Equipment Protection/Insurance Plan?

[PJnc284]

From the small print. Two items not covered:

G. Defects or damage due to spills of or immersion in food or liquid;
H. Scratches on all plastic surfaces and externally exposed parts resulting from normal use;

That's the actual extended warranty coverage for the 2nd year.
There's 3 tiers.
1. Extended Warranty (2nd year coverage of manufacturer defects with no deductible, no protection against accidental damage ) - $1.99
2. Wireless Phone Protection (covers any damage or loss/theft, deductible applies) -$5.18
3. Total Equipment Coverage includes the extended warranty AND Wireless Phone Protection -$6.99

 

[jaebberwock]

I paid $60 to Visa for additional warranty coverage for 5 years. It says that it will cover battery replacement so I figure if I keep the phone for that long, 2 battery changes and the 5 years of coverage should be worth the cash. Normally I wouldn't buy this sort of coverage but I no longer will get subsidized phones due to unlimited.

Hopefully when the time comes to upgrade, I can upgrade one of my dumb phone lines with no data to a smartphone and just use that smartphone on my line and cancel the data plan for the dumb phone line. They probably will have something in place to block that by then though.

 

[gorgalis]

OK, this may not be the most ethical thing, but I think making money on insurance is also a little unethical.

I know a guy who buys the insurance and uses it to sell his phone as new when it's time to upgrade. He will say something is wrong with the phone, pay the deductible, activate the replacement phone so he isn't charged full price, and then sell it as new on eBay.

This way he ends up paying around $170 over the life of the contract plus the deductible and gets around $300 for the replacement on eBay, which he uses to buy a new phone.



Sent from my DROID BIONIC using Tapatalk

 

[g1toevo678]

OK, this may not be the most ethical thing, but I think making money on insurance is also a little unethical.

I know a guy who buys the insurance and uses it to sell his phone as new when it's time to upgrade. He will say something is wrong with the phone, pay the deductible, activate the replacement phone so he isn't charged full price, and then sell it as new on eBay.

This way he ends up paying around $170 over the life of the contract plus the deductible and gets around $300 for the replacement on eBay, which he uses to buy a new phone.



Sent from my DROID BIONIC using Tapatalk

What is so unethical about a company providing a service and realizing a return for providing that service? Unfortunately, pricing for all has to incorporate the expense of those who defraud the system.

 

[anon(19759)]

OK, this may not be the most ethical thing, but I think making money on insurance is also a little unethical.

I know a guy who buys the insurance and uses it to sell his phone as new when it's time to upgrade. He will say something is wrong with the phone, pay the deductible, activate the replacement phone so he isn't charged full price, and then sell it as new on eBay.

This way he ends up paying around $170 over the life of the contract plus the deductible and gets around $300 for the replacement on eBay, which he uses to buy a new phone.



Sent from my DROID BIONIC using Tapatalk

Yeah, that's not just not the most ethical thing, that's outright insurance fraud which is a felony in all 50 states. Selling on ebay to someone out of state? I'm sure that would add a few criminal charges. Why would anyone risk jail time to save a couple hundred bucks for a new phone? Absolute stupidity.

I carry the full TEC insurance just for piece of mind. I can afford $7/month and a deductible but can't afford $600 if I drop it.

 

[draco947]

I carry the full TEC insurance just for piece of mind. I can afford $7/month and a deductible but can't afford $600 if I drop it.

That's kinda how I feel about it all. I don't particularly like the idea of paying for insurance, but I'd rather have it just in case. Peace of mind is worth something. Unfortunately, that's the same line they use to sell you on it.

 

[godsidekurt]

yeah, if it's a manufacturer's defect, there's no deductible. Only time the deductible applies is if you have physical damage or lose the phone.\



The Verizon TEC insurance covers everything that you can do to the phone. Some of the others have limitations though.

Do you work for Verizon?

 

[PJnc284]

Nope. That information is readily available online on the Verizon and Asurion sites.

 

[Malathan]

If you do not have the insurance plan from verizon and your phone stops working or fails due to a hardware failure (not accidental drop, lost or such) and it falls under the 1 year warranty from Samsung, does Verizon replace it or do you have to deal with Samsung directly?

Why I am asking is my homeowners insurance has a rider of $6 a month and $50 deductable, covering all (lost, stollen, dropped, floating to bottom of lake) except hardware failures.

 

[godsidekurt]

Decided to go with the TEC...mostly because of the features included in the app.

 

[TauntingBull]

I dropped mine

 

[g1toevo678]

If you do not have the insurance plan from verizon and your phone stops working or fails due to a hardware failure (not accidental drop, lost or such) and it falls under the 1 year warranty from Samsung, does Verizon replace it or do you have to deal with Samsung directly?

Why I am asking is my homeowners insurance has a rider of $6 a month and $50 deductable, covering all (lost, stollen, dropped, floating to bottom of lake) except hardware failures.

Verizon handles warranty claims. Every time I've had a problem with a phone, they have been very good about replacing it. On my Droid charge they sent 3 replacements out to me in a span of 1 week.

If you're going to pay 6/month, why not just get the TEC for 6.99/month. It has 100 deductible but I would think it's a lot more convenient.

Sent from my SCH-I535 using Tapatalk 2

 

[dpham00]

If you do not have the insurance plan from verizon and your phone stops working or fails due to a hardware failure (not accidental drop, lost or such) and it falls under the 1 year warranty from Samsung, does Verizon replace it or do you have to deal with Samsung directly?

Why I am asking is my homeowners insurance has a rider of $6 a month and $50 deductable, covering all (lost, stollen, dropped, floating to bottom of lake) except hardware failures.

Either or. You can use verizon or Samsung for warranty claims. If you do that then you can still get the extended warranty for $2 per month which has no deductible, but is only for electrical or mechanical damage, i.e. Does not cover phone being dropped, water damage, loss, etc.

One thing to keep in mind about using the homeowners insurance, is does it count as a claim? And if so, can the insurance company raise your rates as a result.

 

[draco947]

Decided to go with the TEC...mostly because of the features included in the app.

I got TEC as well. Where do you get the app from?

 

[g1toevo678]

I got TEC as well. Where do you get the app from?

https://www.mymobilerecovery.com/public/verizon/get_started.html

 

[Enviroalex]

I know that if I start using a different phone with Verizon that it restarts my insurance, in the sense that I am only able to redeem the phone I am currently using if broken or lost, not my original phone. My question is if I begin using a more expensive phone then I previously used, can I pay the 99 dollar deductible and receive the phone I used last? Or will they only replace a phone comparable to my original phone?

 

[Feldhege]

I got mine through best buy as it covers anything except loss or theft. Also, the verizon versions only cover two times in the two year period. BB says that theirs covers as many as needed. I normally don't but this is my first large phone and just in case I were to break something, I don't want to come up with $700 for another 32GB model.

Does suck though as my Droid Incredible still works after 2.5 years of hard use.

 

[pstellato73]

My phone is through my company and my company does not cover insurance so I can't add TEC to my monthly bill. So I went with Protect your bubble (Protect Your Bubble - Gadget, Pet, Travel Insurance). they cover everything no matter what, including loss or theft. It's 7.99/month or if you prepay for the year you get 2 years of coverage. My company allows me to upgrade every 12 months so I didn't see the need to prepay for 2 years.

 

[Richard Friel]

yeah right, your home owners is going to give you a $700 phone with no claims attached to your insurance? right...... like i believe that...your stupid if you believe it, *****