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Insurance on X. Worth it? Yes, no, opinions...

Discussion in 'Android Devices' started by GS300, Aug 17, 2010.

  1. GS300

    GS300 Well-Known Member
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    Seems like a hefty charge when coupled with the $89 deductable. I have another 3 weeks to decide but want some input. I took my previous phone for a swim (which it survived) but generally am responsible. What do you think?

    GS
     

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  2. Shamrock13

    Shamrock13 Well-Known Member
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    Honestly, I have the insurance. I'd much rather know I would have to pay 90$ for a new phone instead of 600$ for one regardless of the $7 you'd pay extra a month.
     
  3. binary visions

    binary visions Well-Known Member
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    It's kinda funny, I'm going around about this myself.

    I have carried an expensive smartphone for over 2 years now, and carried "dumb" phones before that. I have never, ever broken a phone. I don't drop my phones, I don't dunk them in the water, and I don't carry things in my pocket with the phone. Thus, when I bought my DX, I didn't sign up for insurance figuring I wouldn't need it (don't have the DX yet, awaiting shipment).

    Murphy's Law being what it is, though, I dropped my iPhone for the first time this weekend and cracked the screen. Ugh.

    Now, I know the iPhone's screen replacement procedure is definitely doable at home for little money - I don't know how the Droid X is for that. But it's definitely making me think about adding insurance.
     
  4. carmendiva

    carmendiva Well-Known Member
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    It seems like if you have the insurance
    it is a waste of money because you probably will never use it

    but of course if you dont, then sh**t happens and you are like
    "Damn, I wish i had it*

    But i agree with shamrock's post above me
     
  5. xander66

    xander66 Well-Known Member
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    I did the verizon option. It was all up front with a $50 deductible and cheaper over the two years. To me its nice having it all out of the way. I know statistically it is not in my favor but $270 over two years for a $600 phone is very comforting.
     
  6. ECFfighter7232

    ECFfighter7232 Well-Known Member
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    If you look at it just using general math.... if you didnt have it... your at 600 for a new phone (ruff numbers) if you did have it your at 90 for a new phone. take 90 out of the 600, so your at 510, devide that by 7 (cost for ins per month) give you 72 months... so if you paid the insurance for 72 months, plus the deductible, youd be at the price for a replacement phone... with that said, you should be able to renew your contract in two years so you wont be paying the 6 years worth of ins.
    so IMO, yeah its worth it cause youll only pay around 250 over the next 2 years for it including the deductable
     
    Duckster likes this.
  7. cygnusloop

    cygnusloop Well-Known Member
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    On a phone that costs >$500 to replace, I chose to go with insurance. However, I went with squaretrade instead of Asurion. I've personally had good luck with them. FYI, Squaretrade is running a coupon for $99 for two years for the X (Which works out to ~$4.13/mo). Code: DROID45

    I think it will be valid for a couple of weeks. Some discussion here:
    I went with squaretrade instead of VW and Asurion
     
  8. Vihzel

    Vihzel Destroying Balls Everyday
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    YES! Get insurance with this phone. If you break it down...

    $1.75 per week for peace of mind. Worth it.
     
  9. carmendiva

    carmendiva Well-Known Member
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    how much is the vzw option
     
  10. dawnierae

    dawnierae Well-Known Member
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    Totally worth it. Total equipment coverage (including extended warranty beyond the 1 year manufacturer warranty) is $7.99 per month with Verizon through Asurion. That's $191.76 over the course of your 24 month contract (or $159.80 over 20 months if you upgrade at your NE2 date). Add $89 for the deductible, and you're still under $300 to replace a phone that would cost you $600 (by the time you add tax) to replace. Of course, if you're willing to take the chance on nothing happening to your phone and can cough up $600 at one time, then you may not be inclined to purchase insurance. I personally would not be without it.
     
  11. scary alien

    scary alien not really so scary
    Moderator
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    space alien ;)
    Indy
    Question: would the replacement phone be new via VZW/Asurion or a refurb?

    I've got insurance on my X, but when I had to replace my daughter's EnvTouch (no insurance), I was able to buy a refurb for $200.
     
  12. TheXFactor

    TheXFactor Well-Known Member
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    If you can, get it through your homeowners insurance. It costs me about $12 a year to insure a $600 phone. There is no deductible, it covers theft, breakage, water damage, just about thing you can think of. And since it's covered under a rider on your policy, if you make a claim, it does not affect your premium.

