Have you ever read the details of your TD Mobile Device Insurance provided by your credit card?
Understanding mobile device insurance can be beneficial as the cost of mobile devices rises drastically. This insurance can help save you money over any supplemental warranty coverage provided by the manufacturer such as Apple Care.
I have summarized important details about the Mobile Device insurance provided by your TD credit card.
The following credit cards have TD Mobile Device Insurance:
- TD Rewards Visa Card | Certificate of Insurance
- TD Aeroplan Visa Platinum | Certificate of Insurance
- TD Platinum Travel Visa | Certificate of Insurance
- TD Aeroplan Visa Infinite | Certificate of Insurance
- TD First Class Travel Visa Infinite | Certificate of Insurance
- TD Cash Back Visa Infinite | Certificate of Insurance
- TD Aeroplan Visa Infinite Privilege | Certificate of Insurance
Other insurance benefits information for being a TD credit card holder is available here:
The information listed below is my interpretation of the insurance policy.
When to use mobile device insurance?
Mobile device insurance provides coverage for mobile devices that are lost, stolen or accidently damaged.
Note, this warranty does not provide any additional coverage for manufacturer defect. That is available as an alternate product, offered by most credit cards that also have mobile device insurance.
Coverage Eligibility
The following conditions apply prior to being eligible to use the mobile device insurance:
- 75% of the total cost of the purchase was charged to the credit card, or,
- The complete purchase price of the phone was financed with the credit card through a Canadian Wireless provider.
If you put at least 75% of the purchase price of the mobile phone on your card, then the coverage will begin from the 91st day of coverage. The coverage will end within two years of the purchase date. The TD Purchase Security Insurance will provide coverage of the mobile phone that is lost, stolen, or accidently damaged, within the first 90 days of the date of purchase.
If you financed the phone through a Canadian Wireless provider, the coverage will begin on the date of the first monthly wireless bill is charged to the credit card. The coverage will end within two years of the purchase date. It is expected that all monthly payments, in full, will be made using the same TD credit card. The coverage will end on the first date of payment not made by the TD credit card.
Who is covered?
TD will cover the primary cardholder or any additional authorized users on the credit card. In addition to this, TD will cover any gifts of phones given to anyone, provided all the other conditions are met. So, if you gift a phone to your child, the insurance will still be valid.
Coverage Limitations
The formula to determine coverage limitation is very complex. Every claim is limited to a maximum coverage of $1,000 or $1,500, if you hold the TD Aeroplan Visa Infinite Privilege credit card. However, a complex formula is still used to determine the maximum coverage at the time of incident.
Lost, Stolen, or Accidental Damage Coverage
The coverage for a lost or stolen phone has two parts, a monthly depreciation percentage and a deductible value:
- Depreciation: The depreciation is calculated as 2% of the purchase price, multiplied by the number of months since the purchase date.
- Deductible: $25 to $100, depending on the purchase price of the phone. $100 deductible starts when the phone price is greater than $600. Since most phones are quite expensive, I will use that price as the example below:
If you purchased an iPhone 16 for C$1,129, and an insurance claim is made within six months of the purchase date, the calculation will be as follows:
- Purchase Price: C$1,129
- 6 months x 2% depreciation is $135.48.
- The depreciated value of the phone is 1,129 – 135.48 = $993.52
- The deductible is $100
- The maximum re-imbursement amount is $893.52
As you can observe, this is a very generous amount for a phone.
If you require a screen replacement on the same iPhone 16, you could either claim the free accidental damage coverage through the credit card, or, AppleCare+ if you purchased that coverage.
The cost comparison between the two is as follows:
- A screen replacement through Apple will cost $365 for an iPhone 16.
- With your accidental damage coverage offered by the credit card, you will pay $0. Making a claim after 23 months, the maximum coverage will still be greater than $400.
- With AppleCare+, you will spend $199 for the coverage, and another $39 as the deductible.
Immediately, it is very clear, your mobile device coverage can have drastic savings if you usually buy any additional coverage from the manufacturer.
Loophole for Lost or Stolen Phones
I have not tested this out, however, if you finance a phone through the carriers, there may be an inadvertent financial loophole if you lose your phone or your phone gets stolen.
If you finance a phone through Rogers, the Pixel 9 is $1,287. However, if you purchase your phone through Google, the cost is only $949. Rogers does this to ensure your penalty for leaving a two year contract is higher than just paying for the retail price of the phone. Instead, Rogers offers a bill credit, for every month you finance the phone. With the promotion for today, you will only pay $480 for a Pixel 9, due to the bill credit available on Rogers.
If you were to lose your Pixel 9, you should get the payout value based on the retail price of the phone to Rogers. This will be drastically more than what you would pay out of pocket, if you take your two year term to maturity.
Claim Information
When making a claim for the TD mobile device insurance, you should call 1-800-859-0694 in Canada or the United States.
If your phone is lost, you must notify your wireless provider to suspend your service within 48 hours of the loss. Where theft is involved, you must also notify the police within 7 days of the loss.
If you are making a claim, you must let TD know about the claim, within 30 days of the incident occurring. If you are claiming accidental coverage, you must obtain a written estimate of the cost of repair from a repair facility that is authorized by the manufacturer.
In addition to this, you will also need the following documents to complete the claim formalities:
- The original sales receipt detailing the cost, date and description of purchase;
- The date and time you notified your wireless service provider of loss or theft;
- A copy of the original manufacturer’s warranty (for accidentally damaged claims);
- A copy of the written repair estimate (for accidentally damaged claims);
- If you charged the full purchase price of your mobile device to your card, the card statement showing the charge;
- If all or any portion of the purchase price of your mobile device was financed through a Canadian wireless service provider’s installment plan, proof of wireless installment bill payments charged to the card for up to 12 consecutive months immediately preceding the date of loss and details indicating the cost of the mobile device and amount that has been paid; and
- A police report, fire insurance claim or loss report, primary insurance documentation and payment (if the cardholder has other insurance), and any other information reasonably necessary to determine the cardholder’s eligibility for benefits hereunder.
Conclusion
The mobile device coverage is a fantastic benefit offered by TD. I personally find both the coverage and information required for a claim to be very fair. TD will cover anything that will happen to your phone outside of manufacturing defects. There is another coverage for extending the manufacturer warranty, so if you pay for your phone with a TD credit card, you will be covered completely for up to two years after the purchase of your device.
