Cell phone insurance may be worth it if you’re prone to breaking or losing your smartphone; however, if you’re generally careful with your device, then paying for it is probably a waste of money. Although cell phone insurance may give you peace of mind, it could wind up costing you more than fixing your phone without it.

In this guide:

How Much Does Phone Insurance Cost?

The monthly price of cell phone insurance is relatively cheap, but the cost can add up quickly over time, especially if you’re not taking advantage of it. Since the price varies from phone model to phone model, we’ve chosen to compare the insurance costs for two popular smartphones—the iPhone 11 and Samsung Galaxy S10.

iPhone 11 Insurance Prices Compared

Insurance Plan Monthly Cost Screen Repair Other Damage Replacement Max $/Claim Max # Claims
AT&T Mobile Insurance $8.99 $49 $200 $200 $2,500 2/year
Verizon Protect $17 $29 $199 $199 $2,000 3/year*
T-Mobile <360> $15 $29 $99 $249 $1,200 3/year
Sprint Complete $15 $29 $115 $225 $2,000 3/year
AppleCare+ with Theft and Loss $14.99 $29 $99 $229 n/a 2 per 2 years

*Unlimited screen repairs

Samsung Galaxy S10 Insurance Prices Compared

Insurance Plan Monthly Cost Screen Repair Other Damage Replacement Max $/Claim Max # Claims
AT&T Mobile Insurance $8.99 $49 $250 $250 $2,500 2/year
Verizon Protect $17 $29 $199 $149 $2,000 3/year*
T-Mobile <360> $15 $99 $99 $249 $1,200 2/year
Sprint Complete $15 $29 $140 $275 $2,000 3/year

*Unlimited screen repairs

And while $29 is easily affordable, $250 or higher can be a hard cost to swallow—especially when you’ve already spent a couple hundred on your monthly insurance.

Moreover, cell phone insurance plans limit the number of claims you can make per year (or two years, in the case of AppleCare), so if you find yourself thrown in a pool for the third time that summer, you may have to pay full price to fix your phone. If that’s the case, you might as well check out the best cell phone deals and treat yourself to a new phone.

Even with Phone insurance, you’ll still have to pay some upfront fees in order to get your phone repaired or replaced.

What Does Cell Phone Insurance Cover?

Every phone insurance plan is a little different, but for the most part, cell phone insurance plans cover the following:

  • Screen repair
  • Water damage
  • Phone loss or theft
  • Out-of-warranty malfunctions
  • Other damage

Each carrier offers different tiers of cell phone insurance. The costs we’ve compared throughout this article are for each carriers’ basic protection—some may offer more comprehensive coverage for a higher price. The higher tier insurance plans may include additional benefits, such as:

  • Security benefits
  • Streaming support
  • Lower deductibles
  • Higher insurance claim thresholds
  • Same-day replacement

Does Phone Insurance Save You Money?

Phone insurance is a huge money-saver for people who frequently find their phones magically jumping out of their hands or slipping out of their pockets. Let’s face it, no matter how durable a manufacturer claims their devices are, the world is a dangerous place for a smartphone. The cost to repair a screen or replace a lost device with an insurance plan is far lower than without, so yes, your phone insurance can potentially save you some large out-of-pocket costs.

But what if you never end up using your phone insurance? What you pay for peace of mind could wind up costing you several hundred dollars. Since most people buy their phones on monthly installment plans, we’ve calculated how much you will have spent on insurance for your iPhone 11 at the end of that installment plan.

iPhone 11 Phone Insurance Spending

Insurance Plan Cost
AT&T Mobile Insurance $270 (after 30 months)
Verizon Protect $408 (after 24 months)
T-Mobile<360> $360 (after 24 months)
Sprint Complete $270 (after 18-month lease)

While these figures aren’t alarming by any means, nobody likes to throw hundreds of dollars away for something they never use. If you don’t use your phone insurance, it’s almost like you’re making monthly payments on a second device you don’t have. If you’re worried about breaking your phone, you may want to buy a heavy-duty case and screen protector and pocket the rest.

