As of April 2015, AT&T has the cheapest monthly rate for mobile phone insurance of the four major U.S. carriers. AT&T phone insurance plans start at $6.99 per month and cover loss, theft, accidental damage and mechanical malfunction after expiration of the warranty.
Verizon has the second-lowest rate for mobile phone insurance, with basic plans starting at $7.15 per month. This includes next-day replacement of the damaged device. T-Mobile's basic insurance plan is third-lowest at $8 per month, and Sprint is the costliest of the four carriers, with insurance starting at $9 per month. Premiums vary according to the coverage required and phone model and are higher for smartphones than for standard cellphones.
Deductibles for mobile phone insurance claims range from $50 to $199, depending on the carrier and phone. IPhones generally have the highest deductible, which ranges from $175 to $199 for a replacement.
Although premiums and deductibles vary greatly from carrier to carrier, most of them use the same insurance company. Asurion handles the insurance claims and coverage for AT&T, Verizon and Sprint. It also provides insurance for many smaller wireless providers, such as metroPCS, CLEAR and Telus. Asurion previously handled insurance services for T-Mobile as well, but T-Mobile currently gets insurance coverage from Assurant.