What Does the Verizon Insurance Plan Cover? Is it a Good Buy?

Is the Verizon insurance plan a good deal? The following details how much Verizon Device Protection costs, what it covers, what it doesn’t cover and how it stacks up to other options so you can decide whether the Verizon insurance plan is a good buy for you.

What does Verizon insurance cover and how much does it cost?

Verizon offers five insurance tiers, and coverage depends on which tier you select. The top three tiers all offer coverage for manufacturer’s defects, accidental damage, theft and loss. They’re identical save for additional benefits and price.

	VERIZON PROTECT	TOTAL MOBILE PROTECTION	TOTAL EQUIPMENT COVERAGE
MONTHLY PREMIUM	$14 – $17	$12 – $15	$7 – $11
COVERS	Malfunctions, accidental damage (incl. cracked screens & water damage), loss & theft One of each included accessory: battery, home charger, car charger, case, earbud	Malfunctions, accidental damage (incl. cracked screens & water damage), loss & theft One of each included accessory: battery, home charger, car charger, case, earbud	Malfunctions, accidental damage (incl. cracked screens & water damage), loss & theft One of each included accessory: battery, home charger, car charger, case, earbud
DOES NOT COVER	Defects/damage from normal wear & tear, misuse, accidents/neglect, altered phones, phones with removed label or illegible serial numbers, damage due to spills or immersion in food or liquids	Defects/damage from normal wear & tear, misuse, accidents/neglect, altered phones, phones with removed label or illegible serial numbers, damage due to spills or immersion in food or liquids	Defects/damage from normal wear & tear, misuse, accidents/neglect, altered phones, phones with removed label or illegible serial numbers, damage due to spills or immersion in food or liquids
MALFUNCTIONING PHONE DEDUCTIBLE	$0	$0	$0
ACCIDENTIAL DAMAGE DEDUCTIBLE	$9 – $249 $29 screen repair	$9 – $249 $29 screen repair	$9 – $249 $29 screen repair
LOSS OR THEFT DEDUCTIBLE	$9 – $249	$9 – $249	$9 – $249
CLAIM LIMITS	3 within 12 months	3 within 12 months	3 within 12 months
ADDITIONAL SERVICES	Verizon Tech Coach VPN Safe Wi-Fi Digital Secure Package Anivirus/anti-malware AppPrivacy Web Security Wi-Fi Security System Check Identity Theft Protection Cyber Monitoring Social Media Monitoring Lost Wallet Guidance Full Restoration Support	Verizon Tech Coach	n/a

The next two tiers differ in that Wireless Phone Protection covers accidental damage, theft and loss but not manufacturer’s defects, while the Extended Warranty only covers manufacturer’s defects.

	WIRELESS PHONE PROTECTION	EXTENDED WARRANTY
MONTHLY PREMIUM	$3.10 – $6.85	$5
COVERS	Accidental damage (incl. cracked screens & water damage), loss & theft One of each included accessory: battery, home charger, car charger, case, earbud	Manufacturer defects after the standard warranty
DOES NOT COVER	Manufacturer defects after the standard warranty Defects/damage from normal wear & tear, misuse, accidents/neglect, altered phones, phones with removed label or illegible serial numbers, damage due to spills or immersion in food or liquids	Accidental damage, loss or theft
MALFUNCTIONING PHONE DEDUCTIBLE	Not covered out of standard warranty	$0
ACCIDENTIAL DAMAGE DEDUCTIBLE	$9 – $249 $29 screen repair	Not covered
LOSS OR THEFT DEDUCTIBLE	$9 – $249	Not covered
CLAIM LIMITS	3 within 12 months	Unlimited
ADDITIONAL SERVICES	n/a	n/a

Extended Warranty

Verizon’s Extended Warranty covers manufacturing defects after the original warranty expires. It does not cover batteries and accessories or lost, stolen or damaged phones. The plan costs $5/month and there is no deductible or maximum number of claims.

Wireless Phone Protection

Wireless Phone Protection covers lost, stolen and damaged phones, including cracked screens and water damage. It does not cover manufacturing defects after the original warranty expires. Read the fine print, and you’ll see the plan also doesn’t cover defects or damage from normal wear and tear or misuse, accidents or neglect, phones that have been altered or modified, phones with removed labels or illegible serial numbers, or damage due to spills or immersion in food or liquids.

