This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers.One of our phones recently went on an infinite boot loop where it would restart, go to the start screen and continue to reboot itself. The phone was a little over a year old and was out of warranty. With most phones selling over $500 nowadays, it was going to be an expensive option to replace. Cellphone carriers recommend most users carry insurance for their phone. If you buy cellphone insurance directly from a cell phone carrier, it will most likely be through Asurion. Asurion’s plans vary by carrier but there is a common denominator for all of them:
- $6 – $8 monthly fee per phone
- $100 deductible
- Protection against lost, theft or damage
Wells Fargo:To our knowledge, all Wells Fargo Credit Cards have cellphone insurance coverage. Some Wells Fargo cards with this feature include Wells Fargo Propel American Express card and Wells Fargo Cash Wise Visa card. The common features of the coverage are:
- Up to 4 phones
- 2 claims per year, up to $600 each time and a $1,200 maximum per year
- $25 deductible
- Coverage for damage and theft. No coverage for LOST device.
- You do not need to buy the phone with a Wells Fargo card, but you need to pay your monthly bill with it.
Chase Ink Business PreferredChase offer ONE credit card with cell phone insurance. It is their Chase Ink Business Preferred card. Features include:
- Coverage for phones of you and employees listed on your monthly phone bill of your business
- Up to 3 claims of $600 each in a 12 month period.
- $100 deductible
- Coverage for damage and theft. No coverage for LOST devices
- Coverage for only new phones, refurbished phones are not included
- No need to buy the phone with the Ink Business Preferred card, but you need to pay your monthly bill with it.
Fifth Third BankFifth Third Bank is a credit card issuer that most people have not heard of, but all their credit cards offer cell phone insurance coverage. Common features of their cards include:
- Coverage for damage and theft. No coverage for LOST devices.
- Up to 2 claims per year, $200 maximum each time and $400 max per year.
- $50 deductible
Credit Card Extended Warranty:Most credit cards include extended warranty coverage. Our experience is mainly with American Express extended warranty protection. American Express match the equipment’s coverage with a US warranty for up to a year. So if the phone has a 90 day warranty, American Express coverage would double it to 180 days. If the manufacturer’s warranty is 2 years, you would only get an additional year. Our experience with American Express for claims have been very positive. In our instance, if Wells Fargo’s coverage was less than ideal, we would’ve called American Express since we purchased the phone with an American Express card.
Is there value to insurance coverage from a cellphone company?If you are the type that lose a lot of phones – then getting an insurance plan directly from your cell carrier would make sense. Asurion plans include lost phone coverage. Otherwise, we would opt out and use a credit card with cell phone insurance coverage.
Conclusion:With the right credit card, you can save a significant amount of money especially if you are on a share family plan. All these coverage are supplemental, so it would be secondary overage after your homeowner’s or renter’s insurance plan. If you don’t have those plans, then it would be primary coverage.
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