device’s Shelf Life And Durability

A major element of the decision of whether to insure your retail electronics devices has to be decided as a function of how cautiously you live. The best way to do this is to check your own personal records and determine how many times you have purchased a new phone in the past five years.

If you have averaged more than a single phone in every two years, then you could benefit from accident insurance. Many users will claim to be very careful with their electronics, yet still seem to be forced into buying new phones every 8 months – a clear reason why it is important to look backwards and determine if you should insure.

An important element of this decision also comes from determining whether your device’s unique shelf life merits the investment. Apple claims that their devices are meant to operate for two or three years at maximum functionality. Other manufacturer’s place higher five year estimates. If you plan on using the same device for longer, you could benefit from a plan that covers it.

Protecting Your Data

For many people, the most important part of their retail electronics usage is not the hardware involved, but the information that is stored on the device. Thinking that they are securing their data, they often mistakenly purchase insurance plans that do not cover backups.

In most cases, the responsibility of creating a backup of your most important data is squarely on the user of the device. In order to place this responsibility on an insurer, they would have to be enabled access to all of your documents, contacts, messages, and more: something that very few people would feel comfortable sharing.

For this reason, many insurance companies that specialize in insuring electronics and hardware specify that they do not provide a backup service and communicate clearly to the insured that their data is their own responsibility.