Poll: Cell Phone Insurance - Worth It?

[meierlde]

One possible metric is to look at your homeowners deductible and/or your auto (collision/Comprehensive) deductible. Compare them to the cost of a phone and decide.

 

[robertf57]

Didn't get it for my phone, but got apple insurance when I bought the iPad. The Apple store has replaced it twice when the screen got damaged by getting knocked off the counter. Paid for itself many times over.

 

[Sunset]

My phone cost less than $100 so I never get insurance.

I have noticed when not wearing cargo pants, that there is no place to put the phone. This is the leading cause of cracked screens in my mind. I'll probably go back to looking for a nice holster for it to fit on my belt.

 

[donheff]

I never buy maintenance contracts. Like others here, I rely on standard warranties and am self insured after that. When something breaks I briefly regret that I didn't get a contract on just that one specific item but then console myself that I am ahead of the game over the long term.

 

[Totoro]

Only two reasons to buy insurance:
* You can't (easily) bear the cost of the event you are insuring against
* You are verifiable far above (3x risk) the norm compared with others who pay the same premium

So on this forum (careful responsible people having sizeable net worth) it is silly to buy insurance for a phone.

 

[EastWest Gal]

When we got DS an iPhone his first year in college, we bought the insurance. Since the phone has become the Internet, a GPS, and a way to ask his brilliant mom and dad a quick question (Mom, how long to grill the steak?) we have no fear of him mishandling it. No more insurance needed.


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[Eagle43]

I put mine in the washer once, and yes, it was very, very dead.

DW did that. I think she left it in the back pocket of her jeans. And yes it was very clean and very dead.

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[aja8888]

DW did that. I think she left it in the back pocket of her jeans. And yes it was very clean and very dead.

Sent from my AT100 using Early Retirement Forum mobile app

Most water logged phones are a result of females keeping them in the back pockets of jeans.

 

[nash031]

Interesting response. I thought there would be a definitive "No, you fool!"... but it doesn't appear to be that way.

No, you fool!

I'd never consider it. It's a losing proposition unless you break your phone in probably the first three months or so and need to replace it in kind. I think the chances of that happening are slim.

 

[Sarah in SC]

Most water logged phones are a result of females keeping them in the back pockets of jeans.

Mine was in the pocket of my hoodie and as I was standing there contemplating the washer load, I thought, I just need one more thing in there...the rest is history! DH and roommate thought it was hilarious I had it out of my hands long enough to even get it into the washer!

The back pocket is how they get dumped into portolets and toilets, so I've heard! Ugh!

 

[aja8888]

The back pocket is how they get dumped into portolets and toilets, so I've heard! Ugh!

Yep! DW and friend's wife did this a time or two.

 

[MikeD]

1985

We got our first cellular phone in 1985. It took up a good portion of the trunk and front console area of a 1981 Honda Prelude. My wife grew up in the Va portion of the DC beltway area and always saw these important types chatting on phones in their cars when she was a kid and thought that was cool. So for a 9th anniversary present I had one installed in her car. Boy was she happy! It cost $1,650.00 and $0.65/minute. We live in a very rural area and had no service at our house for about 10 years.

Mike D.

 

[braumeister]

I'm not clear on whether it should be considered "insurance" or not, but I've always bought the AppleCare coverage for iPhones.

Based on my general clumsiness and DW's more occasional lapses, we have considered it a pretty good bargain. Bringing in a broken or otherwise damaged phone to an Apple store, knowing it was your own fault, and walking out with a new one at no cost is a great experience. I consider AppleCare a worthwhile cost for iPhones. Not for iPads or laptops, though.

 

[Rustic23]

I have always heard that if you can afford to replace an item, insurance may not be your best bet. While I would not like to pay the price, I can.

Interesting case. A friend of mine shut his car door on his Iphone 6. It bent and seemed to work intermittently. No insurance. Apple said 'Buy a new phone'. ATT on the other hand, said 'Well you are on the two year subsidized plan, one year left. Does your phone turn on. "Yes". Well it is considered operable. Send it back, we will credit you the $249 you owe remaining on it, and put you one the Next plan." By the way, the Iphone 6 has gone down in price so your monthly payment will be less.

I was surprised to say the least. I thought he was headed down the $650 new phone route.

 

[Rickt]

Insurance for phones and other consumer electronics products are not worth buying. The deductibles are high --just replace the phone in case you break it.

 

[38Chevy454]

I never buy maintenance contracts. Like others here, I rely on standard warranties and am self insured after that. When something breaks I briefly regret that I didn't get a contract on just that one specific item but then console myself that I am ahead of the game over the long term.

X2, I self-insure for almost everything. Never buy extended warranties. The few times extra insurance/longer warranty might have paid off, I am way money ahead in total costs for all the other items.

 

[Retire7]

Huh, we have always had insurance on our phones but we are very active outside and I am accident prone, I think and have had to use it three times so faronce it was lost in a snowbank (hubby plowing the property in AK) once I threw it ACCIDENTALLY in the river in CA trying to save my hat on a riverboat ride and once I dropped it in the toilet....never recovered with the rice bag

 

[Dash man]

I never used to buy extended warranties for anything, but have slowly started to on more expensive electronics., including our iPhones, appliances and new cars. My Acura, typically a reliable car, needed the entire A/C system replaced at six years old. The $750 extended warranty I purchased saved me the $1,600 repair bill. DW had her cell phone stolen and replacement was paid for by iPhone insurance. She didn't buy coverage for her Toshiba laptop, and now it's keyboard is dead just after the manufacturer warranty expired. We did buy extended warranties for kitchen appliances and haven't needed them. All considered, we've not regretted our decisions.


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[Lsbcal]

DW's Nexus 5 went belly up 5 days before the 2 year warranty was going to expire. It was replaced with a new (refurbished?) one.

Now I just put in an order for a new Nexus 6P. I opted for the $89 coverage to extend the warranty to 2 years (now only 1 year) and get breakage coverage but with a $79 deductible. Is it worth this for a $500 dollar phone? Should I drop this coverage? You guys are starting to convince me the answer is "NO".

I've never dropped a phone yet. I use my Nexus 7 tablet at home and on the road without a case to keep the weight down. In a pocket, having the phone "caseless" would be kind of nice. Maybe I should just get a case for vacations where I would be taking more pictures.

 

[Sasset]

I don't have insurance, but I have never lost or broken a cell phone. If you have had lost several it might be worth it.

My brother who is a farmer has insurance as he has lost phones in pastures, fields and ponds. He also dropped one in a combine which broke it into many, many pieces. The cell phone company says farmers and those in construction are the hardest on phones.