iPhone Insurance: What Does It Cover And Does It Make Sense?

October 19, 2023

Imagine a tranquil morning. You’re walking to the office, enjoying the fresh air and a light refreshing drizzle foreshadowing a productive day. As calm as can be, you know nothing about the insidious cobblestone willing to knock you down.

You’re about to enter the office building, but then you suddenly slip on one of the last wet cobbles, and your iPhone hits the floor with a bang that marks the immediate, premature, and oh-so-painful death of your little electronic companion.

Could you have prevented it? That is out of the question. Could you have dodged the financial bullet, though? Absolutely. You would have gotten your iPhone replaced if you had insured it when it was still alive. Now, though, the only way out is to learn about iPhone insurance so not to make the same mistake twice.

But wait…do people even insure their phones?

Around 35% of iPhone owners have their devices inured, and the number is growing as new models hit the market. iPhone 15 Pro starts at a whopping $999 and iPhone 15 Pro Max at $1,199, so it’s no surprise lucky iPhone owners want to protect their iPhones against cracks, scratches, touchscreen issues, and more severe adversities like loss or theft.

Okay. Now that you know that things like iPhone replacement and insurance are real – and very practical, for that matter – it’s time to move to uncover the gist of it.

iPhone Insurance What Does It Cover And Does It Make Sense

What Does iPhone Insurance Cover?

iPhone insurance covers replacement costs in case your shiny one is broken, stolen, or lost. Besides physical damage, it usually encompasses malfunctions coverage, loss insurance, and theft insurance.

Malfunctions

No phone is immune from manufacturing defects. Poor battery life, app crashes, overheating, slow download, unstable Wi-Fi connection, and malfunctions alike won’t cost you a dime as long as you’re covered.

Theft Insurance

Considering there’s a non-zero chance that your iPhone will be stolen, theft insurance may also come in handy – at least to grant you the peace of mind that you deserve. Note, however, that theft coverage excludes negligence, like if you left your phone unattended.

Loss Insurance

Loss insurance coverage reimburses you the value of your iPhone if it was lost, but not without nuances. For example, AppleCare+ (we’ll review it later) requires you to have the ‘Find My iPhone’ feature enabled on your smartphone. Otherwise, the coverage will be forfeited.

Comprehensive Coverage For iPhones: Is It Real?

There’s no such thing as ‘comprehensive coverage’ for iPhones, but – as per the standard iPhone warranty issued by the manufacturer – every iPhone comes with 90 days of complimentary technical support and a year of hardware repair coverage.

How Much Does It Cost To Repair An iPhone That’s Out Of Warranty?

The cost of repair starts from a few dozen dollars and goes up to $500 and beyond, which depends on the model of your iPhone and the type of malfunction you’re experiencing.

  • iPhone X screen repair – up to $300.
  • iPhone X screen replacement – about $330.
  • iPhone 15 Pro Max screen repair – $379.
  • iPhone 15 Pro Max screen and back glass replacement – $499.

If you’re an avid iPhone user, running out of warranty is hardly an option. Spending $199 on an AppleCare+ plan might only seem unreasonable until your beloved phone accidentally hits the floor or starts overheating for no reason.

With AppleCare or AppleCare+, you may only pay a small deductible of a few dozen dollars for the damaged part to get repaired or replaced. For example, screen replacement for iPhone 15 Pro Max only costs $29 (the deductible) under  AppleCare+.

Apple iPhone Insurance: AppleCare And AppleCare+

AppleCare

The default official insurance for all Apple products is AppleCare, which lasts 90 days and – besides complimentary support – covers defects in materials and operation. However, if the device is jailbroken – or an unauthorized software was installed – then AppleCare will be voided.

Likewise, water damage is not covered.

iphone insurance theft

AppleCare+

If you want to go the extra mile with your iPhone insurance, you can opt for the extended version of AppleCare – AppleCare+. It lasts two years and encompasses everything that AppleCare provides plus two accidents. Unless you are a tempered iPhones beaker, AppleCare+ may be just what you need.

Here’s what you can cover with AppleCare+ (on top of AppleCare):

  • Screen
  • Headphones
  • Water damage

AppleCare+ excludes damage from fire, earthquakes, and other natural calamities.

