Anyone had stolen iPhone reimbursed by Amex?

[coelacanth]

If you purchased your iPhone 4 with Amex, and it got stolen. You have 90 days of insurance coverage with Amex. The hard cap per incident is $1,000.

If you purchased the phone with subsidized pricing, you paid, say $250. Now if I have to replace the phone, then I imagine I'll have to pay full price of $650. (I'm talking with easy numbers with CA tax, not the accurate prices) Would Amex reimburse $650 (lower than $1000 cap) or only $250 because that's what I paid initially.

Anyone had to file a claim with Amex for a stolen smartphone in the past? How much did you get paid? I'm debating if I can rely on Amex coverage for 90 days or just get Safeware insurance that covers theft as well.

I called Amex, but their answer was it's up to the examiner, and couldn't get me any more details.

 

[rjohnstone]

They will reimburse what you paid.
They do not typically reimburse for replacement cost if they deem it to be excessive.
This is not to say they won't, but don't expect it.

Remember, Amex is self insured.
The money comes out of their own pocket, so they are not going to be overly generous.

Also, make sure you have your receipt and a police report ready.
They will need it to verify the serial number.

 

[samcraig]

If you purchased your iPhone 4 with Amex, and it got stolen. You have 90 days of insurance coverage with Amex. The hard cap per incident is $1,000.

If you purchased the phone with subsidized pricing, you paid, say $250. Now if I have to replace the phone, then I imagine I'll have to pay full price of $650. (I'm talking with easy numbers with CA tax, not the accurate prices) Would Amex reimburse $650 (lower than $1000 cap) or only $250 because that's what I paid initially.

Anyone had to file a claim with Amex for a stolen smartphone in the past? How much did you get paid? I'm debating if I can rely on Amex coverage for 90 days or just get Safeware insurance that covers theft as well.

I called Amex, but their answer was it's up to the examiner, and couldn't get me any more details.

Let me ask you this. Are you PLANNING on committing insurance fraud to get yourself a free phone/make a profit? If so - don't.

 

[coelacanth]

Let me ask you this. Are you PLANNING on committing insurance fraud to get yourself a free phone/make a profit? If so - don't.

OK, you are thinking way way too much. No, I'm not planning any fraud. I'm just planning ahead. There is nothing to it. Geez.

 

[huskerchad]

The Amex terms specifically say that the claim is limited by the amount that was charged to your card for the purchase.

In the circumstances of a subsidized phone, I suppose you might get them to pay the full replacement cost, if you're a good customer and have been with them for a while...but I really doubt it.

 

[coelacanth]

They will reimburse what you paid.
They do not typically reimburse for replacement cost if they deem it to be excessive.
This is not to say they won't, but don't expect it.

Remember, Amex is self insured.
The money comes out of their own pocket, so they are not going to be overly generous.

Also, make sure you have your receipt and a police report ready.
They will need it to verify the serial number.

Thanks for your insights. That lines up with the tone of description Amex rep gave me on the phone.

I live in center of San Francisco, and people getting their phones yanked is everyday story. I'm quite careful with my stuff, but it's quite possible problem that I might have to deal with some day. I'll look into SafeWare option as well. (already got policies on other items from them, haven't dealt with actual claim yet)

 

[coelacanth]

The Amex terms specifically say that the claim is limited by the amount that was charged to your card for the purchase.

In the circumstances of a subsidized phone, I suppose you might get them to pay the full replacement cost, if you're a good customer and have been with them for a while...but I really doubt it.

Thanks for the info. I tried to find all the fine prints but failed to notice that. I think I've been a good customer, but I think I should consider alternatives as well.

 

[Kadman]

Yes. I've talked with AmEx about this type of scenario. It's limited to the amount charged to the card. This is also important when considering "split payment" purchases. Let's say you buy a new flat panel TV for $2,600. You pay $2,000 via check, cash, or another card, and you put the remaining $600 on your AmEx. If you put a Wii control through it the next day, the AmEx accidental insurance only covers the $600 you put on their card.