Thousands of cellphones are stolen, lost, or damaged every year. Is your phone important to you?

Unless you carry a inexpensive, disposable, pay as you go cellphone such as Tracfone, Virgin, or Cricket, you can have quite an investment in your phone. Smartphones can easily cost a few hundred dollars, some quite a bit more, plus all the data you have in them.

Several factors need to be considered when deciding whether or not to purchase insurance. If your phone is a few years old, the cost of replacing it may have decreased to the point where insurance is not recommended. Likewise, if you are going to be replacing your phone soon, it might be smart to hold off on the insurance.

Own a smartphone? Insurance is available for the iPhone and other smartphones covering damage from liquid, dropping, or having it stolen. Smartphone insurance is inexpensive and typically carries a $50 deductable.

Some cellular plans include helping to replace a damaged or missing cell phone that a customer has owned for over a year. Phone users need to carefully review their policy to determine whether or not it offers the type of protection they need for their cell phone.

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