When you purchase your new smartphone, you are undoubtedly excited and can’t wait to start using it. You may have purchased the phone at a reduced price with your cell phone plan and you wonder if an insurance plan for your phone is worth it. It is important to remember that what you paid for your smartphone may not be equivalent to the full value of the phone and that if you severely damage your phone, the cost to replace it might be more than you bargained for.

Myth about Smartphone Insurance Plan

While it is important to carefully consider whether you truly need a smartphone insurance plan, it is also important to get your facts straight. There are a few smartphone insurance plan myths out there that you need to be aware of. Here are the top five myths exposed:

1. Myth: Getting a smartphone insurance plan isn’t worth it. This is not necessarily the case. As Ramakrishna Dasari, CEO of eGranary, says, “Whether or not a smartphone insurance plan is right for a person will depend on a variety of factors, including the value of the smartphone they purchase.” If the full replacement value of your phone is $700, then purchasing a plan that will cost a few dollars a month and has a deductible of $200 is probably worth it. If the value of your phone is only $300, then maybe not. But don’t discount the value of a good smartphone insurance plan.
2. Myth: Thrifty people don’t buy insurance. The truth is people who are thrifty are smart with their money. They will easily determine that a smartphone insurance plan is the right move and they will do their research to find the best plan, which can include extras, such as virus protection and tech support, offering additional savings.
3. Myth: It is a pain and time-consuming to file an insurance claim. If you have a good insurance company, then filing a claim for your lost, stolen, or damaged smartphone should be a piece of cake. If you need a replacement phone, then one should be sent out as early as the following day.
4. Myth: You don’t need insurance because it’s easy to get the smartphone repaired. It’s true that there are a number of ways to get a smartphone repaired. Going through the manufacturer will cost quite a bit of money, perhaps as much as or more than the cost of a smartphone insurance plan. Going to a third-party repair shop might be cheaper, but will void the warranty on the phone. In addition, repair doesn’t help if your phone is lost or stolen.
5. Myth: You don’t need a smartphone insurance plan as long as you have a good case and are careful. Again, there are advantages to having a solid case or waterproof protection for your smartphone, but they cannot protect against all damage and they cannot protect your phone from being lost or stolen.

When all is said and done, a smartphone insurance plan offers you peace of mind, something that is required when it comes to your phone. After all, your entire life is on that device, a device that would cost hundreds of dollars to repair or replace. Seriously considering a smartphone insurance plan is a smart move.