Many bank cards now offer mobile device insurance, and it is easy to see why. Smartphones will not be low-cost, so insurance of this kind is a invaluable profit that may prevent quite a lot of money. Let’s explain how mobile device insurance works and try the most effective bank cards in Canada that provide this bank card profit.
What is mobile device insurance?
Credit card mobile device insurance typically includes $1,000 in coverage for a damaged or stolen phone, so long as you bought the device or paid for the monthly contract with the bank card. The insurance only covers the phone itself, but not the battery or accessories similar to headphones or a protective case. Used or refurbished phones will not be covered, even in case you use your bank card to buy them.
This is how mobile bank card insurance works
As with any insurance policy in Canada, there are some details to think about when insuring mobile devices.
- Coverage periodNote: When you buy a brand new mobile device together with your bank card, insurance typically doesn’t start immediately. It often takes one to a few months to get going. In addition, the insurance cover doesn’t last eternally – as a rule, the insurance cover is valid for a maximum of two years from the date of purchase.
- Coverage limit: Mobile device insurance is usually capped at $1,000, meaning any money you spend over that limit won’t be covered if something were to occur to your device.
- Deductible: Like other insurance policies, mobile device insurance typically comes with a deductible – the quantity you pay before you receive insurance advantages. Some policies calculate the deductible based on the acquisition price of the device, others take the acquisition price and depreciation into consideration.
- depreciation: Mobile device insurance takes depreciation into consideration when determining the worth of your phone. To put it simply: the longer you own the device, the less it’s price. The standard depreciation rate is 2% per 30 days, which suggests your phone can have lost 24% of its value in a yr.
- Lost or stolen devices: If you file a missing device claim, you’ve 48 hours to notify your provider and terminate your wireless service. Insurance doesn’t cover equipment stolen from checked baggage or baggage not in your possession.
- Claim limits: You have the precise to make one claim per yr. For some bank card firms, this limit applies across all cards.
Although there are some limitations to mobile bank card coverage with bank cards, it’s a lovely profit because there isn’t any additional cost to you and the coverage is automatic.
The best bank cards with mobile device insurance
Here are a few of the most effective bank cards in Canada that include mobile device insurance.
RBC Avion Visa Infinite
At a look: With the RBC Avion Visa Infinite, generous $1,500 mobile coverage is complemented by various varieties of travel and rental automotive insurance and is vital in a traveler’s wallet. Additionally, you should use Avion points to buy your mobile device and it is going to still remain insured.
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RBC Avion Visa Infinite
Annual fee: $120
Welcome offer: Earn as much as 55,000 Avion Points ($1,100 value)
Card details
| Interest rates | 20.99% on purchases, 22.99% on money advances and balance transfers (21.99% for Quebec residents) |
| Income required | $60,000 per yr |
| credit-worthiness | None specified |
| Point value | 1 RBC Avion Point = Up to $0.023 when redeemed for travel using the RBC Air Travel Redemption Plan. |
Scotiabank Momentum Visa Infinite
At a look: The Scotiabank Momentum Visa Infinite includes $1,000 price of mobile device coverage, activated just 30 days after you buy the phone. When you think about the seven other varieties of insurance and the flexibility to earn money back, this card is price considering.
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Scotiabank Momentum Visa Infinite
Annual fee: $120
Welcome offer: Get 10% money back on all purchases in the primary 3 months (as much as $2,000 in total purchases). No annual fee in the primary yr, not even for extra cards. Offer ends October 31, 2024.
Card details
| Interest rates | 20.99% on purchases, 22.99% on money advances, 22.99% on balance transfers |
| Income required | Personal income of $60,000 or household income of $100,000 |
| credit-worthiness | 725 or higher |
American Express Cobalt
At a look: With $1,000 in standard mobile insurance, in addition to the flexibility to earn points and luxuriate in Amex membership advantages, the American Express Cobalt card offers a solid deal.
