Table of contents
Table of contents
The latest smartphone models can cost well over $1,000. If you’re thinking of buying a new device, phone insurance can be a smart purchase. While a manufacturer’s warranty covers mechanical defects, phone insurance policies provide more coverage. Policies range in cost from $7.95 to $17 per month, and they can provide coverage against theft, damage, or cracked screens.
The cheapest phone insurance policies still provide valuable coverage, and you can purchase insurance through your wireless carrier, phone manufacturer, or a third-party company like Akko or Worth Ave. Group.
Quick Facts
Phone insurance typically costs between $100 and $150 per year for one device.
Most claims will have a deductible; depending on the company, the deductible is usually between $100 and $150.
Verizon, Apple Care+, Akko, GEICO, and Worth Ave. Group are the cheapest phone insurance companies.
Cheapest phone insurance plans
Budget-friendly cell phone insurance doesn’t mean you have to skimp on coverage; many providers offer low-cost insurance policies that provide comprehensive protection against accidents and mishaps.
The table below highlights the companies with the cheapest phone insurance policies:
| | | | $0 Deductible for Screen Repairs | |
|---|
| Verizon | $7.95 | $95 | $99–$279 | Yes | Yes |
|---|
| AppleCare+ | $9–$13 | $114–$156 | $149 | No | Yes |
|---|
| Akko | $10–$15 | $120–$180 | $99 | No | Yes |
|---|
| GEICO | $10 | $120 | $99 | No | No |
|---|
| Worth Ave. Group | $12 | $146 | $75 | No | Yes |
|---|
*Listed premiums assume coverage for an iPhone 16 with a purchase price of $799
Verizon: Best for screen repairs
Verizon is one of the largest telecommunications and phone carriers in the world. Verizon Wireless customers can purchase phone protection plans through the company for as little as $7.95 for most devices. The company offers next-day replacement, and you can even use your coverage if your phone breaks or is stolen when you’re traveling outside of the U.S.[1]
ConsAvailable only to customers with new devices or new service lines
High deductibles on newer phone models
Replacement devices may be refurbished or contain non-original parts
AppleCare+: Best for newer iPhone models
The Apple iPhone is far and away the bestselling phone brand in the country. If you plan on purchasing an iPhone, Apple’s limited one-year warranty protects your phone. But that warranty only covers manufacturing issues and mechanical failures.[2] It doesn’t cover accidental damages, theft, or losses.
Instead, you can add AppleCare+ to protect your phone (and other Apple devices). And your plan will include expert tech support. You can get coverage for Apple devices that are less than four years old, and coverage can cost less than $10 per month.
Pros Covers devices less than four years old
Unlimited coverage for accidents
Same-day service available
ConsBase policies don’t include coverage for theft or losses
Higher deductible than other options
Must have Find My iPhone activated to qualify for loss or theft damage
Akko: Best for secondhand phones
Akko is a third-party provider of device insurance policies, and it acquired Upsie, another smartphone insurance company, in 2024. Through Akko, you can get coverage for phones, tablets, and laptops. While some providers offer coverage only for brand-new phones purchased directly from a manufacturer or major retailer, Akko allows you to buy coverage for secondhand phones.
GEICO: Best for multiple devices
Although GEICO is well-known for its car insurance, it offers a range of insurance products, including mobile phone protection. Its policies are inexpensive, with a relatively low deductible. And you can get coverage for multiple electronic devices at a low cost. GEICO issues policies through a partnership with Warranty Life.
ConsNo theft protection
30-day waiting period
Limit on claims per year
Worth Ave. Group: Best for low deductibles
Worth Ave. Group insures phones, laptops, tablets, smartwatches, and other devices — including Samsung, Apple, and other brands. You can get coverage for secondhand phones and multiple devices in one family plan. Worth Ave. Group has strong customer reviews, cheap premiums, and low deductibles.
But it can take longer to receive reimbursement after a claim; Worth Ave. Group processes claims every Monday, and payment can take up to 30 days.
ConsPolicies have 30-day waiting periods after enrollment
Doesn’t cover damages related to electrical surges
Can take up to 30 days for reimbursement
What phone insurance covers
Device protection policies have some variations depending on the insurance provider and plan. But policies usually cover the following scenarios:
Cracked screens: Insurance policies generally pay to repair broken screens.
Accidental liquid damage: Most types of water damage are covered. So if you accidentally drop your phone in the bathtub, your insurer will likely pay to repair the damage or replace the phone.
Your phone is lost or stolen at the airport: While traveling, someone steals your phone from your bag. If your policy includes theft coverage, it’ll pay to replace your phone.
How much does cheap phone insurance cost?
Budget-friendly phone insurance policies usually cost between $8 and $17 per month, or $100 and $150 per year.
Policies usually have deductibles. For something simple like a cracked screen, the deductible may be smaller — usually $30 or less — but more costly claims can have deductibles of $149 or more.
Tips to lower your insurance cost
You may be able to save on coverage with the following strategies:
Choose a higher deductible
With some companies, you can choose a deductible amount that works for your budget. A higher deductible can reduce your premiums, but you’ll pay a higher cost out of pocket for phone repairs or replacements.[3]
Bundle coverage
If you bundle phone insurance with coverage for other devices or other family members’ phones, the cost will likely be less than if you insured each device separately.
Use credit card protection
Some credit cards provide free cell phone protection if you use the card to pay your cell phone bill.
Shop around
Depending on the insurance company, coverage can be as little as $7.95. Shop around and get multiple quotes to find the lowest-cost insurance options.
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