Apple executives have admitted that an increasing number of iPhone users have decided to have their units covered by insurance. According to them, this does not mean though that their products are easily damaged. Instead the users are just more prudent consumers this time, considering that smartphones manufactured by Apple are still considered as high-end mobile phone products. Instead of spending more money for possible repairs, the users have decided to save funds for its possibility through insurance coverage. There are several options for such insurance coverage to be availed, one of these is not exactly an insurance policy but is essentially so because of the limited guarantee it provides the user.
AppleCare, which is the manufacturer’s own extended service warranty, has the hallmarks of an insurance policy. It is basically a warranty and support program that can be availed beyond the usual limited warranty for iPhone units. Knowing that the ordinary warranty provided upon purchase of the smartphone is only effective up to 12 months, a user may opt to avail the AppleCare Protection Plan. Through AppleCare, the warranty can last to two years, allowing the user to have the unit repaired without costing anything. AppleCare policy, however, does not consider damages caused by misuse as valid for warranty coverage. Therefore, users have to ensure that they do not damage their smartphones by accidents.
There are insurance companies that have offered coverage for smartphones, including the iPhone. In availing of their services, iPhone users have to apply and pay monthly or annual premiums. Oftentimes, the coverage is more extensive in terms of the kinds of damages covered. Unlike the AppleCare, the user can extend the coverage beyond a two-year timeframe. For AT&T subscribers, they may get insurance from the Asurion managed policies that can be paid monthly also. This insurance coverage also happens to be very extensive. However, it is relatively more expensive compared to other third-party insurance providers.
iPhone users who bought their units with their credit cards can also avail of purchase protection plans offered by the credit card companies. In this scheme, a user who purchases his iPhone with a Visa or an American Express is immediately covered with a guarantee against defects and damages. However, this plan may only last for 90 days and it may not consider damages caused by misuse or accidents as eligible for coverage. A less optimized insurance scheme for iPhones is the use of the homeowner’s insurance. In this regard, the user can simply apply for an extension of his current homeowner’s insurance coverage to include his iPhone. Apple executives, however, advise iPhone users to wisely consider the pros and cons of an insurance coverage. They suggest that the users should avoid being covered with insurance that imposes very high deductibles.
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