Where do you get your insurance?

[prizeferret]

So, I figure I'll get insurance on this phone for the first year, until the major cost of replacement comes down in year 2.

I'm wondering what people typically do for the best deal on insurance? I am looking for both damage and theft protection. Do you use:

1. Verizon's insurance ($7/mo I believe?)
2. Third party insurance? ($???/mo)
3. Tie it in with home insurance carrier? (Don't know if this is possible?)

Any thoughts?

Way I figure it is that with Verizon, total replacement cost is $200 ($96 ins + $100 deductible), which is a beneficial odds ratio of 1:3. A little steep for my liking, as I kept my old phone for 4.5 years with no probs, but the quick replacement in an emergency counts for something. Would prefer to get it closer to 1:6 overall if possible, that makes more sense to me.

 

[prizeferret]

I've never purchased insurance for a phone before.

Can someone with experience with insurance plans please give me advice on the best route?

Thanks!

 

[anon(392870)]

So, I figure I'll get insurance on this phone for the first year, until the major cost of replacement comes down in year 2.

I'm wondering what people typically do for the best deal on insurance? I am looking for both damage and theft protection. Do you use:

1. Verizon's insurance ($7/mo I believe?)
2. Third party insurance? ($???/mo)
3. Tie it in with home insurance carrier? (Don't know if this is possible?)

Any thoughts?

Way I figure it is that with Verizon, total replacement cost is $200 ($96 ins + $100 deductible), which is a beneficial odds ratio of 1:3. A little steep for my liking, as I kept my old phone for 4.5 years with no probs, but the quick replacement in an emergency counts for something. Would prefer to get it closer to 1:6 overall if possible, that makes more sense to me.

IMO, #3 is the way to go if you can. You normally can do this, and it's normally cheaper than VZW's insurance and often has $0 deductible.

I'm still on VZW's insurance (it's more for a smartphone, think its about $9 a month), but only because I just haven't gone in and gotten mine switched. I should have done it when I met with my insurance agent a few months ago (I hadn't bought my Bionic yet so I didn't then).

I would definitely recommend looking into it. I think I was quoted at $5 /mo with $0 deducitble. It's a no-brainer if you get an offer like that.

 

[mngdew]

I had an insurance with Square Trade when I had Tbolt. It was $94 for two year coverage (normally ~$125, there are coupons on the web). My Tbolt got wet damage from fire sprinkler and they paid me $599 minus $50 deductible for the dead phone. The whole process took about 1-1/2 weeks. The plan doesn't cover theft, though, and the problem works best if your phone cannot be repaired.

 

[mbentley3]

isn't the phone covered by the manufacturer for the first year?

 

[Cyber Warrior]

isn't the phone covered by the manufacturer for the first year?

Only manufacturer defects... anything that goes wrong that shouldn't. Insurance covers user damage... like dropping the phone and cracking the screen.

 

[prizeferret]

Grrr... So it looks like my insurance (Farmers) does not offer any kind of cell phone insurance or rider to my homeowners policy. From what I read, State Farm was the big company doing that, but they have since stopped.

I'm now looking at EnSquared, ToughCell, and Worth Ave Group.

I'll probably go with EnSquared, as they are the only one I've seen with a couple people who have gone through the claims process and been satisfied. There is pretty much no data I can find on the other two.

EnSquared - $59 for 1 yr / $75 Deductible ($100 for 2nd claim in 12 months)
Worth Ave Group - $59 for 1 yr / $50 Deductible
ToughCell - $48 for 1 yr / $75 Deductible ($100 for 2nd claim in 12 months)

$135 for a claim is not ideal, but it is a lot closer to the beneficial odds ratio of 1:6 that I was hoping for.

Anyone know anyone who has ever made claims with any of these companies?

 

[r6542]

I have an insurance policy through Worth Ave Group and they're really great. It's $59 a year with a $50 deductible. The claims process is also great too. I had to make a claim when my phone went through the washing machine. The process is really easy, I just had to go to the Verizon store and buy a replacement phone (full cost, since I wasn't up for an upgrade discount) and then send in the receipt along with my paperwork and broken cell phone. A week later they sent me a check for the cost of the replacement phone minus $50 for the deductible. Their policy covers accidental damage, theft (if police report is filed) and basically everything except for mechanical defects (it isn't an extended warranty like Square Trade).

The great thing about the Worth Ave Group is that you don't have to wait for a replacement device, you can go and get it the next day and you actually get to choose what device you replace your phone with instead of being stuck with a refurb phone like Asurion gives you. Also they offer great deals on phone insurance if you also insure your laptop, tablet or other electronic device.

 

[prizeferret]

I just had to go to the Verizon store and buy a replacement phone (full cost, since I wasn't up for an upgrade discount) and then send in the receipt along with my paperwork and broken cell phone. A week later they sent me a check for the cost of the replacement phone minus $50 for the deductible.

The great thing about the Worth Ave Group is that you don't have to wait for a replacement device, you can go and get it the next day and you actually get to choose what device you replace your phone with instead of being stuck with a refurb phone like Asurion gives you.

Do they give you the original MSRP for the phone, or do they use the current value at the Verizon store? That actually sounds like a crazy business practice either way, but especially if it's the original MSRP. The reason that so many places send out refurbs from 3rd party shops is because the actual cost for the units is so much lower than a new unit, let alone at retail!

 

[r6542]

Worth Ave Group is really different from most of the other options for cell phone insurance, being that they operate more like an insurance company. If you have to file a claim they will cover the replacement cost of the phone, meaning whatever it would cost to buy a new phone at the Verizon store. If you are eligible for an upgrade discount then they would only cover the discounted price of the phone, but if you aren't eligible for an upgrade discount then they will cover the whole cost of the phone...this is what they told me on the phone because I had the exact same question.

 

[prizeferret]

Hrm.

Thank you very much for posting your experience, r6542. Worth Ave sounds like a very intriguing option now.