Asurion, the global leader in technology solutions services, announced today that its partnerships with leading U.S. mobile carriers have saved subscribers more than $7 billion in iPhone repair and replacement costs since the company began providing protection services for iPhone users. The company also expects to save subscribers up to $30 billion in iPhone repair and replacement costs in the next decade due to the fast-rising costs of Apple phones.
More than 75 million phones were lost, stolen or damaged last year alone and nearly three quarters of all incidents happen within the first 12 months of a phone’s contract, according to Asurion claims data. The new iPhone models sit at the high end of smartphone prices, with the most affordable version of the new iPhone X costing $999. These higher phone prices mean repair and replacement of the device will cost more than ever for those without a full protection plan.
It doesn’t help that smartphone costs are rising fast. In fact, the cost of the iPhone has doubled in price since it first launched in 2007, from $499 for the original model to now $999 for the base model iPhone X. That’s more than five times the rate of inflation. This rapid rise in smart phone costs has Asurion projecting up to $30 billion in savings for its iPhone subscribers in the next 10 years.
“As new models of phones get more expensive – upwards of a thousand dollars – repair and replacement of these high-end devices is cost-prohibitive for many people without a protection plan,” said Ken Wirth, Asurion senior vice president and general manager, Americas Mobility. “Now more than ever, owners of the new iPhones need a comprehensive protection plan that covers breakage, loss and theft. And they can only get our comprehensive protection plans from one of the major carriers – other sources do not offer the complete protection Asurion is known for.”
“We encourage people who upgrade to the new iPhone models to be diligent in caring for their investment,” Wirth added. “By enrolling in a mobile protection plan with one of the leading mobile carriers backed by Asurion, subscribers will save time, money and, most importantly, peace of mind that they can only experience when protected.”
Savings were calculated annually, taking into account the cost for iPhone owners to repair or replace their device without a protection plan; the average cost of insurance premiums for an iPhone before people usually upgrade to a new phone; and the average cost of deductibles for repair and replacement.
Comprehensive Repair, Replacement and Tech Help
Asurion’s protection and support solutions, available through major mobile carriers, make it easier and more convenient for mobile phone and smart tech users to keep their devices up and running smoothly. In addition to next-day device replacement, Asurion partners with select carriers to provide fast local, in-store or on-site concierge repair options nationwide for those to prefer to keep their own device. The Company’s award-winning Soluto® smart tech help has revolutionized traditional tech support for more than 42 million people, providing one-touch access to onshore tech experts and unlimited guidance to help solve any tech issue you could ever have with their covered device, regardless of brand or operating system.
Bettie Colombo, 615-837-7283BColombo@asurion.com