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: TrollForsikring.no.

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.

Tips on Choosing the Right Pet Insurance Plan

Pet insurance is a commonly offered insurance program that nonetheless receives relatively little attention from financial experts.

While most columns and editorials that offer insurance advice focus on car insurance, life insurance and home insurance, being prepared to take on your pet’s medical needs can be just as important, if not more so.

Sick DogUnderstanding the Basics

Medical insurance is widely understood and appreciated by many of the millions of people whose lives are saved by their insurance plans. Pet insurance (which is actually called dyreforsikring in Norwegian) operates on the same principle, but with a few pet-specific insurance principles that are worth keeping in mind:

  • Start Young – With the exception of certain rare animals, such as parrots and tortoises, you will definitely outlive your pet. This means that you are essentially guaranteeing yourself medical costs that will inevitably occur as the creature gets older. If you insure your pet when it is young and healthy, you can enjoy both low rates and a low deductible that will help you both when the time comes.
    In order to prevent the possibility of your medical needs remaining uncovered due to pre existing conditions, it is recommended to start the insurance plan as soon in your pet’s life as possible. This offers the best mutually beneficial situation for you, your pet and your insurance company.
  • Examine Your Coverage – Many people get pet insurance with the automatic assumption that whatever happens will be covered. Just like any other insurance plan, this is usually not the case. Some plans will not cover genetic disorders, while others will offer repayment options that are limited in scope. You should be aware of the exact terms of coverage before you sign up.
  • Discuss Terms. While a standard medical insurance plan will cover the costs of whatever operation is necessary for your pet’s health, you may be surprised to discover that the consultation prior to the operation is not always covered. The same goes for dental care, preventative care and any other special treatments your pet may eventually require.

Maintaining Your Pet’s Insurance Plan

Your pet’s needs will change throughout its life. In order to keep the quality of that life high while keeping your costs low at the same time, changes to your plan may become necessary. Some pet insurance companies offer plans that take this into account, while others do not.

If your insurance company offers a single static plan, you may want to look into it every year or two in order to anticipate the needs you may have in the near future. Prescription medication, for instance, is often not necessary in the middle of a dog’s life, but is often an important element of a puppy’s growth, as well as of an older dog’s health.

If your insurance company allows you to make adjustments to your plan, it could be worth it to balance out the necessary elements in order to make sure you are covered. Pet insurance does not have to be complicated, but a little bit of planning goes a long way.