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The plan comes with unlimited cracked screen repairs for $29. Otherwise, it’s limited to 3 phone replacements or repairs in a 12-month period. Deductibles vary by model, from $9 for basic phones to $249 for recent flagships. Pricing is $3.10/month for Tier 2, and $6.85/month for Tier 1 smartphones.

Total Equipment Coverage

Total Equipment Coverage combines Wireless Phone Protection with an Extended Warranty, so it covers lost, stolen and damaged phones plus manufacturing defects after the original warranty expires. Coverage limitations are the same as the Wireless Phone Protection plan. Deductibles range from $9 to $249, depending on your model, though most phones are eligible for unlimited screen replacements for $29 each. All other repairs are limited to 3 instances in any 12-month period. The plan costs $7/month for Tier 2 phones and $11/month for Tier 1 phones.

Total Mobile Protection

Total Mobile Protection is the same as Total Equipment Coverage with an additional benefit: access to a Verizon Tech Coach. Pricing is $12/month for Tier 2 phones and $15/month for Tier 1 pones. If you have multiple phones on the same plan, you can opt for Total Mobile Protection Multi-Device. The cost is $45/month for up to 3 lines. Up to 7 additional lines can be added for $11/month per line. Other than price, the primary difference is you can have up to 9 shared claims in a 12-month period (add 3 claims per additional line). Verizon also offers a Total Mobile Protection Multi-Device business tier, with pricing based on the total number of lines: $45/month for 3 to 10 lines, $129/month for 11 to 24 lines and $239/month for 25 to 49 lines.

Verizon Protect

Verizon Protect offers the same coverage as Total Mobile Protection but adds security and privacy features like antivirus/anti-malware software, website/WiFi threat detection and system root checks. It also includes identity theft protection like cyber monitoring, social media monitoring and lost wallet guidance. Another benefit is Call Filter, which identifies unknown numbers and blocks spam calls. Pricing is $14/month for Tier 2 phones and $17/month for Tier 1 phones. Verizon Protect Multi-Device is also available. The plan costs $50/month for up to 3 lines, with the option to add up to 7 additional lines for $11/month each.

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Is Verizon insurance worth it?

Verizon insurance can be a good option if you’re prone to breaking or losing your phone, but you might not need additional benefits like tech support and identify theft protection provided by Verizon Protect or Total Mobile Protection. As you can see in the chart below, Total Equipment Coverage offers the same deductibles as the more expensive plans at a lower cost.

PLAN	PREMIUM (over 24 months)	COST PER CLAIM (Deductible)
Verizon Extended Warranty	$120	$0 Only covers manufacturer’s defects
Verizon Phone Protection	$164.40	Screen damage: $29 Other damage: $199 Does not cover loss or theft
Verizon Total Equipment Coverage	$264	Screen damage: $29 Other damage: $199 Theft or loss: $199
Verizon Total Mobile Protection	$360	Screen damage: $29 Other damage: $199 Theft or loss: $199
Verizon Protect	$408	Screen damage: $29 Other damage: $199 Theft or loss: $199
AppleCare+ with Theft & Loss	$249 (if paid upfront)	Screen damage: $29 Other damage: $99 Theft or loss: $229
SquareTrade	$215.76 ($8.99/month)	$149 Does not cover theft or loss
Worth Ave. Group	$155	$50
No Insurance	$0	Screen damage repair service (Apple): $199 Other damage repair service (Apple): $399 Replacement cost (new): $699 Replacement cost after selling broken phone: $499 (based on iPhone 11 128GB Verizon in broken condition, valued at $200)

Verizon isn’t the cheapest insurance option, either. For an iPhone 11, AppleCare+ with Theft & Loss offers a similar premium and theft/loss deductible, but a cheaper damage deductible (though AppleCare is only good for two years, while Verizon insurance is good for as long as you pay the monthly premiums). Worth Avenue Group is even cheaper, with a $150 premium and a $50 deductible for all claims. It’s also worth weighing the potential costs of going without insurance. For example, if you pay for Verizon Total Equipment Coverage for two years and have one non-screen damage claim, your total cost will be $363. Apple’s repair cost is $399, just $36 more. Alternatively, you could sell your iPhone in broken condition and put the money toward the latest model.



Ultimately, it depends on how much you’re willing to risk your phone won’t be broken, lost or stolen. Compare different Verizon insurance programs to alternative options to make the best decision about insurance coverage for your phone.

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