Phone insurance options were limited up until recently, when credit card companies started to get in on the action. Here are a few things to keep in mind about this. PennyGem’s Johana Restrepo has more.
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00:00 (music)
00:03 Our cell phones might as well be a part of our bodies these days.
00:07 Almost everyone has broken their screen or phone entirely at least once and felt that moment of panic
00:13 because mobile phones, especially smartphones, are not cheap.
00:17 As a result, a lot of people wait more than three years to replace their phones according to NerdWallet.
00:23 Phone insurance options were limited up until recently when credit card companies started to get in on the action.
00:30 Companies like MasterCard, American Express, and even retail cards are offering these perks.
00:36 You just have to get the right card.
00:38 Most of the time, you'll have to do things like pay your bill with the credit card,
00:43 pay a deductible of anywhere between $25 and $50, and file paperwork.
00:48 Keep in mind that some cards don't cover lost phones, just damaged or stolen phones according to Business Insider.
00:56 Some damage, like a cracked screen, isn't always covered either.
01:00 Before opening a credit card account that offers smartphone coverage,
01:04 read the terms and conditions and make sure their policy works for you.
01:09 (music)