Is phone insurance worth it? This is a question that lacks a universal answer, much like interpreting a Rorschach test. It’s a complex issue with various factors to consider. On one hand, phone insurance can be a lifesaver, while on the other hand, it can be expensive. However, if you think about it in terms of adding another monthly streaming service, the costs can become more comparable.
For example, Samsung Care+ offers coverage ranging from $3 to $17.99 per month, depending on the service contract duration. AppleCare+ provides coverage for the latest iPhone models at $9.99 per month or a one-time payment of $199 for two years of coverage. The cost varies depending on the specific phone model and the desired coverage level.
Typically, phone insurance costs around $10 per month, similar to streaming services. However, the actual cost can vary based on the phone model and the level of coverage you want. This doesn’t exactly answer the question of whether it’s worth it or not. So, if you’re undecided, here are some questions to ask yourself:
1. Are you accident-prone? If you can imagine dropping your phone and shattering the screen, phone insurance might be worth considering. Alternatively, you can invest in a protective case and a screen protector.
2. Do you have a habit of losing things? If you tend to misplace your phone and fear losing it permanently, phone insurance could provide peace of mind.
3. Are you financially responsible? If you are good at saving money, you might not need phone insurance. Instead, you can save money in your account and use it for repairs or replacements if needed.
4. Are you somewhat financially responsible but tend to dip into your savings account? If this is the case, reconsidering phone insurance might be wise. A damaged or lost phone can be a significant financial burden, especially if it’s an expensive model that’s not easily replaced or repaired. The average cost of repairing a phone screen is $200, so some people find it worthwhile to pay for insurance.
Some individuals make a strong case for phone insurance based on their personal circumstances. For instance, frequent travelers, parents in busy households, or busy professionals might benefit from the peace of mind that comes with insurance. Will Ward, co-founder of Industry Arabic, pays for Apple’s iPhone Upgrade Program, which includes phone insurance and an annual upgrade to the latest iPhone model. For him, the convenience and peace of mind outweigh the cost.
However, R.J. Weiss, founder of The Ways to Wealth, suggests that for minor risks like phone damage or loss, self-insuring might be more beneficial for most people. These insurance products are priced to ensure profits for the insurance companies. In the worst-case scenario, buying a cheaper phone on a monthly payment plan could be a more cost-effective alternative.
Ultimately, if you resonate with Ward’s perspective, phone insurance might be a good choice for you. But if you lean towards Weiss’s viewpoint, it’s better to skip it. It’s important to consider your personal preferences and financial situation before making a decision.
If you decide to get phone insurance, the options are vast. You can choose insurance plans offered by cellphone manufacturers like Apple and Samsung. Alternatively, cellphone carriers like AT&T, T-Mobile, Verizon, Mint Mobile, or Consumer Cellular provide insurance coverage. Some insurance companies, including Allstate, Geico, and Progressive, offer cellphone insurance alongside home or auto insurance. Additionally, extended warranty companies like Asurion and SquareTrade are prominent players in the cellphone insurance market. Another possibility is that your credit card may provide cellphone insurance if you pay for your monthly payments with it.
In conclusion, the decision of whether to get phone insurance is subjective and depends on individual circumstances. By considering factors such as your level of clumsiness, tendency to lose things, financial habits, and tolerance for risk, you can make an informed choice. Take the time to research and compare different insurance options to find the best fit for you.
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