Insurance Vs. No Insurance Repair Costs

Before you sign up for a cell phone insurance plan, make sure to do your research. It’s important to compare how much your deductibles will be with insurance vs. the costs of repair without. Moreover, you’ll want to be aware of any warranty that comes with your smartphone. For example, iPhones come with a limited warranty to cover eligible hardware repairs for one year, as well as free technical support by phone for three months. Some people feel that this warranty is enough, while others may opt for additional phone insurance since the iPhone warranty doesn’t cover issues related to water damage, batteries, cosmetic damage, or theft.

Below you will find the cost of repairing or replacing your iPhone 11 or Samsung Galaxy S10 through the manufacturer when you don’t have phone insurance.

Price of Repairs & Replacement Without Insurance

iPhone 11 Samsung Galaxy S10
Screen repair $199 $249
Other damage $399 Varies
Replacement Cost of new phone Cost of new phone

You can always take your phone to a third-party repair shop, which may cost less money, but you run the risk of getting a shoddy repair job using non-manufacturer parts. If you want to prevent potential issues in the future, it’s best to get repairs directly through the manufacturer, such as Apple, or a certified Samsung repairer.

In order to help you decide whether cell phone insurance is worth it for you or not, we’ve calculated how much you would have paid in total over varying lengths of time, both with and without insurance. The results may cause you to rethink investing in cell phone insurance.

Samsung Galaxy S10 Screen Repair Cost Comparison

Insurance Plan Month 6 Month 12 Month 18 Month 24
AT&T Mobile Insurance $103 $157 $211 $265
Verizon Protect $131 $233 $335 $437
T-Mobile<360> $189 $279 $369 $459
Sprint Complete $119 $209 $299 $389
No insurance $249 $249 $249 $249

Already have a damaged Samsung Galaxy device? You can always forget about the repair and check out the best Samsung Galaxy deals for a new device.

iPhone 11 Screen Repair Cost Comparison

Insurance Plan Month 6 Month 12 Month 18 Month 24
AT&T Mobile Insurance $103 $157 $211 $265
Verizon Protect $131 $233 $335 $437
T-Mobile<360> $119 $209 $299 $389
Sprint Complete $119 $209 $299 $389
AppleCare+ with Theft and Loss $119 $209 $299 $389
No insurance $199 $199 $199 $199

If you broke your iPhone beyond repair, you don’t have to pay full price for a new iPhone—each week, carriers both major and small offer great deals on iPhones.

Cell Phone Insurance Companies

In addition to the insurance plans offered by major carriers, such as Verizon and AT&T, there are some other cell phone insurance companies you may want to check out. These include:

  • SquareTrade: $8.99/month and $149/claim, regardless of the device
  • Geek Squad Protection (Best Buy): $8.99/month, regardless of the device
  • Asurion: Varying prices for iPhones and Samsung devices, partners with Verizon, AT&T, and Sprint
  • Assurant: Varying prices, partners with various carriers
  • AppleCare+ with Theft and Loss: $14.99/month
  • Samsung Premium Care: $11.99/month or $19.99/month, depending on the device

SquareTrade is a solid option for budget-minded customers since the cost is the same no matter which device you have—even when you upgrade to a new phone, your plan automatically transfers over. Geek Squad Protection is also a nice option to consider; their standout feature is in-house service, which means they will pick your phone up at your house.

Let’s Talk Tip: Some credit card providers, such as Chase, Wells Fargo, and U.S. Bank, offer free cell phone protection, as long as you pay your monthly phone bill with said credit card.

Who Needs Phone Insurance?

Cell phone insurance is best for people who are prone to damaging or losing their smartphone. If this describes you, getting cell phone insurance may bring peace of mind. We all know the panicked feeling of dropping your phone, then nervously checking to see if we’ve cracked it. And no pool party is complete without someone dropping their phone in the water. The bottom line is, phone insurance is ideal for butter-fingered and accident-prone consumers (hey, no judgment here!) who want reassurance that a damaged phone doesn’t mean having to dole out hundreds of dollars for a new one.

Conversely, phone insurance is probably a waste of money for people who don’t frequently break or lose their phone. If you’ve gone a few years without having to repair your screen or hardware, then you’re better off forgoing cell phone insurance and using that spare change to save up for a new phone.