Smart Phone Insurance Coverage – Is It Worth It?

iphone-repair-boiseIt seems like a smart idea to pay a little extra each month to cover that expensive iPhone or Android smartphone, but it is that extra fee really worth it?

LoosePrices has been repairing Apple and Android mobile devices for over seven years right here in Boise, and here are our thoughts:

Is the smartphone insurance recommended for the new iPhone?
YES, for at least the first six months, after that, however, not so much, and here’s why. When a new iPhone is released, replacement and repair parts are their highest – very expensive. For example, a replacement screen for the iPhone 7 right now costs our shop $500 – that is our cost. So even with a deductible of $100, or $150 it makes sense, you’ll come out ahead. After about six months usually, genuine replacement and repair parts drop way down. Our guess is that in another four months or so that same replacement screen for the iPhone 7 will cost only $100-$200. With costs that low, it makes more sense to bring your broken iPhone into our shop for a quick 20-minute repair, and be on your way – instead of waiting a week or two for a refurbished replacement costing the same or more. Also, it is important to keep in mind that most of those insurance plans cover phones that are lost or stolen, so again, the insurance makes sense until the phone has been out a while and replacement prices drop.

What about insurance for Samsung devices?
Yes, we recommend insurance on Samsung phones, as well, and for a longer time period. For the past 3-4 years, prices on popular Samsung models and their repair parts, even the older models, still have not gone down much. Parts also take longer to get. So insurance on Samsung devices can be a good idea. However, most of the time when you bring a Samsung device into LoosePrices, we’ll have you up and running quicker than with an insurance claim, but at about the same cost.

So bottom line is that yes, we feel that phone insurance can be a good thing, and can help save you money. However, as always, we will be here to repair your mobile device, no matter what brand, style, or type, fast and affordable. Just give us a call with any repair questions about your device!

322 E Franklin Rd, Meridian, ID 83642
208-447-0293

Store Hours:
10-6 Mon – Thursday
10-5 Friday
CLOSED- Saturday-Sunday