    The best part is you get a check and you get whatever phone you want. You don't have to deal with asurion, there is no $80-100 deductible and it's definitely a cost effective deal.

    But, YMMV. Not all insurance companies will insure smartphones. Check yours and save some money. I go through MetLife. I know Geico does not.

    I have 3 phones insured with ML. It costs me about $36 a year. Each phone is insured for $600.
     
  13. zandroidx

    zandroidx Well-Known Member
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    I went with the Best Buy insurance. More expensive ($10 a month, I think), but no deductible. But as I understand it, Verizon will replace a lost phone whereas BB will only cover accidental damage.
     
    GS300 likes this.
  14. dawnierae

    dawnierae Well-Known Member
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    Homeowners does not, however, extend the warranty beyond 1 year, which the VZW total coverage package ($7.99 per month) does. Therefore, if there is a problem with the phone's operation, your homeowners will not cover it.
     
  15. binary visions

    binary visions Well-Known Member
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    Were there a problem with the phone's operation that, say, accidentally resulted in the phone being bounced off the nearest concrete surface, though, homeowner's would kick in ;)
     
  16. Riverdome

    Riverdome Active Member
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    Just to be clear, if you want to use your homeowners/renters policy to insure your phone be sure you have it on a rider or schedule. If it is not on a rider/schedule the claim will be subject to your deductible which is usually $250 or $500.

    Also, homeowners policies are meant to replace your house if it burns and to provide liability coverage for your personal protection. With that in mind talk to your agent about what might happen to your premium if you turn in a $600 claim. That's small potatoes but not exactly what the policy is designed to do. If your rates would increase $250 a year for 3 years there not much point in even adding it to your policy in the first place. There are premium penalties for turning in large claims as well as for claims frequency. If you've never used your policy before $600 might not effect your rates at all. If you had storm damage last year and the policy paid $1,000 another $600 claim might trigger an increase.

    Disclosure: I'm an IT manager in the insurance industry - i.e. I know just enough about insurance to be dangerous and a lot more about IT.
     
    Duckster and hipnosis like this.
  17. sic0048

    sic0048 Well-Known Member
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    But add on riders DO work differently. We have my wife's engagement ring on a separate rider and if she looses it, we can file a claim that should not effect the base policy on the house. The phone insurance (if available) would work the same way.
     
  18. TheXFactor

    TheXFactor Well-Known Member
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    Just to be clear and I've been a homeowner for 30 plus years, all of our items not covered under the homeowners policy is on riders. It has to be. You pay extra to cover the stuff not covered under the normal policy. Jewelry is the number one item on a rider to your policy.

    We have made several claims on a rider policy and it has not affected our homeowners policy premium. That being said, I'm sure if it were abused enough they would either raise your rider premium or just outright cancel your policy.

    I have talked extensively with our insurance agent and we were assured that any claims to a rider policy would not change our premium. But, see above.

    Having your smartphone, laptop, jewelry insured on a rider to your homeowners is the best option as far as I'm concerned. It doesn't matter if your item is under warranty. In fact, we have all of my wife's jewelry insured, including her wedding ring, which I won't say is how old. :)

    I refuse to pay $8-9 a month to insure a phone through whomever and then to add insult to injury another $80-90 deductible when this other option exists. If you can get it through your homeowners, it's worth it's weight in gold.
     
    ZzFallen_AngelzZ likes this.
  19. TheXFactor

    TheXFactor Well-Known Member
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    Exactly. Or say it accidentally fell in a bucket of water.
     
  20. TheXFactor

    TheXFactor Well-Known Member
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    Oh and unless it has changed, with asurion you are only allowed one claim on that phone? Someone has to verify, I'm not totally sure.
     
  21. mazz0310

    mazz0310 Well-Known Member
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    I think 2 claims for the 2 years?
     
  22. JustinHEMI

    JustinHEMI Well-Known Member
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    I always get the insurance since I usually pay retail. As luck would have it, I usually use it, so it is worth it to me.
     
  23. gunderda

    gunderda Well-Known Member
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    i always get insurance. i've never used it but i wouldn't dare chance it. i don't want to go back to my crappy phones i'm replacing.
     
  24. JustinHEMI

    JustinHEMI Well-Known Member
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    Both. When I had to get a replacement droid, it was refurbed. When I got a replacement incred, it was brand new.
     
    scary alien likes this.
  25. Ssully

    Ssully Member
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    There is no other piece of electronics you will carry with you more than your smartphone hence the high risk for accidents. I'm usually anti insurance for eveything but for me and my droid x insurance is a must
     

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