How to Get Mobile Phone Insurance for Free

Do you constantly worry about your phone being dropped or stolen? You may already be paying out of pocket monthly for cell phone insurance, which at least gives you peace of mind. But you can spend money on something that your credit card will give you for free.

Many credit cards offer free mobile phone insurance (and what it covers).

Many credit cards offer cell phone insurance at no additional cost, as long as you pay your cell phone bill with the card. And it’s not just a perk you’ll find with premium credit cards—some zero or low-annual cards also offer it. This coverage can help you pay for certain repairs (often with the exception of broken screens) or if your phone is stolen.

The exact details will vary depending on which card you have, so you should check your card’s benefits guide to verify, but generally you should:

  • You need to pay your monthly mobile phone bill in full with a credit card that offers mobile phone protection.
  • Be limited to two claims (maximum $600 to $800 per claim) and a maximum claim amount of $1200 to $1600 per 12 month period.
  • Deductible for $25 or $50.
  • You must file a claim for reimbursement, usually within 60 days of the incident. Theft reports also usually require a police report to be filed within 48 hours of the theft.

Typically, cell phone insurance offered with a credit card does not cover the loss or “mysterious disappearance” of a cell phone. If you are forgetful and worried that you might just lose sight of your phone, you should consider other cell phone insurance options that will cover the loss in addition to damage and theft.

Credit cards that offer mobile phone protection

Many credit cards offer mobile phone protection, but these are some of our top picks.

Premium Cards with Cell Phone Protection (annual fee from $350)

  • Capital One Venture X: $50 deductible. Up to $800 per application / $1600 per year. Annual fee: $395
  • American Express Platinum Card: $50 deductible. Up to $800 per claim / $1600 per year (This card’s cell phone protection covers screen damage, which not all plans cover). Annual fee: $695

Mid-tier credit cards with mobile phone protection (less than $100 annual fee)

  • Chase Ink Business Preferred: $100 Deductible. Up to $600 per application / $1,800 per year. Annual fee: $95

Credit cards without an annual fee with mobile phone protection

  • Wells Fargo Active Cash: $25 deductible. Up to $600 per application / $1200 per year.

bottom line

Cell phone insurance is a great built-in benefit offered by many credit cards, including no annual fees. If you pay extra for cell phone insurance or don’t have insurance yet, consider getting one of these cards so you can protect your cell phone from damage or theft at no additional cost.

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