Americans are paying a lot of smartphones, but they’re also paying double if suddenly, their smartphones are stolen. The other cost of having a smartphone? Insurance premiums.
If smartphones came with a mandatory, effective Kill Switch, Americans could be saving around $2.6B a year, mostly in reduced insurance premiums. The number comes from William Duckworth, associate professor of statistics, data science and analytics at Creighton University. Duckworth found that Americans spend approximately $580 million in smartphone replacement every year. On top of that, Americans also shell out $4.8 billion in insurance for their phones.
Duckworths’ research showed that if consumers were given smartphones with Kill Switches, half would switch to cheaper insurance premiums. This assumes that the policy would be implemented across the nation and would make stolen phones practically ineffective.
- 99% of smartphone owners feel wireless carriers should give all consumers the option to disable a cell phone if it is stolen
- 83% of smartphone owners believe that a Kill Switch would reduce cell phone theft
- 93% of smartphone owners believe that Americans should not be expected to pay extra fees for the ability to disable a stolen phone