Is this a good reason not to pay $7/month for insurance on GN?

[Touchpaddle]

Is the insurance offered by Verizon even worth it? IIRC, it's $7 per month,
which comes to $84 per year. $84 + $100(deductible) = $184.

Let's say my Galaxy Nexus is damaged in 12 months, my cost to replace it
is really $184... or is my calculation wrong?

Here's what I'm thinking.... I just used my primary line to upgrade to the
Galaxy Nexus for $149(after price match and coupon). The other three
lines on my family account have been eligible for upgrades since 2005 and
I never upgraded them. If the Galaxy Nexus on the primary line is lost
or damaged, I would just use one of the other three lines to do an upgrade.
By this time next year, I'm sure the Galaxy Nexus will be discontinued
at VerizonWireless.com or on sale for under $50. I don't mind having
to renew that line for another 2 year. I've been with VZW for over 8 years
and I have no intention of switching. (especially since AT&T, T-Mobile,
and Sprint have no coverage within 2 miles of my house, or 1 mile of my
office)

 

[DrPancake]

Re: Is this a good reason not to pay $7/month for insurance on GN

part of the 2 year upgrade when you get a smartphone you have to get a data plan too which is $30 month minimum. I would say just get the insurance for peace of mind.

you could drop it and break it after a month of use and if you don't have insurance your out $800 if u want a new one. or have to upgrade another line and pay an extra $30 a month if they dont have data plan on them

and the GN will not be discontinued by next year... they're still selling the Nexus S

i got the best buy insurance which is $10 a month with no deductible but doesn't cover if its lost or stolen

 

[droid fascinated]

Re: Is this a good reason not to pay $7/month for insurance on GN

I wouldn't get the insurance if I were you.

I, unfortunately, don't have any lines available for upgrade, or the ability to add any more lines. That's why I pay for the insurance.

 

[Touchpaddle]

Re: Is this a good reason not to pay $7/month for insurance on GN

part of the 2 year upgrade when you get a smartphone you have to get a data plan too which is $30 month minimum. I would say just get the insurance for peace of mind.

you could drop it and break it after a month of use and if you don't have insurance your out $800 if u want a new one. or have to upgrade another line and pay an extra $30 a month if they dont have data plan on them

and the GN will not be discontinued by next year... they're still selling the Nexus S

i got the best buy insurance which is $10 a month with no deductable

If that occurs, I'll upgrade one of the other 3 lines and pay the $30/month data.
However, the $30/month data will be dropped from the main line as well, so no
difference. (only works on smartphones purchased directly from Verizon
corporate store or Verizonwireless.com)

 

[DrPancake]

Re: Is this a good reason not to pay $7/month for insurance on GN

If that occurs, I'll upgrade one of the other 3 lines and pay the $30/month data.
However, the $30/month data will be dropped from the main line as well, so no
difference. (only works on smartphones purchased directly from Verizon
corporate store or Verizonwireless.com)

i dont think you can drop the data plan from the main line because you signed a 2 year contract to upgrade the phone, the data is part of the contract

 

[Touchpaddle]

Re: Is this a good reason not to pay $7/month for insurance on GN

i dont think you can drop the data plan from the main line because you signed a 2 year contract to upgrade the phone, the data is part of the contract

that's what my co-worker has been doing for a while now...

according to multiple VZW employees that I spoke to...
as long as you don't drop the line that was upgraded,
you can drop the data package and swap a dumb phone
in its place. (at least this was allowed as of last month,
unless somethign changed) like I said, it can only be
done if the smartphone was purchased from Verizon
corporate store or Verizonwireless.com

 

[DrPancake]

Re: Is this a good reason not to pay $7/month for insurance on GN

hmmm well, in my opinion I think you should get the insurance anyway because you are only eligible to get it within the first 2 weeks of having the phone i think but you can always cancel it. yeah its an extra $84 a year but with such an expensive device I think its worth it. since you are only paying $7 a month, i prob lose $7 worth of change every month lol (now i keep it in a jar)

 

[SHWELL]

Re: Is this a good reason not to pay $7/month for insurance on GN

Your example was if something happened at the 1 year mark.. How about if it happens tomorrow, then you'll wish you had that coverage.

 

[Brooke]

I generally don't buy insurance in this type of situation. It is a money-maker for the company, so it's obviously a net loser for the customers. Paying occasionally for a new unit is, in the long run, cheap compared to insuring every purchase.

The exception, of course, is where a loss would be catostrophic, like homeowner's insurance.

