Question

I keep seeing people saying a great way to lower your cell phone bill is to drop the insurance, but what if you straight up lose your phone? Are you just going to buy another? Add a line and hope for a good deal on a new phone? Then do you use your EF? My husband and I were discussing dropping insurance (because we can obviously budget in to get our screens fixed when necessary), but it's saved us in the past when we've completely lost our phones.  

Answer 1

I’ve wondered this recently also. A financial budget advisor friend of mine said to drop it also. She said you pay so much a month and it’s too much when you can go to Walmart and get a $50 phone or find one resale‍♀️ I still haven’t dropped ours bc we’ve used it several times already. I was thinking of finding a back up phone and then cancelling it though. She did say switch from T Mobile to Boost and it would save a lot and she was right.  

Comments

@alixaliza16823 I never thought about trying to buy one at walmart! We have at&t and everything just feels so expensive.  

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@eld19527 yeah she said we could find a phone easily when needed. I’m thinking of putting the insurance money in an envelope instead for a phone emergency‍♀️

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@alixaliza16823 I have been thinking that too. If I put the $45 per month the insurance costs, it would add up quickly to save toward a new phone. or something else. I’ve been thinking this for a while. Time to make the change!  

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@wang55029 yes it is!  

Answer 2

I agree. We have insurance on our phones as well. We haven't in the past and it cost us too much. Insurance is worth it.  

Answer 3

I took the ins off our phones. wasn't worth it! You still have to pay a gigantic deductible! My son broke his phone and still had to pay a $250 deductible, that could have gone to a new phone! Then he paid that deductible and got a 'new" replacement phone and it was refurbished. NO thanks for $13/bill and per phone. NOPE!  

Comments

@inkwell my husband cracked his screen a month after we got his phone. 250 insurance deductible for a refurbished phone. yeah its BS! Our insurance plan for 3 phones was 45 a month. needless to say we dropped the plan.  

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@lemmon they are making money hand over fist with the ins. my phone never broke. I finally after 5 years got a new one. all the money I wasted on ins I could kick my own butt! lol

Answer 4

I’ve had a phone for 17 years ish. I’ve never lost or broken a phone to the point that I’ve had to use insurance. 17x12m = 204 x cost of insurance ? Even at $10 I’ve saved over $2000 by not having insurance. I go out of my way to make sure my devices are protected. If I break my device I will buy a cheap one to replace it and learn the hard way  

Comments

@vain43381 same here! We have a case and a screen protector and that keeps the screen from getting cracked. Even our almost 13 year old who tosses her phone around (yes, she knows the cost of it and if it breaks she gets a flip phone and needs one since she leaves the house by herself 4 days a week) hasn't had one broken.  

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My issue isn't repairing a damaged phone, but replacing one that is lost or stolen. It's been a few years since we've lost one, but since it has I feel like we need a plan in place. Does that make sense?  

Answer 5

Any insurance we have is for the "just in case" situations. We don't get sick often, but when we do, we have insurance. I could have less coming out of my paycheck for it. But I'd rather not deal with higher deductibles or doctors I don't like. We don't get in accidents regularly, but in the one-off situations when it may happen, I'm not trying to pay some crazy bill. Again, I could pay less a month for less coverage, but I don't want to get stuck having to come up with MORE money when I'm already stressed out. Same goes with the phones. Paid in full or not, they are not cheap to fix and/or replace. I'd rather pay a bit more each month then deal with it if something does happen.  

Answer 6

Here’s how I look at it: you can carry renters or homeowners insurance anywhere from what, $15-$30 a month. This gives you coverage for your contents ($20k? At lowest) and $100, 000 LIABILITY. Someone gets hurt in your house you’re covered. Phone insurance - $13 or more a MONTH plus deductible for a $900 piece of electronic? How does that make ANY SENSE. I cannot.  

Comments

And I’ve been in claims 10 years I know homeowners or renters doesn’t cover your cell most of the time, in just comparing what you get for the same price

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When you put it like that, it puts it more into perspective. would it make any sense to have insurance in place temporarily until we have a fully funded EF? We're at the beginning of our journey and the thought of coming up with funds to quickly replace a phone stresses me out.  

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@eld19527 no I get it. I’ve been in insurance so long I’m jaded to these cell phone “insurances” just strictly looking at numbers! I used to carry it when it was $4 a month and a $50 deductible. If I were you, I’d buy the otter box case, a glass screen protector and be good. I’m 37 and I’ve never lost a cell phone (I’ve had many drunk adventures in my day lol) and the glass protectors you paint on your screen now, you register and get free replacements if they crack!  

