What to Expect from Wells Fargo Cell Phone Insurance

0

UPDATE November 25, 2019: This article has been updated to reflect the changes in the coverage limits for this benefit from Wells Fargo. When you pay your bill with a qualifying Wells Fargo Credit Card, there is no limit to the number of phones on a plan.

Wells Fargo credit card offers aren’t necessarily known for being distinctive.

One advantage that these cards have in common – and one that is not always a matter of course with private credit cards – is Cell phone insurance. When you use your Eligible Card to pay your monthly bill, you have up to $ 600 in coverage against damage or theft. This could be a valuable differentiator, especially if you lease a phone and pay extra for insurance through your carrier every month.

How valuable? Well, for me 124 to be precise. That’s how much I was reimbursed for repairs on my iPhone 6S after dropping it and smashing the screen late last year. The repair cost $ 149 before sales tax; the phone cover that I have over my. have Wells Fargo Rewards® card, has a deductible of $ 25.

How to initiate a claim

Several Wells Fargo credit cards offer cell phone protection, but check your card’s terms and conditions. If your card qualifies, you can call the number on the back to begin the process. You will eventually be forwarded to a third party – Card Benefit Services – through whom you can assert your claim. (The benefit itself is covered by Indemnity Insurance Co. of North America.)

Nerdy tip: It’s easy to file a complaint over the phone, but learn from my mistake and initiate your online. It saves you the steps of printing out an emailed form, filling it out, then scanning it and sending it electronically or by post. Unfortunately there is no way around it all the paperwork.

Necessary documents

Sit tight; that’s a decent amount:

  • Form for the benefit application: As noted above, you must complete this form (online or handwritten) and upload it to the claims website above, email it to a specified address, or send it by US mail. The form asks for your personal information – name, address, the last four digits of the Eligible Wells Fargo credit card, etc. – as well as the basics of your device, including the model, make, serial number and “affected” phone number. You must provide a brief “description of the incident” including the date, location and whether the phone was damaged or stolen.

  • A copy of your mobile operator’s statement: This is proof that you paid your monthly service bill with a qualified Wells Fargo credit card. A couple of notes: First, the billing needs to be the one that was due in the month In front the date of damage or theft. Second, if the statement shows the last four digits of your Eligible Wells Fargo Card, you will be asked to provide the section clearly showing that the entire fee was actually paid on that card. What if the statement doesn’t show that? Go to the next document.

  • A copy of your monthly Eligible Wells Fargo Card statement: This must also be from the month before the date of the damage or theft and contain the last four digits of your account number.

  • A ‘device overview page’ from your mobile operator: This proves that the cell phone in question is actually linked to your cell phone account. You can likely find this page by logging into your provider’s online account system.

  • A copy of the police report: This is only required if you are making a theft claim.

When your phone needs repair, you will be asked to send a copy of a detailed estimate from “an authorized cell phone repair facility or your cell phone for inspection”.

Nerdy tip: When making a claim on an iPhone, the safe way to get a quote is from the Genius Bar at your local Apple Store. If it’s an Android or other device, you should ask the Claims Department if there are any recommendations from the vendor.

If you need to replace your phone immediately, you will need something similar: a detailed sales receipt from an authorized dealer.

What is to be considered

Cell phone protection is valuable, but there are a few factors to consider with this program:

You have a timetable: In order for a claim to be made, you must notify the insurer within 60 days of the date your phone was damaged or stolen. And depending on your country of residence, you usually have to submit a completed claim with all the necessary documents within 90 days of the loss date.

Nerdy tip: Even if you do not have all the necessary documents to hand, please submit your application form as soon as possible. You can hand in the rest later.

Not all mishaps qualify: If you merely misplaced your phone, you’re out of luck. This benefit does not apply to “lost” devices. The same applies if your device has an “electronic failure” or software problems or if it was included in a prepaid tariff.

Insurance coverage has its limits: You are limited to no more than two claims in any 12 month window and you must face a $ 25 deductible per claim. You will not get back more than $ 600 per incident and no more than $ 1,200 over a 12 month window. (On the plus side, there used to be a limit to the number of phones in a plan that were eligible for coverage, but that’s no longer the case.)

If you are replacing your phone: Keep an eye on your damaged device until your claim has been fully assessed. If your claim is approved, you will receive a refund (less the $ 25 deductible) up to the value of the original device or the retail price of a replacement device “of the same type and quality, excluding taxes, shipping, shipping, and charges” associated with the carrier. “

Expect a wait: You can contact Card Benefit Services as often as you like during the process, but you will likely have to wait at least five to seven business days after submitting the final paperwork before sending an official message about the status of your. receive entitlement. In the meantime, the performance center can contact you for further information or documents. In my case, I filed my claim on December 11th, a paper check was made out to me on December 27th and deposited on January 4th, a delay partly due to the schedule of holiday mail.

Is it worth?

Note, however, that in these cases, coverage is provided through the payment network (Mastercard or AmEx) and not through an issuing bank such as Wells Fargo. This means that terms such as deductible and entitlement limits can vary from card to card.

For example, depending on how new and chic your cell phone is, it can be worth significantly more than Wells Fargo’s $ 600 coverage limit, for example. You can still end up owing money to have it repaired or replaced.

However, if you already have an eligible Wells Fargo credit card, getting the benefits (rather than paying for additional insurance) is a breeze, even with the paperwork involved in making the application.

If you don’t currently have such an advantage, here is a list of ours Top cards that offer mobile phone insurance. Remember, however, that while such a benefit can be valuable, your decision should not be based on that benefit alone. Instead, make sure the card suits your current spending habits. Side perks like cell phone insurance are nice, but they add up to rewards, bonuses, 0% introductory APR offers, and other incentives.

The information about Wells Fargo Cash Wise Visa® card was collected by NerdWallet and has not been reviewed or made available by the publisher or provider of this product or service.

Share.

Leave A Reply