How many times have you dropped your cell phone and held your breath as you picked it up to see if the screen had shattered? Everybody’s been there! Worse yet, losing your phone can cost you several hundred bucks and lost productivity.
Repairing or replacing a cell phone can have a big impact especially when you really rely on it for daily communications, information and entertainment. An uninsured mobile phone will typically cost between $500 – $800 if you have to replace it within your contract term. Replacing a broken screen will cost between $120 and $190.
Loss and damage insurance offered by your carrier (Verizon, AT&T, etc) will usually cost $20-30 extra per month with a $100 deductible. That could be an extra $500 over the course of your contract whether you use it or not…
There’s a better way to protect your phone against loss or damage and it’s FREE.
Twenty-five different banks provide complementary cell phone loss or damage protection against all the cells phone on your plan for no monthly fee and only a small deductible (usually $25 or $50) per claim as long as you charge your monthly service fee to that bank’s credit card. If that’s not great enough, you are also allowed two claims per year. Wow, what a deal!
Banks With Cellular Telephone Protection
Here’s a list of 25 banks that offer Cellular Telephone Protection plans. Be sure and check the list to find out if your bank offers the coverage. You do NOT have to use that credit card to initially purchase the cell phone. It’s possible you already have the coverage and could potentially use the benefit immediately.
How Cellular Telephone Protection Works:
- Find your bank on the list and review the details of it’s protection plan
- Verify that you are paying your monthly bill with that bank’s credit card
- Send in your damaged device as directed
- Your phone will be sent to whatever third party company your bank uses to fix it (if for some reason it cannot be fixed by the bank’s third party company provider, then the service will pay for a replacement from your carrier’s online store.)
- If you phone has to be replaced and it costs more than what the bank will pay for a new replacement, you’re on the hook for the difference.
- Check with your bank to find out if their plan covers stolen phones as well as lost or damaged phones
- There may be a short wait time before your plan takes effect.