Phone-only Protection Plan Limits:
If you have a phone-only protection plan, the limit of protection is capped at the replacement cost value of your phone at the time of your claim for each claim you file. But there is no limit on how many claims you may file or any lifetime limit that AKKO will pay out!
This means that you will always be covered to get an exact replacement of your phone (down to the same make, model, color, technical specs, and carrier) anytime the device is damaged or stolen, no matter how many times it may be. There is no limit on the number of claims you may file and our plans are a subscription, so there is no "term length" (unlike a warranty, which may be 1-3 years). So your phone can be covered forever!
"Everything Protected" AKKO Plan Limits:
For our "Everything Protected" AKKO Plans, there is a protection limit of $2,000 PER INCIDENT** for any item. There are no annual protection limits or a limit on the number of claims you may file. Additionally, all protection is still based on the replacement cost value of your damaged/stolen items determined at the time of the claim. This means that if your laptop is stolen and costs $1,200 to replace at the time of the claim, you'll be reimbursed $1,200 (plus any applicable sales tax) less your deductible. You would not be reimbursed $2,000.
—
**$2,000 of protection PER INCIDENT means that if next week on Monday your laptop is stolen, up to the replacement value of your laptop is covered as long as that amount is less than $2,000.
If at another point in the same year, you drop your tablet and the screen is cracked, up to the repair or replacement value cost (if the device cannot be repaired) of the tablet is covered as well as long as it’s less than $2,000.
There is no annual limit of $2,000 that would be exhausted in case replacing your laptop costs $1,800 and replacing your tablet costs $500.
This demonstrates PER INCIDENT protection and the per incident limit with an AKKO Plan is $2,000. There is no annual limit.
HOWEVER, if during a single incident in which someone steals your entire backpack, containing your laptop and tablet, up to $2,000 total is covered to replace those items and any other contents of your backpack that were added to your AKKO account. So, if the combined replacement cost is above $2,000 for all these items, you would only have coverage up to $2,000 to be reimbursed.
Higher PER INCIDENT protection limits are available!
Once you’re registered, you can upgrade your plan to a PER INCIDENT limit as high as $10,000. However, the $2,000 of PER INCIDENT protection is more than enough for the majority of users based on our studies and the claims rates of currently protected AKKO users nationwide. But for those with more expensive items like a high-end laptop or specialty gear like photography or music/audio equipment, the option to upgrade your limit is available. To do so, simply contact us by going to the “billing” section of your account, and we can upgrade your limit.
—
Other limitations:
1. Coverage for jewelry, watches, rings, and other items consisting of gold, silver, platinum, or furs is limited to $1,000.00 for any one loss.
2. Coverage for bicycles is limited to $1,000.00.
3. Property in a personally owned automobile is covered, provided the vehicle was locked and windows were fully closed at the time of theft and there was visible evidence of forced entry into the vehicle.
—
We re-state all this information under this separate Frequently Asked Question because sometimes users don’t click through all questions/answers, and we want to make sure all prospective customers are fully informed 🙂.