How can I get insurance for my Android phone?
Long gone are the days of cell phone providers offering low-cost monthly insurance for your phone. In fact, on higher priced models like smartphones, most service providers are no longer offering insurance of any kind.
Many customers do not realize that the price they pay when they buy their new phone from their service provider is a subsidized (and thus lower) price the carriers provide at the time of sign-up or contract renewal as a bonus for committing to a 1 or 2 year contract. Should anything happen to your phone (lost, stolen, broken), replacement costs are often triple or quadruple the sign-up price (costs upward of $500 are not uncommon).
This being the case, many owners prefer to insure their phones to protect their wallets in the event of an accident, loss, or theft. Despite most providers stepping out of the insurance game, there are still several options available to Android phone owners when it comes to getting your phone insured.
Third Party Mobile Phone Insurance
Several companies have built solutions intended to fill the gap created by the lack of carrier-provided mobile phone insurance for certain devices.
Squaretrade, who has been in business since 1999, offers coverage equivalent to or better than traditional carrier-provided insurance policies (covering loss, theft, and accidental damage). Should your Android phone meet an untimely fate, Squaretrade promises to fix it or pay you the full purchase price of the phone, all within five days. SquareTrade's insurance plans have received near perfect consumer ratings on NexTag and Epinions, and has received an A+ rating from the BBB (Better Business Bureau). As a result, SquareTrade has sold over 1,000,000 warranties to date.
2 years of coverage costs between $2.45/month and $6/month, depending on the purchase price of your phone.
For more information on SquareTrade, head to the SquareTrade cell phone insurance page. If you're specifically looking for Nexus One insurance, head here.
Homeowners / Renters Insurance
If you have homeowner's or renter's insurance policy, you may be able to cover your Android phone through an extension to your existing policy. Adding your phone to an existing insurance policy is often considerably less expensive than other solutions, but can be complicated.
If you decide to insure your Android phone this way, be careful to check with your insurance company on how your deductible works in regards to phone claims. If your deductible is $500, chances are you're not getting a very good deal. Make sure to lower your deductible (which would bring on additional costs) or get documentation from your insurance company which states that your extended coverage is not subject to your standard deductible.
Extended Credit Card Protection
Many gold, platinum and other credit cards offer extended purchase protection which in many cases effectively doubles the manufacturer's warranty on your device. While this will not provide any accidental damage protection, it may be free of charge if you purchase using your credit card.
Whichever option you choose, protecting your shiny new Android phone with some sort of insurance policy can help protect your bank account in the event of the unexpected.
