Is electronics protection worth it?

Let’s face it: these days, we can’t live without our devices. From our smartphones to our fitness trackers and all the TV watched in between, we’re in a digital age that shows no sign of slowing down.

But because we’re superglued to our devices, the risk of an accident happening runs... much, much higher. (That’s a mathematician-approved stat.) Think about it: how close is your laptop to your iced latte? Have your friends called you “butterfingers” in the past? Or what about a few summers ago when you attended that pool party... and forgot to take off your smartwatch?

You get the idea — your next expensive accident is just waiting around the corner. And with the price of smartphones soaring above $1,000 (and you still need to get a case!), it’s not exactly something the average American can shrug off at the checkout line.

But we have a solution — that also doubles as a smart financial move: electronics protection. Is it worth it for you? You’ll have to keep reading to find out.

What is electronics protection?

Electronics protection can help cover the tech that you use and love every day — like your smartphone, tablet, TV, computer, smartwatch, video game system, camera, drone, and more. It can cover the gaps in your homeowners and renters insurance policies (even your warranties) if an accident were to strike.

Specifically, electronics protection can cover these types of damages (and more, depending on the plan you choose):

Accidental damage (drops)
Mechanical failure
Manufacturer defect
Water damage (spills and submersion)
Power surge by lightning

To be transparent, here’s a fine print moment: electronics protection plans typically do not extend to instances of intentional or willful damage or misuse, products that have been modified, and products that have been lost or stolen. Exclusions vary by policy, so take the time to shop around and find an electronics protection plan that best fits you and the devices you’re covering.

How does electronics protection work?

Let’s say your smartphone was subjected to your infamous butterfingers. This electronics protection plan (available in partnership with Cover Your Assets (CYA) and Kasasa Care) makes it so easy to file a claim in four easy steps:

File a claim easily through the CYA app, online via your CYA account, or by calling a CYA agent at 800-202-7707.
CYA will review your claim — most are approved in 1-2 business days.
If you need a repair, CYA only lets authorized technicians service customers’ devices. CYA coverage provides you with access to tens of thousands of repair centers in their network that can fix your device swiftly and professionally. Your smartphone (or other device) is backed by a 5-day repair or replacement guarantee!
There are times when not even CYA’s experts can fix your device. Based on your device and claim filed, CYA will either offer cash for its value or replace it with a unit of like kind and quality.

How long do electronics protection plans last?

Before you put in your credit card details, you’re probably wondering the standard length of an electronics protection plan. In other words, how long you’re tied to the service. The short answer: the length of an electronics protection plan can be whatever you want it to be! (At least for this protection plan.)

That means you can pay for electronics protection on a month-to-month basis or purchase an annual plan. (You get a sweet discount if you do — keep reading for more on that!) What’s even better? It’s a no-contract protection service, which makes things super easy. Plus, you’ll even get a prorated refund of your unused coverage if you cancel mid-month or earlier than you planned.

So if you’re just looking to amp up a manufacturer's warranty or another extended warranty plan for a few months, you can totally do that. Or if you want to cover a kitchen appliance from mechanical breakdown for a few years, you’re all clear to do that too. The decision to purchase an electronics protection plan is personal — from what you’re covering, to the length of your chosen plan, to your financial situation, and everything else in between.

Which brings us to...

Should you replace or cover your (insert device here)?: A cost-comparison guide

One of the biggest reasons we recommend getting electronics protection in the first place comes down to cost comparisons. In other words, ask yourself this: if your (insert device here) cracked, malfunctioned, or had a bath today, do you have enough cash to replace it tomorrow?

If you don’t, you’re not alone. In fact, 63% of Americans don’t have enough savings to cover a $500 emergency. Even if you do, would you have to drain your emergency fund just to replace your TV? If that’s the case, we’d recommend looking into electronics protection — and let these numbers we calculated speak for themselves!

Item	Average cost to replace (new)	Annual cost with electronics protection
Smartphone	$1,000	$76.89 (or $6.99/mo)
Tablet	$500	$54.89 (or $4.99/mo)
TV	$500	$76.89 (or $6.99/mo)
Computer	$1,500+	$65.89 (or $5.99/mo)
Smartwatch	$300	$32.89 (or $2.99/mo)
Video game system	$400	$43.89 (or $3.99/mo)
Camera and lenses	$1,000	$76.89 (or $6.99/mo)
Drone	$400	$98.89 (or $8.99/mo)

If you’re good with numbers, you might notice that you get a little savings when you opt for an annual plan versus a no-contract, month-to-month plan. (Something to keep in mind if you’re considering coverage!)

You can bundle your items for even more savings too — in some cases, up to 30%!* Here are some of the most popular bundles:

Family cell phone: Cover 5 smartphones for $25.95 per month
Entertainment: Cover 5 TVs and 1 video game system for $28.94 per month
Electronics: Cover 5 TVs, 5 smartphones, 5 tablets, 5 smartwatches, and 5 computers for $95.75 per month

Plus, you can add on your oven, dishwasher, furniture, exercise equipment, and refrigerator. Even the not-so-fun (but essential) items like your garbage disposal! The customization options are truly endless.