Help Verizon's $100 for 2-Years Insurance Plan

thisisnascar · May 14, 2012

When I purchased my Maxx two weeks ago, they attempted to sell me one of two different insurance plans. One was paid via a $7 per month fee for the term of the contract. I think the guy said I had up to a couple of weeks to get that added if I wanted it. The second one was a one-time $100 cost that would last for 2-years. According to him, it covered everything, even if dropped in water, etc. He said I had up to 90-days from the date of purchase to add that one if I wanted. I'm considering it, because I don't want one my grandkids dropping my phone and having it break. I also think he said, that with the $100 plan, I'd get an immediate replacement if/when needed vs. the waiting for a replacement with the $7 monthly plan.

So, does anyone have any experience or comments concerning the $100 for 2-years plan?

Unforgiven · May 14, 2012

That sound new to me. I have had the Asurion insurance on all of my phones for the past several years and was OK with that. I'll have to look into the new plan to see what's up. It sounds like the plans they try to sell at BB, Walmart etc. for many electronic devices where they hope to get 20 people to sign up ($2,000) and only one has an issue ($700) so they net a profit ($1,300).

euph_22 · May 14, 2012

Unforgiven said:
It sounds like the plans they try to sell at BB, Walmart etc. for many electronic devices where they hope to get 20 people to sign up ($2,000) and only one has an issue ($700) so they net a profit ($1,300).

You've just described all Insurance/Warranty plans.

To the OP, did you buy the phone from a Verizon Corporate store or somewhere else. That sounds alot like the plan that a 3rd party Verizon branded reseller had. We're definitely are going to need more information to compare the 2, the most obvious being whether you would have a deductable (and how much) with the lump sum option.

thisisnascar · May 14, 2012

euph_22 said:
You've just described all Insurance/Warranty plans.

To the OP, did you buy the phone from a Verizon Corporate store or somewhere else. That sounds alot like the plan that a 3rd party Verizon branded reseller had. We're definitely are going to need more information to compare the 2, the most obvious being whether you would have a deductable (and how much) with the lump sum option.

I'll see what I can find out. I have not purchased the plan as of yet. It was not a corporate store (long story, but I found that out after the fact). It's an "authorized retailer", full Verizon labeled brick-and-morter store, with a VerizonWireless sign on it.

cwrig · May 14, 2012

Ask them what the deductible is. Most carrier protection plans have a pretty high deductible when you actually use it. (Like $150)

euph_22 · May 15, 2012

cwrig said:
Ask them what the deductible is. Most carrier protection plans have a pretty high deductible when you actually use it. (Like $150)

Asurion has a $99 deductible for smart phones.

mustang8918 · May 15, 2012

I am glad that I have Asurion. While getting a box out of the back of my truck on Saturday my Razr Maxx slipped out of my satin shorts pocket(that was not the right kind of material to be doing that with) onto the concrete driveway and the screen shattered like a mirror. Luckily the phone still worked even though the screen was done. I did the online claim with asurion and for $99 I had a new or at least it seems new phone waiting for me after work yesterday.

mahers · May 17, 2012

Squaretrade sells a 2yr warranty for $124, but you can find all kinds of codes to get that down to ~ $100. They, too, have a $99 deductible. I don't personally have or use insurance, but I have heard good things about ST.

On a related note, since I pay my wireless bill with my credit card, I am automatically covered up to $200 by the bank for damaged phones, with a $35 deductible (I think). Don't plan to find out.

euph_22 · May 17, 2012

mahers said:
Squaretrade sells a 2yr warranty for $124, but you can find all kinds of codes to get that down to ~ $100. They, too, have a $99 deductible. I don't personally have or use insurance, but I have heard good things about ST.

Same here. Unless you're especially clumsy or have a high risk of breaking your phone (construction worker, EMT, etc), insurance on a phone is fundamentally not worth it. The average customer MUST pay out more money than they are expected to recoup. That is the basic economics behind the business. You're better off sticking some money in a bank account that can go towards a new phone.

On a related note, since I pay my wireless bill with my credit card, I am automatically covered up to $200 by the bank for damaged phones, with a $35 deductible (I think). Don't plan to find out.

I need to look into that. I pay for everything with the CC (to get rewards). I should figure out what benefits I can get out of that.

Help Verizon's $100 for 2-Years Insurance Plan

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