What Does the Verizon Insurance Plan Cover? Is it a Good Buy?
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 Identity Theft Protection | 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.Looking to buy a phone? iPhone Deals | Samsung Deals |
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.Did you know? Many phones are worth $100+. Find the value of your phone.
iPhone | Samsung | |
OnePlus | LG | Motorola |
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.Is the Verizon trade in program a good deal? See the analysis |
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) |
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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