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iPhone 5 insurance: Should you get it?

September 26, 2012|By Deborah Netburn
  • After a 58-hour wait Jonathan Myers, 20, revels at purchasing the iPhone 5. But did he insure it?
After a 58-hour wait Jonathan Myers, 20, revels at purchasing the iPhone… (Chuck Liddy / Raleigh News…)

So, you just got an iPhone 5, or you're thinking about getting an iPhone 5, and you're wondering whether you should insure it.

Replacing a broken iPhone is more expensive than you may realize. The new iPhone starts at $200, but that price is contingent on signing a two-year contract with a carrier. 

If you lose your phone or break it beyond repair, expect to pay $650 for a new one.

PHOTOS: Apple iPhone 5

The iPhone 5 comes with a one-year warranty but that only applies when the device conks out because of a defect. If you drop your phone, you’re out of luck.

So, if you are prone to losing things and dropping things, then you should probably consider some insurance.

How to find your lost or stolen iPhone 5

Apple Care+: For a one-time fee of $99, you can purchase Apple’s Apple Care+ up to 30 days after you buy your new phone. The two-year plan will cover two instances of “damage due to accidental handling.” So if you drop your phone in the toilet, or if it falls out of your purse and cracks, Apple will fix it or replace the phone for a fee of $49 each time. Apple Care+ does not cover phones that have been lost or stolen.

AT&T: If you are on AT&T you can purchase its Mobile Insurance Plan for $6.99 a month. The insurance covers lost, stolen, and damaged phones. You get a replacement phone the next day but you have to pay $199 for the new phone. And you can only get two replacement phones in a single calendar year.

Verizon: Verizon has a similar service, although it will run you $9.99 a month. Sprint does not currently offer its own insurance.

There are some third-party insurers you can check out including SquareTrade, and the Worth Ave. Group.

Of course, you can forgo insurance altogether like my colleague Salvador Rodriguez. When I asked him if he had bought insurance for his phone, his answer was "[Heck] no!"

"If I lose my phone then I deserve to lose it, and if I crack my phone, then I deserve to walk around with a cracked phone," he said. 

He said if he lost his iPhone 5, he'd just buy himself an iPhone 4S for $200.

ALSO:

How to find your lost or stolen iPhone 5

iPhone 5 camera might be flawed, shows purple light

Poking fun at the NFL, developer builds Replacement Google site

Follow Deborah Netburn on Twitter or Google+

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