Insurance on X. Worth it? Yes, no, opinions...

[Odin3]

Keep in mind that you can buy a Droid X right now off Craigslist for $300 - $350. In a few months they'll be even cheaper. I'd rather take a possible $300 expense over the guaranteed money to Big Red any day.

Of course if you know you are likely to kill the phone you should get the insurance.

 

[tjreishus]

NO! NEVER accept the insurance on ANYTHING you buy. If you were to ad up the total amount you spend on all extended warrantee's (appliances, electronics, etc.) and pay yourself into an account for the same amount the insurance costs, you will be able to replace anything that breaks with cash and be way ahead. Of course, this only works if you do this with everything you buy. It's the law of averages. Most things will make it past the point of when your insurance expires so that money went to waste. Companies make a lot of money on these insurance plans, so why not save a lot of money and pay yourself?

 

[tbAF]

NO! NEVER accept the insurance on ANYTHING you buy. If you were to ad up the total amount you spend on all extended warrantee's (appliances, electronics, etc.) and pay yourself into an account for the same amount the insurance costs, you will be able to replace anything that breaks with cash and be way ahead. Of course, this only works if you do this with everything you buy. It's the law of averages. Most things will make it past the point of when your insurance expires so that money went to waste. Companies make a lot of money on these insurance plans, so why not save a lot of money and pay yourself?

+10 ... I think this is similar to what I said a few weeks ago, but you nailed it here!

 

[BCox]

NO! NEVER accept the insurance on ANYTHING you buy. If you were to ad up the total amount you spend on all extended warrantee's (appliances, electronics, etc.) and pay yourself into an account for the same amount the insurance costs, you will be able to replace anything that breaks with cash and be way ahead. Of course, this only works if you do this with everything you buy. It's the law of averages. Most things will make it past the point of when your insurance expires so that money went to waste. Companies make a lot of money on these insurance plans, so why not save a lot of money and pay yourself?

This works if you never have to replace things...

Hypothetically, if I were to break my droid x one year into the contract, I would have to pay the $80 (50?) deductable, plus would have paid around $100 on insurance for a grand total of $180. Much less than the $400 retail value.

*edit* you are not "ahead" unless you have the total value of the insurance plan ready to put into an account ahead of time. Thats the point of insurance/credit/mortgages/etc, it gives you the availability to pay things over time, when you don't have all the cash upfront. You pay the extra amount because its a convenience, and someone else (big banks, etc) are paying upfront...

So, telling people NOT to buy insurance isn't being realistic. The reality is, YES buy insurance if you can't afford to fork over retail pricing for a phone AND have a tendency to break or lose stuff.

Other than that, make a choice, based on your own personal situation...

 

[justkarmel]

Not worth it for me as the phone is going to be End-of-Life in March. If your like me, I would probably get the latest "cool" phone around that time especially with the 4G coming supposedly this November. I never keep phone long enough to waste my money on insurance and I am very careful of my devices.

BTW, I got a replacement of my X just today because the screen went out. Stuff like that is manufacter's fault and all phone comes with 1 year manu warranty

Thats my 2 cents

 

[rehpyc]

Don't be clumsy fools and you won't have such a need for insurance ;]

 

[Member112085]

Easy to say 'don't buy insurance' if you've never had a freak accident cause a loss for which you would otherwise have to fork out a sh!tload of cash. It's all based on your appetite for risk...if you have a voracious appetite, by all means, forego the insurance. But if you have a low appetite for risk and purchase insurance, just know what you're buying. You usually get what you pay for. If it's super cheap and sounds too good to be true, there's probably a good reason.