VZW insurance

[kodiak799]

Poll Question: How long (% of contract) do you plan on carrying insurance?

Been mulling this over....$8 a month for insurance isn't a lot, but it adds up over the course of a 24 month contract.

Now, considering I will probably be upgrading at least a year early, at some point I will cancel my insurance - and I've never had insurance before but I have lost a few phones and broken another.

Plus, I haven't looked, but you have to figure when people start upgrading in these coming months there should be some more affordable Droids on EBAY, but for how much?

 

[b-jammin21]

I personally think insurance is worth it.

I pay $5 a month for mine through Asurion, then a $50 deductible for a brand new phone if something ever happens to mine.

So let's see. If I had my phone for 2 years, that's $120 for insurance costs. I could get 2 or 3 replacement phones from Asurion in that time span. Now, that would be cheaper than having to buy a new Droid at retail price or eBay's price.

Not to mention I have never had a single problem with Asurion, and I've always been satisfied with the replacements they have sent me.

 

[kodiak799]

I personally think insurance is worth it.

I pay $5 a month for mine through Asurion, then a $50 deductible for a brand new phone if something ever happens to mine.

Wow, well that certainly changes the dynamic of the question. When I signed up, my insurance is like $8 a month and replacement cost is $100. So you see, the economics are quite a bit different for me.

I'd like to say the answer is simple. If and when I plan to upgrade to Droid Pro, I'd definitely cancel insurance a few months ahead of that move. Of course, if I lost or ruined my phone, what do I do for those few months?

Most likely, when Droid Pro comes out I'll cancel and wait for my early 1 yr renewal. Might cancel sooner if I start seeing cheap Droid's on EBAY, which should be popping up here in the next month or two with new phones coming out. Look to be going for $300 right now, so still pretty steep but I bet they drop like a rock when the new phones are out.

The other way to look at it is at $8 a month and $100 replacement, that's an extra $300 over a 2-yr contract. So basically, if I lose or ruin 1, then I break even. If I don't ever need the replacement, I save $300. You have to expect to lose/ruin 2 in basically a year to come out ahead with insurance. Hmmmm....Maybe I should cancel and see if they offer me a better deal?

 

[Backnblack]

I see no reason to even think of canceling....

 

[hookbill]

I personally think insurance is worth it.

I pay $5 a month for mine through Asurion, then a $50 deductible for a brand new phone if something ever happens to mine.

So let's see. If I had my phone for 2 years, that's $120 for insurance costs. I could get 2 or 3 replacement phones from Asurion in that time span. Now, that would be cheaper than having to buy a new Droid at retail price or eBay's price.

Not to mention I have never had a single problem with Asurion, and I've always been satisfied with the replacements they have sent me.

I'd check with Assurion about that if I were you. For a Droid it's 8.00 a month and 80.00 deductible. Now I've heard others say the same as you but unless there is some grandfather clause, that's not what I pay.

 

[hookbill]

Oh, I wanted to say I don't understand the topic. Either you buy insurance or you don't, there is no percentage to it.

 

[kodiak799]

Oh, I wanted to say I don't understand the topic. Either you buy insurance or you don't, there is no percentage to it.

Isn't insurance a month-to-month contract? I can cancel that option at any time. If you plan to upgrade, say, somewhere between +/-3 months of your contract date, then you should cancel probably 4-5 months before you contract date.

Yeah, it's not much money, I'm just toying with the idea that if I would, at worst, be indifferent to upgrading still with 1 yr left on my contract, then it would make sense to cancel insurance sooner rather than later. If something happens to my phone, I just upgrade a bit sooner than I expect.

Or consider that prices on EBAY are $300 now...over the next 6 months, a VZW replacement would cost me $150 (insurance + cost), and those EBAY prices will certainly drop at least some. If I lost my phone tomorrow, then I'd be out $150, but I think my realized value would be somewhere between maybe +150 and -$75.

 

[marcogiudice]

i only pay 5.99 a month for insurance and i just called verizion and they told me i got grandfathered in. $8 is normal price and a replacement is 89 dollars for all smart phone insurance plans.. so for all you guys that have the 5.99 insurance plan you better keep it cause once you cancel and try to get it again it will be 8 bucks! so thats the heads up for the day!

 

[hookbill]

i only pay 5.99 a month for insurance and i just called verizion and they told me i got grandfathered in and a replacement is 89 dollars for all smart phone insurance plans

This makes sense to me.