ELECTRONIC DEVICE INSURANCE: What Is It, & What Does It Cover?

Electronic device insurance protects electronic devices and provides financial protection for repairs or replacements. To choose an insurance policy, there are certain steps you are to take, which are listed in this article. It is also pertinent for you to choose a company with a streamlined process and understand policy limitations. Let’s delve into the world of electronic device insurance and shed light on what it is and the extensive coverage it provides.

Electronic Device Insurance

Electronic device insurance is insurance coverage that protects your electronic devices, such as smartphones, laptops, tablets, gaming consoles, and cameras, against damage, theft, or loss. It provides financial protection in case your devices need repair or replacement due to covered events. Electronic device insurance can be purchased as a standalone policy or as part of your renters or homeowners insurance.

Factors To Consider When Choosing Electronic Device Insurance

When choosing electronic device insurance, factors to consider are listed. They are:

#1. Device Value

Consider the value of your electronic devices. If you own expensive devices, such as high-end smartphones or laptops, it may be more beneficial to have insurance coverage to protect your investment.

#2. Coverage Options

Review the coverage options offered by different insurance providers. Consider the types of risks you want to be protected against, such as accidental damage, theft, loss, or specific types of damage like cracked screens or power surges. Choose a policy that offers the coverage you need.

#3. Deductibles and Premiums

Evaluate the deductibles and premiums associated with the insurance policy. A deductible is the amount you need to pay out of pocket before the insurance coverage kicks in. Consider your budget and choose a policy with deductibles and premiums that are affordable for you.

#4. Claim Process

Research the claim processes of different insurance providers. Look for a company that offers a streamlined and efficient claim process, ensuring that you can easily file a claim and receive compensation when needed.

#5. Policy Limits

Understand the coverage limits of the insurance policy. This refers to the maximum amount the insurance company will pay for repairs, replacements, or compensation. Ensure that the policy limits are sufficient to cover the value of your devices.

#6. Exclusions and Limitations

Read the policy carefully to understand any exclusions or limitations. Some policies may have specific conditions or circumstances under which coverage is not provided. Be aware of these limitations to avoid any surprises when filing a claim.

#7. Customer Reviews and Reputation

Consider the reputation and customer reviews of the insurance provider. Look for feedback from other policyholders to gauge their satisfaction with the company’s services, claim handling, and customer support.

#8. Additional Benefits

Some insurance policies may offer additional benefits, such as data recovery services, identity theft protection, or extended warranties. Assess these additional benefits and determine if they align with your needs.

#9. Existing Coverage

Check if your homeowners or renters insurance policy already provides coverage for electronic devices. If so, evaluate the extent of coverage and consider if additional electronic device insurance is necessary.

#10. Customer Support

Take into account the level of customer service that the insurance provider offers. It’s important to have access to responsive and helpful customer service representatives who can assist you with any questions or concerns.

Electronic Device Insurance Coverage

Electronic device insurance coverage is a type of insurance policy that provides financial protection against unexpected events that may result in the need for repairs or replacement of electronic devices, depending on the insurance provider and policy.

Types of Electronic Device Insurance Coverage

#1. Accidental Damage

This coverage protects your electronic devices against accidental damage, such as dropping your phone or spilling liquid on your laptop.

#2. Theft and Loss

Insurance policies cover theft and loss of your electronic devices. If your device is stolen or lost, the insurance company will provide compensation for its value.

#3. Repair or Replacement

If your electronic device is damaged and cannot be repaired, the insurance policy will cover the cost of replacing it with a similar model or provide the necessary funds for a replacement.

#4. Worldwide Coverage

Many policies provide coverage even when you are traveling internationally. This means that if your device gets damaged, stolen, or lost while you are abroad, you can still make a claim.

#5. Extended Warranty

Some electronic device insurance policies offer extended warranty coverage beyond the manufacturer’s warranty. This can provide additional protection against defects or malfunctions that occur after the manufacturer’s warranty expires.

#6. Cracked Screen Protection

This coverage specifically protects against damage to the screen of your electronic device, such as cracks or shattered glass. It can cover the cost of screen repair or replacement.

#7. Power Surge Protection

Power surges can cause damage to electronic devices. This coverage guards against damage from power surges, which may occur as a result of lightning strikes or electrical issues.

