It’s happened to all of us. You drop your phone in and you’re stuck with a cracked screen. If you carry cell phone insurance, you may be in luck. But what about carrying a credit card that offers insurance for when your phone is stolen or damaged? Look no further than Amex and its recent announcement.
Not only does Amex offer cell phone insurance on some of its cards but Chase has long offered this benefit as well. Cards like the Ink Business Preferred and Ink Business Cash are both cards travelers can consider using in addition to Amex cards. Between Amex and Chase card, this is some of the best phone insurance on the market.
Amex New Cell Phone Insurance
Amex’s new insurance product reimburses you for the cost to repair or replace a stolen or damaged phone. Coverage is valid until you are no longer a cardmember and/or pay your cell phone bill with a qualifying Amex card. Cell phone protection is effective 4/1/2021.
It’s important to note that the actual terms and conditions do not state cracked screens qualify as reimbursable. However, data points suggest that Amex does in fact include cracked screens as insurable with its new cell phone insurance product.
Coverage limitations
Cardmembers are eligible for up to $800 per claim up to two claims per year with a $50 deductible. So, you’re looking at $1,600 per year with $100 in deductibles. Amex’s coverage is secondary. So if you have insurance coverage on your phone, Amex is limited to costs not covered by other providers.
What is not covered
The terms and conditions specifically list what is not covered. A few of the most important items are 1) cell phone accessories other than the standard battery and standard antenna, 2) cell phones purchased for resale, 3) cell phones which have been rented, leased, borrowed, or received as part of a pre-paid plan, and 4) cosmetic damage that does not impact the phone’s ability to make or receive phone calls.
How to file a claim
If you need to file a claim, Amex lists the steps you must follow. The most important step is that you must report the claim within 90 days of the loss. This page gives you the full run-down of what you need to do.
What cards are eligible
Centurion Card from American Express, Amex Platinum, Delta Reserve Credit Card, Delta SkyMiles Platinum, Business Centurion Card from American Express, Amex Business Platinum, Delta Reserve for Business Credit Card, Platinum Delta SkyMiles Business Credit Card, American Express Platinum Card for Schwab, Platinum Card from American Express for Goldman Sachs, Platinum Card from American Express for Morgan Stanley, and Platinum Card from American Express for Ameriprise Financial.
What do you make of the new Amex cell phone insurance? Which cards do you think offer the best coverage? Please let me know in the comments or by sending me an email on my contact page.
Disclaimer: If you click and/or sign up for a credit card through certain links on this site or any of my related social media platforms, I may make a commission from that click-through. The editorial content on this page and the user comments are not provided by any of the companies mentioned and have not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are mine alone.
