Mobile device insurance protects you in the case that your phone is accidentally damaged, lost, stolen, has manufacturing defects, or runs into other select issues. With high-end phones costing hundreds of dollars (some even pushing over $1,000), having mobile device insurance can easily save you the cost of repairs or replacements.
A large amount of credit cards offer purchase protection which can protect your phone for the first 30 to 120 days, but you'll want to go for mobile device insurance if you want to protect your phone beyond those first few months.
Make sure to read up how to qualify for mobile device insurance with your credit card. Most providers will only grant you insurance if you charge the full cost of the device to your card, pay your monthly bill with the card, or both.
Some providers also only allow mobile device insurance for new phones and do not include used or refurbished phones. Read carefully!