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Worth Ave. Group Urges Apple's iPhone 4S Users to Reject Extended iPhone Warranty and Buy iPhone Insurance InsteadElectronics Insurance Provider Says iPhone Owners Could Still Spend Hundreds Replacing Their Device Even With a Warranty; Insurance Is a Better Option (October 18, 2011)
STILLWATER, OK -- (Marketwire) -- 10/18/11 -- Following Apple's recent launch of the iPhone 4S, Worth Ave. Group, a leading electronics insurance provider, is encouraging consumers to purchase iPhone insurance versus a warranty. According to Worth Ave. Group, iPhone warranties still leave consumers unprotected and potentially having to spend hundreds in replacement costs should something bad happen to their device.
The iPhone 4S will be one of the fastest selling smartphones out there, available on more than 100 carriers by year's end and a free-with-a-contract older-generation model will draw in new iPhone users, analysts say. Approximately 37 percent of iPhones are damaged annually with many people experiencing at least two or more incidents related to human error. Top claims categories for iPhones are cracked screens, theft and water damage.
Worth Ave. Group says while most people think warranties and insurance offer the same level of protection, there's no real comparison (refer to image "Insurance Vs. Warranty").
"Most iPhone owners are unaware of just how much it will cost them each time they have some sort of accident. Unfortunately, a warranty only protects you the first time. If it happens again, you either purchase a new warranty and pay the deductible or spend the money buying a new phone," said Aaron Cooper, Worth Ave. Group marketing director. Cooper says consumers need to know more affordable options exist.
Unlike a warranty, Worth Ave. Group's insurance can be purchased at any time for $89 with a $50 deductible and there's no limit on the number of claims that can be filed in one year. A warranty only applies to one item and once the item is claimed and replaced, the warranty must be then purchased again. For consumers, this means more out of pocket expenses in the event of a claim with warranty coverage. With insurance coverage, the only out of pocket expenses is the $50 deductible.
According to Gartner Research, 468 million smartphones will be sold worldwide this year, a number expected to climb to 1 billion in 2014.
About Worth Ave. Group
Worth Avenue Group is a full-service electronic device insurance provider, offering affordable coverage plans that protect iPhones, iPads, laptop and desktop computers, TVs, digital cameras, PDAs and other portable electronic devices against accidental damage and theft. Based in Stillwater, OK, the company has a 40-year history of providing peace of mind to thousands of customers nationwide and has earned the trust of more than 2,000 schools across the U.S. The company is licensed in all 50 states and is underwritten by Hanover Insurance Company, which earned an excellent A rating from A.M. Best Company. For more information, visit www.worthavegroup.com.
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