To Insure or not to Insure????

[richmatthews76]

I have three phones and two tablets. The Insurance is costing me $50.00 a month alone!!! Putting me in the poorhouse....lol. Whats your feeling yes or no?

 

[Rukbat]

It depends on 2 things.

1) How risk-averse are you? Do you check every millimeter of the bungee cord before you jump - with a microscope? Or do you just use a few thick rubber bands and hope for the best?

2) How are you with your devices? Do you give them a lot of usage, handle them roughly and have a lot of them fail? Or do you treat everything like a new toy, babying it and trying to not overuse it?

One other consideration, of course, is how bad, financially, it would be to you to have to pay for a new device in one shot? Although with the new phone plans you can pay for one over many months, so that might not apply.

No one can make these decisions for you.

 

[codesplice]

I generally opt for a one-time investment in a good protective case and don't worry about the insurance.

Also consider that you're paying $600 a year in insurance, which you probably won't even need. I think it would make more financial sense to just replace a device if something should actually happen to it.

 

[Goodspike]

Insuring one phone makes more sense than insuring five phones. You're unlikely to lose/damage all five phones, so at some point self-insurance becomes more reasonable.

But I agree with Rukbat--no one can make those decisions for you. But if you have over $10,000 in the bank, insurance probably is a horrible idea.

 

[richmatthews76]

$10,000 in the bank in December would be a Mircle

 

[richmatthews76]

I have it now. I also have taken your advise and ordered two heavy cases for two of my phones which have just lite skins for covers now......thanks so much. And your right a wide open debate.

 

[mplevy]

Take most of that amount and put it in the bank, by the time you need it for replacing a device you could probably pay cash for it.

 

[Codegerm]

Insuring a single device that I paid 500 dollars for, yeah I would, but multiple devices, I would just set that money aside in my bank account each month and let it build. On the off chance I damage one, I would have enough set aside to replace it.

 

[richmatthews76]

You dont know Ive gone back and forth with this? You know I actually have acheap 4G in case anything happens? But then paying cash for a Note 3? It causes a huge brain f?? t thinking about it. My car insurace is not but a couple of dollars more?

 

[dan330]

there are better insurance out there.. if you choose to look. 3rd party.

I just got a NOTE3 for AT&T from Costco...
they sold me a 3rd party insurance..
cost $100 (2 yrs coverage)... NO month fee... $25 deductible (as long as I still have the phone to send them).
so lost or stolen is not covered!

but as of last week.. the deductible has gone up to $50 for new contracts.

 

[richmatthews76]

Will I just a quote for my three cells from a company call American something out of Flordia. I know geico uses them for renters insurance. $22.87 a month hate to do the whole year thing in December but can do do a prorated payoff anytime. Copay is $ 75.00 to $100.00 according to model? What would you think?

 

[trophynuts]

I realize this thread is about insurance but i would like to point out that Verizon's Total Equipment Coverage (TEC) includes insurance and their extended warranty.

I've used the extended warranty several times in the past when a device just starts giving me issues. They'll replace it at no cost under the extended warranty portion.

 

[richmatthews76]

I respect that opinion, but to me phones are a complete luxury. Though I realy like verzion they seem very expensive to me when you shop? When it cost me more to insure a phone than my house or car thats crazy? And then they have the attitude tnat the service they provide is worth tne extra cost? Again this is just my opinion. I feel all cell service is crazy overpriced!!!. They protray that any retired person needs to be on Cricket,,,,, Duh? I am under a contract which I will complete. But $50.00 fot 1 gig of service? I'm buying his next Pourche....lol.

 

[saptech]

I just bought my first phone outright, an unlocked Moto G and loving it. I just dropped Vzw and now using Tmobile, $30/mo for 100 mins. talk, unlimited text & data. Now I'll have an extra $50 p/m since dumping vzw. I'm using Google Voice and Talkatone to make up for the voice usage.

I thought about buying insurance for the Moto G, so far I've been lucking and nothing have happen to other phones but I may get some insurance for the new one. Still deciding.