#8. Virus and Malware Protection

Some insurance policies may offer coverage for damages caused by viruses or malware. If your device is infected and requires repair or replacement, this coverage can help cover the costs.

#9. Mechanical or Electrical Breakdown

This coverage protects against mechanical or electrical failures that occur outside of the manufacturer’s warranty period. It can cover the cost of repairs or provide funds for a replacement device.

#10. Identity Theft Protection

Some insurance policies may offer identity theft protection as an add-on. This coverage can help cover the costs associated with identity theft due to a stolen electronic device.

Best Electronic Device Insurance

There are several options for electronic device insurance coverage, and the best one for you will depend on your specific needs and budget.

Here are some electronic device insurance providers:

#1. Progressive

Progressive offers electronic device insurance that covers slips, accidents, cracked screens, liquid damage, theft, and drops. They provide coverage beyond the manufacturer’s warranty and offer a 5% discount when purchasing through them.

#2. Allstate (SquareTrade)

Allstate, also known as SquareTrade, offers cellphone insurance plans that provide coverage for smartphones. They offer competitive premiums and deductibles and may provide suitable coverage at affordable rates.

#3. AKKO

AKKO is an alternative provider of electronic device insurance. They offer coverage for smartphones, laptops, tablets, and other gadgets. Their coverage may be more comprehensive than what is typically offered by homeowners or renters insurance plans

#4. Asurion

Asurion is a provider of phone insurance. They offer coverage for various types of mobile devices and protect against accidental damage, theft, and loss.

#5. AppleCare

Apple offers AppleCare products that provide extended warranty coverage for Apple devices. This coverage includes technical support and hardware repairs for eligible devices.

#6. Samsung Care+

Samsung offers Samsung Care+ as an insurance option for their mobile devices. It provides coverage for accidental damage, mechanical breakdowns, and theft.

#7. Upsie

Upsie is a provider of electronic device insurance. They offer coverage for smartphones, laptops, tablets, and other electronics. Upsie claims to provide affordable coverage with lower deductibles compared to other providers.

#8. Geek Squad Protection (Best Buy)

Best Buy offers Geek Squad Protection plans for electronic devices purchased from their stores. These plans provide coverage for accidental damage, mechanical breakdowns, and other issues.

#9. Verizon Protect

Verizon Protect is a provider of insurance coverage for smartphones, tablets, and other devices. They offer coverage for accidental damage, theft, and other issues. Verizon Protect also provides 24/7 customer support and a fast and easy claims process.

#10. AT&T Device Protection

Providers of insurance protection for tablets, smartphones, and other gadgets include AT&T Device Protection. They provide insurance against theft, damage from accidents, and other problems. Along with quick and simple claim processing, AT&T Device Protection offers round-the-clock customer service.

Progressive Electronic Insurance

Progressive offers electronic device insurance through Worth Ave. Group.

Here’s what you need to know about Progressive electronic device insurance:

#1. Coverage

Progressive’s electronic device insurance covers slips, accidents, cracked screens, liquid damage, theft, and drops. It provides coverage beyond the manufacturer’s warranty and offers protection for various electronic devices, such as phones, laptops, tablets, cameras, gaming systems, and more.

#2. Cost

The insurance policy costs less than $8 per month, making it an affordable option for protecting your electronic devices.

#3. Claim Payouts

Worth Ave. Group, the provider of Progressive’s electronic device insurance, pays out an average of $398.71 for repair claims.

#4. Unlimited Claims Submissions

Progressive Electronic Insurance allows for unlimited claim submissions during the policy period. This means that if you experience multiple instances of accidental damage or theft, you can file multiple claims without any restrictions.

#5. Flexibility

You can purchase Progressive’s electronic device insurance at any time, and claim submissions are unlimited.

#6. Coverage for Accidental Damage

Progressive Electronic Insurance covers accidental damage to your electronic devices. This includes situations like dropping your device and cracking the screen, spilling liquid on it, or any other accidental damage that may occur during normal use.

#7. Coverage for Theft

Progressive Electronic Insurance also covers theft of your electronic devices. If your device is stolen, you can file a claim with Progressive, and they will assist you in replacing it. This coverage provides peace of mind in case your device is lost or stolen.

#8. Fast and Easy Claims Process

Progressive aims to make the claims process as fast and easy as possible. They have a streamlined online claims process where you can submit your claim and necessary documentation electronically.