 

[jphillips1963]

Re: Is this a good reason not to pay $7/month for insurance on GN

i dont think you can drop the data plan from the main line because you signed a 2 year contract to upgrade the phone, the data is part of the contract

This where you're wrong, the 2 yr plan is for paying for an active line regardless if there is a data plan or not. When I purchased my xoom on launch and decided to trash it. A Verizon Tech told me just put the number over onto an unused phone and just pay the 9.95 a mos so this is what I did. I was under the same assumption you are but in the end it's not about the data it's all about keeping the line active.

James

 

[xsfspd]

Re: Is this a good reason not to pay $7/month for insurance on GN

Unless it has changed it is $50 for the deductible. I have already had one $650 smartphone replaced by the plan. Had it for 3 days and the touchscreen met the concrete shattering the screen. I called, faxed in a form and paid the $50 over the phone, I had a brand new sealed in box phone the next morning by 10am! Just had to send back the busted phone. I keep that insurance on my main (expensive phone) line at all times and will continue to! Figure it this way, you are already on the hook for the 2 years assuming you got it subsidized. So basically if you break the Gnex and want to get another one you must at this point pay retail for a new one. What are they $650 as well new? So at $7.00 a month your covered for 92 months or 7.7 years worth of coverage even if you use it once which I have. Worth it to me!

 

[Touchpaddle]

Re: Is this a good reason not to pay $7/month for insurance on GN

Unless it has changed it is $50 for the deductible. I have already had one $650 smartphone replaced by the plan. Had it for 3 days and the touchscreen met the concrete shattering the screen. I called, faxed in a form and paid the $50 over the phone, I had a brand new sealed in box phone the next morning by 10am! Just had to send back the busted phone. I keep that insurance on my main (expensive phone) line at all times and will continue to! Figure it this way, you are already on the hook for the 2 years assuming you got it subsidized. So basically if you break the Gnex and want to get another one you must at this point pay retail for a new one. What are they $650 as well new? So at $7.00 a month your covered for 92 months or 7.7 years worth of coverage even if you use it once which I have. Worth it to me!

but after 6 months, there's a pretty good chance that they'll send out used(refurbished) phones,
instead of new phones...

 

[Gekko]

Re: Is this a good reason not to pay $7/month for insurance on GN

i like to insure only the catastrophic risks and self-insure the small risks. invest the premium savings every month. that's how the rich get richer.

and get a good case and take care of your phone.

good luck.

 

[xsfspd]

Re: Is this a good reason not to pay $7/month for insurance on GN

but after 6 months, there's a pretty good chance that they'll send out used(refurbished) phones,
instead of new phones...

Very true ... I had a refurb Tbot sent to me by Verizon for 4g signal issues. I could not tell it was not brand new! If you don't want the insurance don't pay for it. A refurb is still easily worth $400+ if you break your phone. Just relating my experience and it saved my ass! Thus I will always have the insurance as I will continue to update to the newer $600+ phones.

It's a personal decision and only you can decide if you want it or not.

 

[willn513]

Don't waste your money. Everything you need to know you stated in the original post. Keep your $6 a month.

 

[Confidentuno]

Re: Is this a good reason not to pay $7/month for insurance on GN

I understand the reservations about getting insurance but at the end of the day it is a $600+ device. Unless you have the money to pay for it at full retail price I say go for the insurance.

 

[andre.newman]

Re: Is this a good reason not to pay $7/month for insurance on GN

Unless it has changed it is $50 for the deductible. I have already had one $650 smartphone replaced by the plan. Had it for 3 days and the touchscreen met the concrete shattering the screen. I called, faxed in a form and paid the $50 over the phone, I had a brand new sealed in box phone the next morning by 10am! Just had to send back the busted phone. I keep that insurance on my main (expensive phone) line at all times and will continue to! Figure it this way, you are already on the hook for the 2 years assuming you got it subsidized. So basically if you break the Gnex and want to get another one you must at this point pay retail for a new one. What are they $650 as well new? So at $7.00 a month your covered for 92 months or 7.7 years worth of coverage even if you use it once which I have. Worth it to me!

The deductible from Verizon is now $99 (not $50) when filing a claim using insurance....

 

[Terrigno]

Re: Is this a good reason not to pay $7/month for insurance on GN

The insurance is well worth it. Lost it, damage it, it gets stollen etc. Pay the deductable and get another one. $7 loss a month is pennys.

 

[umpirerob]

If you have upgradable lines you don't plan to upgrade, insurance is a waste. Most people don't have that luxury and insurance makes sense. OP, your math and logic are sound.

Sent from my ADR6400L using Tapatalk

 

[rryoung]

Re: Is this a good reason not to pay $7/month for insurance on GN

i like insurance, and keep in mind if you do break the phone and just use an upgrade and put a basic phone on the old line you will lose (if you have it) your unlimited data plan and have to switch to a tiered data plan on the line you upgrade.