Phone Insurance

[johnmcc0710]

What is everyone using for phone Insurance? I just switched to AT&T and am using their insurance. Samsung has an insurance plan that looks pretty good. Just trying to get some thoughts.

Thanks

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[tech_fan]

Ha. Funny you ask. I have Ascurion which is Verizon's own insurance. The process to get the phone replaced is all automated and was frustrating to use. My wife lost her IPhone on Friday so, I called to get it replaced. I had to pay a $200 deductible and will not get it until Monday late afternoon. The company does not do Saturday delivery. Now she will be without a phone until then. Kind of scary considering our dependence on them. So, I wound up getting a pre-paid phone in the interim. Ascurion was not much help in this process. Verizon was not either. Then again, Verizon's solution was about $200 which I was not going to pay.

 

[tech_fan]

Actually, if you do the math on this. I pay I think about $12-$15 per month. I cannot remember as I have the Nexus myself. So over the course of a year, I would have paid maybe $180 for the insurance. Then you add in the deductible I would have to pay, assuming that I lose a phone once a year which I do not. So, I would pay close to $400 for the replacement device. Wow, now that I am doing the math, I have to rethink this one.

 

[mistyisland]

If you have a Wells Fargo credit card and pay your ATT or whichever provider you have with it every month, they will replace your phone with a small deductible.

https://www.wellsfargo.com/credit-cards/features/cell-phone-protection/

 

[steelers1]

If you have a Wells Fargo credit card and pay your ATT or whichever provider you have with it every month, they will replace your phone with a small deductible.

https://www.wellsfargo.com/credit-cards/features/cell-phone-protection/

Do you already have to be a Wells Fargo customer to apply for their card? Might actually be worth it to apply.

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[jcp007]

What is everyone using for phone Insurance? I just switched to AT&T and am using their insurance. Samsung has an insurance plan that looks pretty good. Just trying to get some thoughts.

Thanks

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We are on AT&T and the insurance has come in handy especially with my son whom we gave his first phone at 11.

 

[itsnotmeitsyou]

I have the Tmobile JUMP program for $10/mo., which includes insurance, 2 phone upgrades a year, and Lookout Premium subscription. Great deal.

 

[droidguy1964]

Samsung insurance. Fast, reliable and cheap. Every time I have used it they have sent a NIB replacement.

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[PsychDoc]

Phone insurance is an obscene waste of money that virtually NEVER pays off. Sure, you will hear stories here and there about folks who made out well on the deal but there is a reason why salespeople push these absurd products so hard. The profit margin is obscene. Think of it as getting less than $0.50 back on your dollar. If that's a bet you're comfortable with, then, by all means, buy one of these policies. Otherwise self insuring is unequivocally the way to go.

 

[myusername]

No insurance. The Samsung insurance is $99 plus a $75 service fee if you have to use it ever. So, a cracked screen will cost $175.

Without insurance, Samsung will replace the screen for $200. For the $25 difference I will take my chance.

T-Mobile has a $10/month plan but, again, after just a year you're out $120 even if nothing goes wrong.

I've only ever cracked one screen and I've never lost or destroyed a phone.

I'm totally fine assuming the risk myself and saving the money.

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[jcp007]

No insurance. The Samsung insurance is $99 plus a $75 service fee if you have to use it ever. So, a cracked screen will cost $175.

Without insurance, Samsung will replace the screen for $200. For the $25 difference I will take my chance.

T-Mobile has a $10/month plan but, again, after just a year you're out $120 even if nothing goes wrong.

I've only ever cracked one screen and I've never lost or destroyed a phone.

I'm totally fine assuming the risk myself and saving the money.

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Samsung deal sounds sweet. With the carrier insurance, after a year, the warranty expires but you are out the deductible. If you've been with them a long time, they waive any deductible and ship overnight for free.

 

[droidguy1964]

Phone insurance is an obscene waste of money that virtually NEVER pays off. Sure, you will hear stories here and there about folks who made out well on the deal but there is a reason why salespeople push these absurd products so hard. The profit margin is obscene. Think of it as getting less than $0.50 back on your dollar. If that's a bet you're comfortable with, then, by all means, buy one of these policies. Otherwise self insuring is unequivocally the way to go.

Wrong. Its the best deal if you carry a naked phone because right before resale if you had an accident then you would be basically selling a NIB phone. I don't spend a dime on cases or screen protectors and pretty much always break even or very close to it. I rotate phones every 3 months or so.

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[PsychDoc]

Wrong. Its the best deal if you carry a naked phone because right before resale if you had an accident then you would be basically selling a NIB phone. I don't spend a dime on cases or screen protectors and pretty much always break even or very close to it. I rotate phones every 3 months or so.

