Jul 29, 2014 04:55 PM EDT By J Baulkman, UniversityHerald Reporter

Kill switch in cell phones could save consumers more than $3.4 billion annually.

Researchers from Creighton University in Nebraska found that consumer savings from the Kill Switch legislation exceed initial projections and now point to well over $3 billion. This savings to consumers comes at the expense of insurance and wireless industry profits.

Research released in March showed overwhelming consumer support for the Kill Switch in mobile phones and annual savings of more than $2.6 billion - if it were made mandatory on all phones. Consumer Reports then released numbers showing that smartphone theft nearly doubled between 2012 and 2013 rising from 1.6 million stolen smartphones to 3.1 million stolen smartphones -- which Duckworth has now used to update his projections.

"These updated numbers are powerful -- in that they indicate a surge in smartphone theft implying a growing market for stolen smartphones. Of course, this also means even greater safety and savings for consumers if a kill switch were successfully implemented. At least half of smartphone owners would in fact reduce their insurance coverage if the Kill Switch reduced the prevalence of cell phone theft," William Duckworth, researchers and consumer advocate, said in a statement.

For the study, Duckworth surveyed more than 1,000 smartphone owners. He looked at consumer support for the Kill Switch, consumer habits regarding cell phone insurance and the links between the two. His findings indicate that consumers not only support a free Kill Switch on all phones, they expect it.

"Over the last few months, it has become very clear that Americans want the Kill Switch on their phones. I believe an industry-wide implementation of the technology could significantly improve public safety and save consumers billions of dollars a year."

To estimate the financial savings a Kill Switch could deliver, he considered two components: the cost of replacing stole phones and the cost of paying for premium cell phone insurance covering stolen phones. He found a Kill Switch could save Americans up to $3.4 billion per year. According to the survey, Americans spend about $1.1B million per year replacing stolen phones. They also spend another $5.5 billion per year paying for premium cell phone insurance from their wireless carriers.

If the Kill Switch significantly reduced cell phone theft, consumers could save about $1.1B a year by not needing to replace stolen phones and another $2.3 billion a year by switching from premium cell phone insurance to more basic coverage offered by third parties such as Apple and SquareTrade for a total of about $3.4 billion annually.

See Now: Covert Team Inside Newsweek Revealed as Key Players in False Human Trafficking Lawsuit