Wells Fargo Phone Insurance Review (Claims, Coverage) [2020]

Wells Fargo phone insurance is one of the underrated perks offered by Wells Fargo cards. It’s one of those perks you don’t think too much about until you need it and then it’s a huge lifesaver.

But what exactly is covered with the Wells Fargo phone insurance and how does it work?

This review article will walk you through what is covered by this benefit so you’ll know what to expect. I’ll also show you how to file a claim and what you can expect during the claims process.  

Interested in finding out the top travel credit cards for this month? Click here to check them out! 

What is Wells Fargo phone insurance?

Wells Fargo phone insurance is offered by certain credit cards and it will protect you up to $600 protection (subject to a $25 deductible) against damage or theft.

The low $25 deductible is a great deal since some other cell phone protection policies require you to put down $100. Moreover, you can get this benefit with credit cards that come with no annual fee, making it easier than ever to save on phone replacements and repairs.

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What cards offer Wells Fargo phone insurance?

Many Wells Fargo cards offer this protection so you just need to check the terms and conditions of your Wells Fargo card to make sure that it offers the coverage. One of the top cards that offers this perk is the Wells Fargo Propel which earns Earn 3x points on:

  • Eating out and ordering in;
  • Gas, rideshares, and transit;
  • Flights, hotels, homestays, and car rentals;
  • Popular streaming services.

The Wells Fargo Propel also comes with no annual fee so it can be well worth it for many people looking to pick up this protection without paying out a lot to receive it. The Wells Fargo Cash Wise is another great choice to getting this benefit and that card earns 1.5% back on all purchases, which is pretty solid. And finally, the Wells Fargo Platinum Visa Card is another common choice with this cell phone protection.

How much coverage can I get?

The amount of coverage you’ll receive depends on the level of damage done to your mobile device. If they can repair the phone, you’ll typically be limited to the cost of the repair but if it needs to be replaced you’ll be limited to the value of the phone.

Keep in mind that regardless of the value of the damage or repairs, you’ll be limited to a maximum benefit limit of $600 per claim and $1,200 per 12 month period. 

How to get coverage

The Wells Fargo phone insurance is only available when cell phone bills are paid from your Wells Fargo Consumer Credit Card.

I don’t usually advocate for auto-pay but when it comes to cell phone protection, I think it usually makes sense just to go with auto-pay to ensure that you’ll be protected.

Note: this coverage does not apply if the cell phone bill is paid from a Wells Fargo Debit Card, Wells Fargo Business Credit Card, Wells Fargo Commercial Card or from the card that is linked to a Line of Credit. This is a big difference from the Chase Ink Preferred which offers cell phone protection as a Chase business credit card.

phone insurance
Phone insurance can come in handy!

Pre-paid plans don’t get coverage

Coverage does not apply to cell phones that are rented, borrowed, or received as part of a prepaid plan. Electronic failure or issues related to the software of the device are not covered.

When does the protection begin?

The coverage begins the first day of the calendar month following your first cell phone billing on your Wells Fargo Consumer Credit Card, and remains in effect when you continue to charge your total monthly cell phone bill to your Wells Fargo Consumer Credit Card.

If you fail to make a Cellular Wireless Telephone bill payment in a particular month, the protection is suspended until the first day of the calendar month following the date of any future bill payment with an eligible Wells Fargo credit card while the Cellular Telephone Protection Benefit continues to be offered.

Is the coverage primary?

This coverage is not primary. Instead, this is supplemental coverage not otherwise covered by another insurance policy (for example, cell phone insurance programs, or your homeowner’s, renter’s, automobile, or employer’s insurance policies) and may be applied after all other insurance.

So let’s say you have $1,000 worth of damage and your renter’s insurance will cover you for $500. That means that you should still be able to get the remaining $500 covered with the Wells Fargo benefit, subject to the $25 deductible.

Does Wells Fargo phone insurance cover lost phones?

One of the biggest questions about this coverage is whether or not this protection will kick in if you lost your cell phone. Unfortunately, this benefit does not cover cell phones that are lost (i.e. disappear without explanation).

If you can’t provide any evidence or documentation that your phone was stolen or damaged, then there’s a chance that they might decide that it looks like your phone has “mysteriously disappeared” without explanation and you might not get coverage.

“Mysterious disappearance” means the vanishing of an item in an unexplained manner where there is absence of evidence of a wrongful act by a person or persons. So this means that you need to make sure you collect all the evidence possible to support your claim.

How to file a Wells Fargo phone insurance claim

If you need to file a cliam the first thing you should do is call the benefit administrator number at 866-804-4770 (or collect at 303- 967-1096)

Make sure that you call within 60 days of damage or theft or your claim may be denied.

The benefit administrator representative will ask you for some preliminary claim information and then they will send you a claim form. Note that this claim form must be completed, signed, and returned with all the requested documentation within 90 days from the date of damage

What documents do I need?

Here are the documents that you’ll be required to show if you need to file a claim:

  • Your completed and signed claim form.
  • Copies of Your card statement reflecting monthly payments for the month preceding the date of damage or theft.
  • A copy of Your current wireless service provider billing statement.
  • A document from the phone provider or other sufficient proof, as determined by the benefit administrator, that the telephone you are claiming is currently linked to your account (you can often find this online when you log-in to your cell phone provider).
  • If the claim is due to theft or criminal action, a copy of the police report.

But note that you might need to send in additional documentation, such as:

  • an itemized estimate of repair from an authorized Cellular Telephone repair facility or
  • the damaged cell phone (so don’t lost the phone or throw it away)
  • an itemized store receipt for the replacement Cellular Wireless Telephone showing the purchase was made at a cellular service provider’s retail or Internet store (for example Verizon Wireless, Sprint Wireless, etc.)
  • Documentation (if available) of any other settlement of the claim.

All claims must be fully substantiated as to the time, place, cause, and purchase price of the Cellular Wireless Telephone, so this means that you need to do your best to preserve all receipts and other related documents so that you have a smooth experience.

Wells Fargo phone insurance FAQ

Are phone accessories covered?

No, accessories other than standard battery and/or standard antenna provided by the manufacturer are not covered.

What if it’s damaged in the mail?

You won’t get coverage if your damage occurs under the care and control of a common carrier (including, but not limited to, U.S. Postal Service, airplanes, or delivery service).

Am I covered if it’s taken from my person?

Well Fargo states that you won’t be covered if your phone is stolen from baggage unless hand-carried and under your personal supervision, or under the supervision of your traveling companion who is previously known to you.

So unless you’re storing your phone in a bag carried by yourself or a travel companion, you likely won’t have coverage.

There are some other weird rules that don’t allow for coverage like if your phone is stolen from a construction site, so be on the lookout for those rules.

What if my phone is just scratched?

In order to get coverage, you need to have damage that impacts the phone’s ability to make or receive phone calls. So just because your device gets a bit scratched up, that does not mean that you’ll be able to receive coverage.

How long will it take to be reimbursed?

Wells Fargo notes that under normal circumstances, reimbursement will take place within 10 business days of receipt and approval of claim form and all required documents.

Does it cover smart phones like iPhones?

Yes, as long as you meet all of the eligibility requirements your smart phone should be covered whether it’s Apple, Samsung, etc.

Where can I find out more?

You can read more about this benefit from Wells Fargo by clicking here.

Final word

The cell phone protection is a great benefit that really adds a lot of value to the Wells Fargo credit cards. It’s very nice that you don’t have to worry about a $100 deductible when damage occurs so it can make a lot of sense to choose to pay your cell phone bill on a Wells Fargo credit card like the Propel.

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