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So you buy an iPhone. It’s beautiful but terrifyingly delicate, so you might want to research the best insurance policy to protect it. On top of the basic warranties, users often like to get extended protection for things like screen replacement and accidental damage. However, iPhone users can purchase Apple Theft and Loss coverage, a feature that comes as an extension of AppleCare+. The Apple insurance feature, which adds around $4 per month, allows users to file two claims of theft and Loss every 12 months. However, there is a $149 deductible that comes when filing a claim.
There are several options when finding insurance for iPhones or any other Apple device. You can get insurance through your phone provider, like AT&T protection advantage, but you can also get it directly through Apple.
Using a larger, bulkier phone case makes it less likely that your phone will be stolen from your pocket or purse.
There are also tiers of coverage. For example, apple offers AppleCare+, a service that promises the manufacturer will replace or fix the device under certain conditions, like accidental damages or manufactural defects for screen repair or battery service. However, the most basic AppleCare+ coverage does not include replacement for theft or Loss.
As you can imagine, what Theft and Loss covers is straightforward. If your phone is stolen or lost, Apple will replace it. But it comes at a cost.
When comparing the two plans, the costs are:
By the numbers, it’s evident that there’s a specific cost consideration, especially depending on how long you plan on keeping coverage. However, to make this decision, there are some essential details to understand before opting into theft/loss coverage.
It’s also important to know that AppleCare+ and the manufacturer’s warranty are separate and cover different instances. For more information on how warranty contracts are set up, you can read our article explaining representations vs warranties.
With any insurance contract, there are always deductibles. For AppleCare+ Theft and Loss, the deductible for filing a claim is $149.
The main rule to ensure your Theft and Loss claim is valid is to keep the Find My iPhone setting on at all times. If the Find My iPhone setting is not on at the time of the incident, the contract is void, and Apple does not have to replace your phone. Apple also states that the claim must be filed within 60 days of the incident. Otherwise, they aren’t responsible.
The stipulations of the AppleCare+ with Theft and Loss contract state that users only get to file two claims every 12 months. After two instances of replacement, Apple is no longer responsible for replacement.
Additionally, the same $149 deductible applies to every individual claim.
If your phone has been damaged before purchasing AppleCare+, Apple may assess it and not deem it eligible for insurance.
Policyholders can begin filing a claim in one of two ways. The first is to visit Apple Support or by calling AppleCare+ at 800-APL-CARE (800-275-2273). Before starting your claim, ensure that you have paperwork, proof of purchase, and information that confirms your coverage, as well as details about the circumstances of the incident.
Apple states that the phone they will issue as a replacement will either be new, refurbished, or remanufactured. However, they claim that the replacement, if not new, will be equal in performance as the phone you lost or stolen.
STAT: Around 70 million smartphones are lost every year. (source)