OnePlus unveils On-Guard insurance plan for the OnePlus 2 and OnePlus X in Europe

Earlier today, OnePlus became the latest on a growing list of smartphone makers to announce its own insurance plan. Available for the OnePlus 2 starting today and for the OnePlus X when the new model officially launches, the OnePlus On-Guard protection plan is currently limited to customers from Europe, although the blog post that announced the new insurance program said that a North American version is on its way.

The OnePlus On-Guard protection plan is priced at €39.99 for 12 months or €64.99 for 24 months and covers physical damage such as cracked screens as well liquid damage. The new extended warranty program will be handled by simplesurance in Europe, and OnePlus says that customers can expect a "worry-free claim process" with worldwide coverage.

If you've just purchased the OnePlus 2 and this insurance program seems like a good deal to you, then you're in for some bad news: the On-Guard insurance plan is not open to those who've already purchased the OnePlus 2. The OnePlus One, the company's first foray in the smartphone market, is not supported at all.

OnePlus mentions that its new insurance program is not an attempt to bring in profit. Instead, the young smartphone maker says that OnGuard is actually an investment made to improve customer support. Looking at the price, it's easy to notice that the OnePlus On-Guard protection is actually cheaper than similar insurance programs from other smartphone makers. For example, Google's Nexus Protect program costs $80 for two years, and each replacement requires an $80 deductable.

What do you guys think of the new OnePlus On-Guard smartphone insurance plan?