Before you make the decision, you need to know how much cell phone insurance costs.
The hidden cost of cell phone insurance It's easy to lost track of just how much cell phone insurance is really worth. Some insurance schemes come with the cell phone package, some are offered by cell phone insurance companies as an independent service. What most people think is, Hey it's only $4.99 a month – if it pays for a new phone, how bad could it be?
But what people don't get is that most if not all cell phone insurance companies charge a non-refundable deductible fee every time you file a claim on your insurance. This fee is anywhere from $35 to $100. But mostly it's $50, just about.
Let's say you accumulated $70 for your insurance payment. You file a claim, and is charged $50 as deductible—which is $120 total. That's almost the price of a new phone! Now are you still sure about your cell phone insurance?
Refer to this article for more details on cell phone insurance.
Something only you know the answer to It depends. It depends on how often you tend to lose your cell phone, and how much your cell phone is in the first place.
You should consider buying cell phone insurance if you have an expensive cell phone—say, one that is worth $400 to $500. You see, $500 is a long time if you only have to pay $4.99 every month.
Also, kids tend to be forgetful about where they put their cell phones. So you might want to insure your kid's cell phones, too. And are you a constant traveler? Insuring your cell phone against loss isn't such a bad idea if you tend to move around a lot from one state to another or even abroad, for work or personal reasons.
So is your cell phone insurance worth the price you to pay for it? That's something only you know the answer to.
