Smartphones have become one of the tools we rely upon the most. It has become part of our daily lives and an extension of ourselves. These devices connect us to the world, manage our social network, help us accomplish tasks and entertain us to almost no end.
Keeping this device working has become a critical need for everyone. These devices are expensive (think Apple iPhone 6S, Samsung Galaxy S7), and at a $650 starting price, it’s not something most of us can just replace if it stops working. This risk has resulted in the creation of protection plan products that are designed to keep us out of trouble if our phone becomes damaged, lost or stolen.
Offered at a time when you acquire your new phone, many of us choose to buy it because we know what that device means to us and the potential costs involved if we don’t have coverage. Repairs on a new screen for example can run up to $250+ depending on the device in question. If the device is lost or stolen, that cost would jump to $650+ depending on the type of phone you have.
In fact, the cell phone repair market in the US alone is estimated at over $4 billion. This number comes from consumers who opted not to buy coverage and have to pay for the cost of the repair out of pocket.
However, plans offered from carriers can cost around $10 per month and often require a $200 deductible. If you continued your plan for 24 months to your next phone, you could end up paying $240 for two year coverage protection plus a $200 deductible should you have a claim.
When you look at it from that standpoint, it becomes a little less appealing.
We know the odds of a phone breaking due to an accident are high. In fact, most of us have had, or know someone who has had an accident, but loss and theft occurrences are more rare. So why pay such a high price for coverage? Most of us don’t bother looking beyond what’s offered by the carriers, but they should.
Many after market protection plans are available, yet consumers don’t always have time to check.
Through new initiatives, Warranty Life is creating new coverage options in partnership with Dealers across the US and Canada starting in April 2016.
Our offers will be aimed at reducing unnecessary cost, while offering a protection package that consumers really need, fixed in a timely manner.
Look for partners selling the Warranty Life plan in stores coming near you.