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@expeditious I'm definitely looking into the glass protectors. Thank you for being a voice of reason for me!  

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@eld19527 all my kids have iPhone 11, we’ve used the glass replacement twice ‍♀️ I paid $30 for it when I bought the phone and that was far better than any insurance plan! Good luck!  

Answer 7

I have never had insurance on my phone but never lost it either. Reading an above comment about having to pay $250 deductible to me makes it even less appealing as if I was to crack my screen it would cost less then that to fix. I could also probably get an older phone for close to that amount as well if I happened to lose my phone.  

Answer 8

So on our iPads and other like devices we keep it on until they are paid off. I don’t keep insurance on my phone but I do on my husbands, he’s in an out of trucks all day or other equipment and his is necessary for his job. If I lost mine I could wait a few days and be fine without one. lol I mean I probably should keep it on mine I shattered my screen with a like 2 inch drop to my floor - changing my case of all things ‍♀️

Answer 9

I’ve never lost a phone. ‍♀️ I have an iPhone and an Apple Watch. So if I can’t find my phone I ping my phone from my watch.  

Answer 10

I took insurance off of our plan (7 lines) because 4 phones of the 7 are paid for and eligible for an upgrade. If something happens to one of them, we’ll just upgrade at that time. Of the 3 remaining lines, 2 have never used the insurance and the third is my grown daughter’s line.  

Answer 11

We buy our phones outright, no insurance, no prolong payments. We also don't buy apply or Samsung. We literally get our unlocked Motorola phones from Walmart for $250. And while everyone around us is having issues with their apple or note, we are issue free with Moto g6

Answer 12

I have a 75 dollar phone. I lose it or break it. i replace it with one the same-ish price. I do not carry insurance on it.  

Answer 13

Just a couple days ago I dropped myself to the lowest insurance level. Apparently covers theft, loss, etc but no battery replacement or their tech help line (unnecessary since I always google my own fixes anyway). I was afraid to lose it completely since I don’t have anything saved up for new, but I’m still saving about $15 a month between my phone and iPad (still a year before I can completely remove my iPad from my cell service).  

Answer 14

Not worth it imo. I paid into insurance for my phone for 2 years and they said I didn't have coverage. Baloney!  

Answer 15

This is the sole reason I wont drop insurance. I’ve lost it before and thankful I just paid $50 for a new one. 2 mo ago I chatted with Verizon rep asking if there was a cheaper insurance option. We went from $11/mo per line to $6. 85/no per line. Covers theft, loss and water damage

Answer 16

I used to keep insurance on my phones and tablets. It’s not too expensive for just the phone. I keep a glass screen protector on my phone and fill out the warranty for it. I’ve had to use it several times because I’ve dropped my phone.  

Answer 17

My husband and I both have always had insurance on our phones. We bought ours in 2015 and phones were paid off in the normal 2yrs, but last year (2019) we both submitted a claim cause the batteries were not holding a charge and just aging so we both got new phones, upgraded for 75$ each. So for 10$ per person a month for us to get new phones is worth it. 680$ for both us vs 2k to upgrade.  

Answer 18

My phone wasn't expensive enough to warrant insurance. It can be replaced for less than $150.  

Answer 19

We have our phone insurance thru our house insurance & costs us about $70 a year for 6 phones.  

Answer 20

We pay insurance on our phone now but are planning to drop it as soon as we have money saved up incase we need to replace them.  

Comments

We also pay through Apple and not Verizon. We chose to purchase directly through Apple this time around. Insurance is $6. 85/mth vs 13ish/mth we were paying with Verizon.  

Answer 21

I keep my insurance! I just got an iPhone 11 in December so I am still paying for it, and I can’t afford to be paying off two. Considered getting a cheaper phone, but an iPhone 8 was only five less a month so to me it makes more sense to get a more recent phone I can hopefully use for longer.  

Answer 22

We haven’t gotten insurance just because we have good track record of not losing or breaking our phones, so I just have to believe it will be fine or we def would need to dig into checking cushion for new phones!  

Answer 23

I was paying for insurance for the very same reason, BUT then I thought about it. I had been paying "forever" and never lost it and never needed any repairs, so I dropped the insurance. If you actually use it, it's worth the price, I think. but if you're not.  