How much does AppleCare+ cost? It depends on the model of your iPhone.

iPhone ModelAppleCare+AppleCare+ including theft and loss coverage
iPhone 15 Pro and iPhone 15 Pro Max$10 monthly or $200 bi-annually (for two years)$13.49 monthly or $269 bi-annually
iPhone 15 Plus$9 monthly or $179 bi-annually$12.49 monthly or $ $249 bi-annually
iPhone 15, iPhone 14, and iPhone 13$8 monthly or $149 bi-annually$11.49 monthly or $219 bi-annually
iPhone X, XS, XS Max, 11 Pro, 11 Pro Max, 12 Pro, 12 Pro Max$10 monthly or $200 bi-annually$13.50 monthly or $270 bi-annually
iPhone 8 Plus, XR, 11, 12 Mini 12$8 monthly or $150 bi-annually$11.50 monthly or $220 bi-annually
iPhone 8$6 monthly or $130 bi-annually$9.50 monthly or $220 bi-annually
iPhone SE$4 monthly or $80 bi-annually$8 monthly or $150 bi-annually

When choosing your coverage, pay attention to the model of your iPhone. Old iPhones (model 8 and back) are covered with glass and are therefore more vulnerable, whereas all new models are more crack and water-resistant (not necessarily waterproof, though).

iPhone Insurance From Your Carrier

Verizon, AT&T, T-Mobile, and other carriers offer all existing types of mobile phone insurance, which you can choose based on:

  • Coverage type
  • Coverage price
  • Quality of customer service

Important: With Apple, if your phone is ‘totaled,’ you’ll likely get a new iPhone immediately in the store. With your cell provider, however, not only may you have to wait until the new phone is delivered, but you also may not get the phone of the same quality.

But then again, the matter of choice is subjective and mostly boils down to your personal experience with your carrier.

Third-Party Coverage

Whether you’re not satisfied with classic iPhone insurance, or you want to dig deeper than most customers do, you can opt for a third-party company specialized in iPhone insurance.

The most popular third-party companies that provide iPhone insurance are Asurion, GoCare, SquareTrade, Protect Your Bubble, and Safeware. None of them will offer you new types of coverage, but that doesn’t mean you can’t save money with a more affordable third-party iPhone insurance policy.

Besides, there’s a chance your traditional insurance company – the one that you bought your auto insurance or homeowners insurance from – will also offer you some mobile coverage policies.

  • There’s a chance your iPhone can be covered as your valuable belonging under your homeowners policy. Explore this option.

With all that being said, there are a few nuances to take into account:

  • iPhone coverage will likely increase the premium on your homeowners policy.
  • Home insurance claims take a longer time to process.
  • The deductible on your homeowners or other ‘all-encompassing’ policy may be too high to cover iPhone claims.

Exclusions From iPhone Protection Plans

Most iPhone insurance policies have several major exclusions: theft while unattended, carelessness, water damage, and untimely reporting. Now, let’s elaborate on each of the mentioned.

iPhone Insurance: What Does It Cover And Does It Make Sense? 3

Theft

If you tend to leave your phone unattended, then iPhone insurance won’t help it. Theft while unattended is excluded from all policies.

Carelessness And Intentional Damage

The same goes for carelessness. If you climbed a mountain with your phone in the pocket and it got scratched or cracked, then it will likely be your – not the insurer’s – problems.

Water Damage

Some policies include water damage insurance, but most of the time it is excluded from coverage. Anyway, the lack of ‘reasonable care’ may be the reason for the insurer’s denial to replace your loss.

Untimely Reporting

Unless you want to gamble with your coverage, make sure to report the missing iPhone the first thing. No reporting or a delay for more than 12 hours will put your coverage at risk.

Things You May Not Know About iPhone Insurance

Insurance policies are tricky, and iPhone policies are no exception. Before we wrap it up, we want to remind you of these surprising nuances:

  • Your deductible may be higher than the cost of your iPhone, especially if your digital friend is covered under your homewoners policy.
  • Switching mobile carriers doesn’t mean switching iPhone insurers. Different carriers may work with the same third-party insurer.
  • Your insurer – unless it is Apple– isn’t obliged to replace your phone with the exact one. You may get a phone of a different color, model, or even the one with non-original parts.

Is It Beneficial To Insure Your iPhone After All?

Proceed from your risk tolerance, taking into account the price of your phone and whether you are prone to breaking phones. Even broken glass on your iPhone can cost a few hundred dollars, so try to conduct an accurate risk assessment.

The final piece of good news, though, would be that, unlike other types of insurance – auto insurance, for example – iPhone insurance doesn’t factor in your claims history, which means that even the most avid phone droppers don’t have to overpay for their iPhone insurance.

Did we miss anything? Leave your thoughts in the comments or subscribe to our newsletter below to receive more insightful content around iPhone insurance and other related topics.

iPhone Insurance: What Does It Cover And Does It Make Sense? 5

Oleksandr Rohovnin is a Content Marketer at Phonexa.com and an expert contributor to CoverExplore. His passion is digital marketing, innovative technologies, tech industries, and – above all – distilling vast amounts of complex information into engrossing narratives anyone can relate to. At CoverExplore, Oleksandr stokes passion for auto insurance and the automotive industry in general in every story he curates.

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