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American Express Cobalt
Annual fee: $156
Welcome offer: Earn 1,250 points for each month you spend $750, as much as a maximum of 15,000 points.
Card details
| Interest rates | 21.99% on purchases, 21.99% on money advances |
| Income required | None specified |
| credit-worthiness | 725 or higher |
| Point value | 1 Amex Membership Rewards point = $0.01 when redeemed with the Flexible Points Travel Program, average $0.015 with the Fixed Points Travel Program, and as much as $0.02 with airline points transfers. |
Tangerine World Mastercard
At a look: For a no-annual-fee card, the Tangerine World Mastercard’s standard $1,000 recent mobile device insurance is one in all several nice perks, including collision and damage insurance for rental cars and free Wi-Fi via Boingo Wi-Fi for Mastercard.
Tangerine World Mastercard
Annual fee: $0
Welcome offer: Earn an extra 10% back on as much as $1,000 on on a regular basis purchases inside the first two months. The application should be submitted by October 31, 2024.
Card details
| Interest rates | 20.99% on purchases, 22.99% on money advances, 22.99% on balance transfers |
| Income required | $60,000 per yr |
| credit-worthiness | 725 or higher |
CIBC Aventura Visa Infinite
At a look: When you pay on your recent mobile device with the CIBC Aventura Visa Infinite, you receive as much as $1,000 in coverage for loss, theft and damage. This policy has shorter reporting timelines, however the paperwork required to make a claim is sort of cumbersome.
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CIBC Aventura Visa Infinite
Annual fee: $139
Welcome offer: You can earn as much as $1,400 in value, including annual fee reimbursement for the primary yr.
Card details
| Interest rates | 20.99% on purchases, 22.99% on money advances, 22.99% on balance transfers |
| Income required | Personal income of $60,000 or household income of $100,000 |
| credit-worthiness | 760 or higher |
| Point value | 1 point = average $0.01. |
What happens in case your bank card doesn’t have mobile device insurance?
All isn’t lost. You have a number of options.
Insurance from the dealer or manufacturer
If you aren’t getting mobile device insurance through your bank card, you possibly can still get insurance, however it may cost a number of hundred dollars.
Google Preferred Care is a two-year insurance package that covers accidental damage and loss. The cost relies on the model of your device. There is a service fee for making a claim, which also relies on the model. You can join as much as 30 days after purchase and make two claims per 12-month period.
AppleCare for Apple phones and other devices extends the hardware, software, and technical support beyond the primary 90 days included together with your mobile phone purchase. The cost of insuring your iPhone relies on the model, but starts at $99 for 2 years of protection on an iPhone SE. Two-year coverage for an iPhone 15 is $269. A service fee applies to every claim: $39 for screen or back glass damage and $129 for other accidental damage, plus applicable taxes.
You may give you the chance to buy protection directly from the shop. Best Buy, a significant retailer, offers protection plans to Canadians. The alternative plan applies to defective phones. Once you send in your phone, you will receive a Best Buy gift card equal to the acquisition price. You can replace or repair your cell phone as much as two times.
Insurance from the cell phone provider
You may have the choice to buy mobile device protection out of your wireless provider.
Rogers offers device protection plans for Apple and Android products that include loss or damage coverage starting at $7.99 per 30 days. The Device Protection Plan for iPhone users includes Apple Care services, which include unlimited service requests and device alternative within the event of loss or theft. Android users receive up to a few service requests per 12-month period and one device alternative. One of some great benefits of insuring your device in this manner is the speed of service: repairs can often be carried out on the identical day and replacements can often be delivered the following day.
Similar to Rogers, Telus is partnering with Apple to supply customers the Apple Care iPhone protection plan, with coverage starting at $9 per 30 days. For $15 per 30 days, Android users should purchase Device Care Complete, which incorporates unlimited cracked screen and liquid damage repairs, in addition to free battery replacements. Apple Care repairs are handled by Apple, while Device Car Complete-protected phones should be repaired at a Mobile Clinic location.
