Originally Posted by unplugged1
I have five lines with smartphones on each. I am considering no insurance. With the rate with Sprint insurance rising to $8, that is $40 a month for insurance. I could put that money in a savings account and have $480 a year for a replacement phone. With that much money, I could afford a lost phone each year. (Not even adjusting for the deductible.)
Self-insurance might be the answer if you don't destroy your phone very often. Also, remember that every phone has a one-year warranty from the manufacturer.
In your example, if you have multiple lines and you're paying that fee for each, then it might not make sense for insurance. If you'd be saving up $480 a year in savings anyway, that is close to what you'd need to pay for a new phone, provided of course you don't have bad luck damaging or losing phones.
Personally for me, I only have 1 line to worry about, so $8 x 12 is only $96/year. So for a single line it is a good deal, but if you're paying $8 each month on multiple lines, your approach for just saving the premiums would probably be the way to go (again, provided you're not one of the people who goes through 5 phones a year lol)