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It's also a terrific deal if you're in the habit of juggling your phone (after coating it with bacon fat, of course) while dangling from a bridge overpass over a concrete sidewalk. For those of us who exercise the slightest modicum of care and caution, it's an absolutely horrible deal.

 

[jcp007]

It's also a terrific deal if you're in the habit of juggling your phone (after coating it with bacon fat, of course) while dangling from a bridge overpass over a concrete sidewalk. For those of us who exercise the slightest modicum of care and caution, it's an absolutely horrible deal.

Whether or not you get insurance it's up to you and your circumstances. Over the life of the two contract, we are still not even out the full retail replacement cost of the device that is out of warranty. I get the Best Buy extended protection plan because short of being on fire or in a bucket of water, the devices like laptops are repaired or replaced no questions asked, again avoiding full replacement cost. These companies aren't in business not to make a profit, no matter how absurd it might seem. That's the way a free market works and as customers, if you don't like it, vote with your wallet. The decisions not buy their product or insurance hardly makes a dent in their profits as there is always someone else to buy their product and services.

 

[maduro78]

Phone insurance is an obscene waste of money that virtually NEVER pays off. Sure, you will hear stories here and there about folks who made out well on the deal but there is a reason why salespeople push these absurd products so hard. The profit margin is obscene. Think of it as getting less than $0.50 back on your dollar. If that's a bet you're comfortable with, then, by all means, buy one of these policies. Otherwise self insuring is unequivocally the way to go.

Agreed, in the off chances I need a new phone I could buy a used one or use one of the many old phones in my draw. Add the deductible plus monthly cost a person could buy a new phone not a refurb

Moto X 2014

 

[Voltron2]

I have Asurion through Verzion. I debated a long time before I decided to go with the insurance. I have never had insurance on a phone before(but they were all cheap freebie phones with a new contract). This time I felt that I was investing a fair amount of money and I wanted to protect it. Most of the insurance policies I looked at DO NOT cover lost or stolen phones. This was the one area I was most concerned with since I am very careful with my phones and cracked screens, etc. is not a big concern. The odds are that my phone is more likely to lost/stolen than it might be damaged from dropping it, etc. All of that said, I will probably drop the insurance after the first year.

 

[mistyisland]

Do you already have to be a Wells Fargo customer to apply for their card? Might actually be worth it to apply.

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I don't know; I have had a checking account with Wells Fargo for many years. It was one of the first banks that let you pay bills online.

 

[droidguy1964]

It's also a terrific deal if you're in the habit of juggling your phone (after coating it with bacon fat, of course) while dangling from a bridge overpass over a concrete sidewalk. For those of us who exercise the slightest modicum of care and caution, it's an absolutely horrible deal.

Whatever you say........

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[jlinz]

So here's my story: I've never dropped a phone myself or gotten insurance for it, but have generally used Square Trade for phones of my less coordinated family members, and have been generally happy with Square Trade.

Planning to use my S6 naked, I decided to get Square Trade insurance for myself this time as well. About 2 weeks into having my S6, I cracked the screen. I didn't drop it mind you, but inadvertently put it into the same pocket as my car key while I went for a run. The one spot where the key was rubbing on the screen resulted in spider cracks running in several different directions.

Anyway, Square Trade was very good, but my only option for repair was to go through Samsung directly since they are currently the only ones with the necessary parts. BTW - the total repair job at Samsung for a cracked screen will run you $237 after shipping and tax, which Samsung also charges.

So for me, the insurance has already paid for itself. I understand those that are of the opinion that phone insurance is a bad deal. While I generally agree with that, it really depends on your use case. In my case, for example, my family ensures I never lose money on the insurance. :'(

I don't know if I'll continue to get insurance on my own phones in the future because I consider this one incident to be a fluke, but in this case I do wish I would have gone with Samsung insurance given that the pricing is comparable to that of Square Trade, and it would have made the whole process easier to just deal with Samsung alone.

That said, if you're indifferent to dealing with one or two companies, then I would recommend Square Trade based on having several successful claims processed through them over the years, including one for my S6.

Hope this helps those considering the issue.

 

[AlphaTango414]

I have Best Buys Geek Squad insurance on my s6. Previous phones I didn't carry insurance but I got the s6 with the At&t next 18 program. If I bust my phone, I'd rather pay the $150 to replace it then to buy a second hand phone and still make a $3x.xx payment a month for a phone I no longer have.

If you paid 100-300 bucks for your phone with a upgrade and renewed contract, insurance probably isn't a great option, but if you are doing the Next, Edge, or any one of those programs it would be a smart move IMO.

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