PS5 Insurance: Is It Worth It to Insure a Game Console?

A new PlayStation 5 (PS5) costs between $450 and $700, depending on which model you get. That cost doesn’t include the stand or more than one controller. 

At that price, a new PS5 isn’t an item you’d want to have to replace due to damage.^[1] Repairing a PS5 can cost as much as $400, which is practically the price of a new gaming console.

Sony offers only a one-year manufacturer’s warranty, so without insurance, you’ll be on the hook for any repairs after a year.^[2]

Here’s what you should know about PS5 insurance, including coverage options, how to buy a policy, and whether it’s actually worth it.

Can you buy insurance for a PS5?

Yes, you can buy insurance for a PS5. Insuring your PlayStation can be a good idea, seeing as the consoles are expensive devices, and they’re not immune to malfunctions. Something as simple as a power surge can damage your PS5. You could also drop it, spill liquid on it, or have it stolen.

Repairing these gaming consoles can cost almost as much as replacing one, so it stands to reason that you’d want some protection in place. With many insurance options costing only a couple of dollars per month, the investment can be well worth it. PS5 insurance is different from a warranty, but both coverages can protect your console.

Types of PS5 insurance and what they cover

You have multiple forms of PS5 protection to choose from, all of which you may see labeled as “insurance.” The three main types of protection are a manufacturer’s warranty, an extended warranty, and electronics insurance.

In Sony’s case, the PS5 warranty covers “material defects in material and workmanship.”

Extended warranties go beyond the one-year manufacturer’s warranty period, typically covering accidental damage and mechanical failures. Electronics insurance coverage is typically more comprehensive, covering accidents, malfunctions, and theft.

The claims process for each type of protection is similar. You’ll simply file a claim for the damage, and your plan or policy will reimburse you if it covers the damage. 

That said, each option has its pros and cons. For example, some protection plans might require you to have your gaming console repaired by a specific insurer-approved repair shop.

Below, you can compare what each plan covers for your PS5.

Insurance Plan	Providers	What It Covers
Manufacturer’s warranty	Sony	Manufacturing defects
Extended warranty	Best Buy, GameStop, Target, Upsie, and more	Hardware failure, power surge damage, and controller replacement
Electronics insurance	Asurion, Progressive, Allstate, and more	Theft, vandalism, water damage, drops, and breakdown

What a manufacturer’s warranty covers

Sony’s standard manufacturer’s warranty for the PS5 lasts only one year. It strictly covers “material defects in material and workmanship.” Here’s what it does and doesn’t cover:

What it covers:

• Manufacturing defects

• Faulty hardware components

What it excludes:

• Spills

• Theft

• Wear and tear

• Accidental damage like drops

If you’re filing a claim, you’ll need to provide proof of purchase (your receipt) before you can receive reimbursement. You may also need to provide a serial number in some cases.^[2]

What an extended warranty covers

Some retailers, including Best Buy and GameStop, offer extended warranties for game consoles. These warranties protect your PS5 after your manufacturer’s warranty expires and often last for two or three years. They typically cover things like mechanical hardware failure, power surge damage, controller replacement, and even accidental handling damage.^[3]

These warranties won’t cover things like theft or loss, though. Some plans include a deductible, meaning you’ll have to pay some of the costs out of your own pocket before your coverage kicks in.

What electronics insurance covers

Electronics insurance is a more comprehensive policy offered by third-party insurance companies, like Progressive, Allstate, and Asurion. These policies protect your PS5 from a wide range of things, including theft, vandalism, drops, water damage, power surge damage, and breakdown. Some plans even protect controllers and accessories.

Electronics insurance coverage also typically extends to other electronic devices in your home, making it more valuable than just a warranty. But that does mean these policies are often more expensive than warranties.^[4]

What PS5 insurance won’t cover

PS5 insurance doesn’t cover everything, though. Policies and plans vary widely, with some covering things that others don’t. That said, none of these plans cover damage related to general wear and tear, intentional damage, misuse, neglect, or modifications.

It’s crucial to read the fine print of any policy before you buy it so that you thoroughly understand what damage your plan covers.

How much does PS5 insurance cost?

PS5 insurance costs depend on the type of plan you choose and the company you buy your coverage from. For example, Asurion’s base electronics insurance coverage plan costs $15 per month, while Best Buy’s warranty costs only $80 for two years of coverage.

How much you end up paying depends on a few factors, such as the coverage tier you choose and your deductible. The higher your coverage tier, the more you’ll pay. But the higher your deductible, the less you’ll pay, since deductibles and premiums have an inverse relationship.

Cost of an extended warranty

Various major retailers offer extended warranties for the PS5. These plans vary in cost, duration, and included coverages. Best Buy offers one of the most popular extended warranties, costing only $80 for two years of coverage. Target offers an even cheaper two-year plan, at only $68, through a partnership with Allstate.

Some other extended warranty options include Upsie, which offers a monthly protection plan for only $2 per month. Before you choose an extended warranty, it’s important to examine each plan and make sure it covers everything you want to protect your console from. Don’t always just go with the cheapest option.

Cost of electronics insurance

When it comes to electronics insurance coverage, you can typically choose to pay monthly or annually, depending on your insurer. For example, Progressive offers a two-year electronic device plan through a partnership with Worth Ave. Group that costs less than $8 per month.

Asurion offers two monthly plans: One covers just your home entertainment devices for $15 per month, while the other covers all your electronics for $35 per month. They each include different service fees, which operate similarly to deductibles, meaning you’ll need to pay this fee before your coverage kicks in. Some plans also include replacement cost limits.

Pros and cons of PS5 insurance

Whether PS5 insurance is worth it depends on you. Some people find the coverage valuable, knowing that they’re protecting their $700 device for only a few dollars per month. Others find it unnecessary and may not like having to spend money each month on unused coverage.

Should you buy game console insurance?

It depends. If you feel comfortable paying out of pocket for a new console in the event that your PS5 breaks, then game console insurance coverage probably isn’t worth it for you. If you’ve been saving up for your first PS5 for months, then it may be worth the extra cost to insure your big investment.

You should also consider how you use your PS5. If you have kids or pets around the house or travel with it a lot, the risk of damage is higher. Also consider what other insurance coverage you already have. Homeowners and renters insurance will often cover PS5 damage, though their high deductibles can make it not worth using that coverage.

In the end, it comes down to whether you can afford to repair or replace your PS5 out of pocket. If you can do that without stressing about your finances, then you probably don’t need to insure your PS5.

PS5 insurance FAQs