Protect your expensive flagship phone with free insurance from American Express

With the price of flagship and foldable smartphones in a range between $1,000 and $1,800, phone insurance is needed now more than ever before. At the start of April, Amex started the Cell Phone Protection Program and there is no need to enroll since the plan automatically covers devices listed on a prior month’s wireless bill that was paid with an eligible American Express account.

Once in the program, a device is covered for two claims over each 12 month period. Amex will reimburse the device owner the amount laid out to repair an insured phone or will hand over $800 (after a $50 deductible) for a stolen handset. That might not cover the replacement cost of your purloined phone, but if you have already purchased insurance for your expensive top shelf device, the Amex insurance can serve as secondary coverage.

Of course, there are some caveats. If your device is stolen and you want to file a claim with Amex, you will need to file a police report within 48 hours of the theft. If your device is leased, purchased for business, part of a fleet, or connected to a pre-paid account, the Cell Phone Protection Program is off limits to you.