Comments

@pons5698 isn’t that the point of paying for insurance though, for anything? It’s there if you need it but hope you don’t.  

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@volcanology oh I know it’s not always worth it. But I’d bet there’s a lot of people out there who couldn’t afford to buy a new phone if they’re also making payments. The whole idea of paying for it in hopes you never need it is how insurance works, whether that’s for your phone or your car, house, etc.  

Answer 24

I have never broken or lost a phone but I do keep insurance on it for a year and then drop it. At that point even with the deductible it isn't worth paying for the insurance.  

Answer 25

I’ve owned a phone for 24 years and never once paid for the insurance. never needed it either. it’s a waste of money if you treat the phone like it’s worth the grand you paid for it.  just my opinion

Answer 26

My insurance is $8 a month. Accidents happen no matter the value of the phone.  

Answer 27

Keep your old phones. Then if something happens, you have a backup until you can afford to replace.  

Answer 28

As much as I’ve paid in insurance, with never using, I could buy a new iPhone. Once I realized that, I cancelled.  

Answer 29

I got insurance when I first got my iPhone. Next day it was stolen. Worth it even having to pay the deductible

Answer 30

I did a sinking fund for a cell phone. I bought a phone on Facebook marketplace.  

Answer 31

It depends. There becomes a point where it is more cost efficient to get a new phone than to pay the deposit to replace a lost or stolen phone.  

Answer 32

I switched from the big companies to a no contract phone (we are with metropcs). Cheaper monthly bill and we don't spend more than 100 when we get a new one. Sure it's not brand spanken new versions of whatever's out but no need to finance and it's not worth insurance.  

Answer 33

I just dropped a weight on my phone at the gym Sunday. let’s say I’m very happy I pay for insurance. It broke the glass both front/back and bent the phone. I only have to pay $100 for a brand new phone to come in vs $700+.  

Answer 34

I’m thankful this topic came up. Shoot, I’ve been paying $45 a month for 4 phones for years. I had no clue that Verizon had different insurance levels. . I feel tricked! I dropped my insurance to $6. 85 per phone and only added it to the phones that I owed a balance on of over $500. It was $3 for one iPad. Just by reducing this insurance and using auto-pay via my checking (vs credit card) my bill dropped $60 a month!  

Comments

@meadows6 do you know what your deductible is on this new level? I think we'll keep insurance on them for now since we don't even have a baby EF yet. We've just started this journey and I don't want a phone mishap to mess up what little traction we have so far.  

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@eld19527 I am pretty certain is the same.  

Answer 35

I’m in Canada and have never had insurance on my phone  I honestly didn’t even know that was a thing lol I just don’t lose it.  and if I ever did and couldn’t afford a new one, I’d buy a used one online probably. Seems silly having insurance for a phone?  

Answer 36

Phones are not made to last. Do you upgrade your phones often? We don't do the latest and greatest phones. For us personally, my SO breaks phones and screens frequently. We have insurance on his, but I have had the same s7 for years and I don't pay for insurance, as I don't use or need it.  

Comments

@inkwell Lea I use mine until it dies, but my husband can murder a phone every 6-12 months even in a good case. He works on construction sites, so he's had everything happen to them like getting crushed by a backhoe, dropped into a 12' ditch of water, etc. He's much better with them now, but accidents can still happen ‍♀️ I can't hold it against him.  

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@eld19527 mine works in a factory, so I understand your plight! Shoot, just three months ago mine left his on top of the car and his boss ran over it. ‍♀️ Glad he had the insurance ;)

Answer 37

We have never had insurance on our cell phones. Our last set of phones we used for 5. 5 years. If you are someone who knows you will need or use the insurance, then keep it.  

Answer 38

Phone insurance barely covers anything half the time. no water damage no loss no cracked screen. broken charging port these are all things i have tried to claim for an they wouldnt cover

Comments

@gauss2946 Asurion through Verizon covers all this, although there is a deductible.  

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@thrice36130 i has asurion through att  

Answer 39

I list mine on my homeowners insurance. Cost me less than $20 a year vs $15 a month

Answer 40

I’ll always have insurance, even though it can be a waste of money. I travel about 50% of the time and do events so I’m always on my phone and it gets dropped a million times. Also had it stolen once. They have overnight shipped a new one to my hotel (twice! ) when mine broke, and cracked screen was $29, not $200.