#9. Deductible Options

When filing a claim with Progressive Electronic Insurance, you may be required to pay a deductible. The deductible is the amount you need to pay out of pocket before the insurance coverage kicks in. Progressive offers different deductible options, allowing you to choose a plan that suits your needs and budget.

#10. Additional Coverage for Used or Refurbished Devices

Progressive Electronic Insurance also extends coverage to used or refurbished devices. This is beneficial if you have purchased a pre-owned device or have had your device repaired or refurbished.

What Is Electronic Device Insurance?

Electronic device insurance is a type of coverage that protects your electronic devices against accidental damage, theft, loss, and other covered events. It provides financial protection and may cover repairs or replacements for devices that are damaged, stolen, or lost. Electronic device insurance often includes worldwide coverage, and a deductible, and may offer additional benefits such as coverage for used or refurbished devices.

How Much Does Asurion Cost Per Month?

Asurion Home+ costs $24.99 per month, plus applicable taxes. This plan covers all your favorite home tech, including smartphones, laptops, tablets, TVs, cameras, and gaming consoles. Asurion Home+ also covers some devices you haven’t even bought yet. You can sign up for Asurion Home+ on an ongoing, month-to-month basis.

How Does Device Insurance Work?

Device insurance works by providing financial protection for your electronic devices against accidental damage, theft, loss, and other covered events. You can purchase insurance from various providers and pay a monthly or annual premium. If your device gets damaged, stolen, or lost, you can file a claim with your insurance provider. The claims process involves providing details about the incident, submitting necessary documentation, and paying a deductible if applicable. Once the claim is approved, you will receive compensation or a replacement device.

What Is Considered an Electronic Device?

Electronic devices are items that use circuits to control the flow of electrons or other charged particles. They can store, record, and transmit data in various forms. Examples include smartphones, laptops, tablets, MP3 players, and drones.

What Is Considered a Personal Electronic Device?

A personal electronic device is a portable electronic device that individuals use for various purposes, such as communication, data processing, computing, entertainment, or personal organization. Examples of personal electronic devices include smartphones, tablets, laptops, e-readers, MP3 players, drones, and electronic toys. These devices are typically lightweight, electrically powered, and capable of storing, recording, and transmitting text, images, video, or audio data.

What Does the Device Protection Plan Cover?

Device protection plans typically cover accidental damage, theft, loss, and mechanical or electrical malfunctions and may offer extended warranty coverage. Accidental damage coverage includes physical damage like cracked screens or water damage. Theft and loss coverage provides compensation or replacement for stolen or lost devices. Mechanical or electrical malfunction coverage includes issues outside of the manufacturer’s warranty period. Some plans also offer extended warranty coverage.

Can You Put Insurance on a Used iPhone?

Yes, you can put insurance on a used iPhone. The availability of insurance options for used iPhones may vary depending on the insurance provider. Some insurance providers, like Worth Ave. Group and Asurion, offer coverage for used iPhones regardless of their age. Apple also provides AppleCare+ coverage for eligible iPhones, including used devices, within a certain time frame after the initial purchase.

Is Device Protection Worth It?

The worthiness of device protection depends on the device’s cost, likelihood of damage or loss, and personal preferences. Device protection plans offer coverage for accidental damage, theft, loss, and malfunctions. Consider the cost of repairs or replacements without insurance, your device usage and lifestyle, existing manufacturer warranty, alternative coverage options, and personal preference. Review the terms, coverage limitations, deductibles, and costs of device protection plans to make an informed decision.

Will Insurance Cover A Cracked Phone Screen?

Yes, insurance can cover a cracked phone screen in many cases. The coverage for a cracked screen may vary depending on the insurance provider and the specific plan you have.

Conclusion

Electronic device insurance coverage offers financial protection against unexpected events requiring repairs or replacement of electronic devices. Insurance policies may provide identity theft protection. Progressive offers comprehensive coverage for slips, accidents, cracked screens, liquid damage, theft, and drops, while SquareTrade offers competitive premiums and deductibles. Progressive offers electronic device insurance through Worth Ave. Group, providing coverage for phones, laptops, tablets, cameras, gaming systems, and more. The insurance covers accidental damage and theft and offers additional benefits such as unlimited claim submissions and flexible policy lengths.