View Poll Results: Is purchasing Asurion Insurance a prudent decision or a waste of money?

Voters
125. You may not vote on this poll
  • Prudent Decision. Not worth the hassle of replacing things on my own.

    66 52.80%
  • Rip-Off: I would never (or will never again) purchase this coverage.

    35 28.00%
  • Hi mom!

    24 19.20%
01-06-11 01:03 PM
88 1234
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  1. chuckh0308's Avatar
    It depends VERY strongly on the person.

    Are you the type of person who might lose 2-3 phones a year? Maybe insurance is for you.

    If you're careful, don't leave your phone laying around in restaruants without watching it, don't take your phone drinking, don't leave them on top of cars or run over them, have all your old phones available as spares because you're careful with them in general, then insurance isn't for you.

    It's a pretty black and white case. *shrug*
    Exactly. Like I said in my previous post, I have not had to get a phone replaced for any reason in 20 years. That means bo warranty or insurance claims. At $7/month that would be $1680 spent on insurance. I coukd buy three brand new smartphones for that. So in my case it just really doesbt make sense. Besides, usually by the 6 month mark or so there's a differe t phone I would rather have than a crappy refurb anyway. Like now, if I were to kill my Storm 9530 I wouldn't want the same thing...its outdated...lol!
    01-17-10 02:58 PM
  2. mikestorm's Avatar
    **** yeah! If a phone I buy will cost me over $200 to replace outright then you can bet your *** I'm getting insurance.

    And if said insurance costs you over $200 anyway (which it will) why throw money away on the chance you'll need a replacement?

    I gotta say, I was way off base on how this poll is turning out.
    01-17-10 04:20 PM
  3. sjsjr's Avatar
    This subject comes up here all the time and in the end it always ends up the same. The people who see it as a rip of still see it as a rip off and the people who see it as a good thing still see it as a good thing. Bottom line both parties are correct depending on your perspective.

    I think Polychromes response is spot on correct.

    It depends VERY strongly on the person.

    Are you the type of person who might lose 2-3 phones a year? Maybe insurance is for you.

    If you're careful, don't leave your phone laying around in restaruants without watching it, don't take your phone drinking, don't leave them on top of cars or run over them, have all your old phones available as spares because you're careful with them in general, then insurance isn't for you.
    01-17-10 05:39 PM
  4. Kepeli's Avatar
    Usually, those who refuse in getting the insurance are the very ones who make a HUGE deal when it comes to replacing a damaged device.

    AND

    Those who take the insurance, usually complain about getting it.

    It's never ending! LOL.
    Last edited by Kepeli; 01-18-10 at 12:36 AM.
    01-17-10 11:41 PM
  5. a.leah86's Avatar
    I was really excited when I was able to get a phone with insurance. Up until now I been getting phone off ebay. The unexpected happens. I had my first BB get confiscated by my manager. She had it in the office. It had worked flawlessly for months. A week later it quit working. The Verizon rep I asked said it looked like something sticky had been spilled on it. (I had NEVER had water anywhere near it... but my manager loved her Pepsi.) had to wait a week for a new phone off ebay.

    My last phone fell into a toilet. All in all I've spent over 400 dollars on phones. For me, with a piece of equipment this expensive, the insurance is a must. (The $7 a month is much easier to deal with, and dropping $89 at once isn't as detrimental to me as scrambling to pull together 300 - 500.)

    Posted from my CrackBerry at wapforums.crackberry.com
    01-18-10 12:03 AM
  6. chuckh0308's Avatar
    I'm going to drop my Storm in the toilet sometime this Spring...lol!
    01-18-10 02:12 AM
  7. zrxoa1's Avatar
    When did the insurance deductibles change? Not long ago in a conversation with a VZW csr the deductible was brought up and the amount was still $50.

    Posted from my CrackBerry at wapforums.crackberry.com
    01-18-10 06:05 AM
  8. mikestorm's Avatar
    When did the insurance deductibles change? Not long ago in a conversation with a VZW csr the deductible was brought up and the amount was still $50.

    Posted from my CrackBerry at wapforums.crackberry.com
    I think it changed in the past few months.

    Usually, those who refuse in getting the insurance are the very ones who make a HUGE deal when it comes to replacing a damaged device.

    AND

    Those who take the insurance, usually complain about getting it.

    It's never ending! LOL.
    In my mind, buying phone insurance is like those late night 'rent to own' PC infomercials. People fixate on the relatively low monthly obligation because they can't afford to buy a PC outright, completely ignoring the fact that if you mathematically quantify and align both methods, the rent to own path is a terrible deal.

    With a bit of saving (or keeping a backup device as others in this thread have mentioned) people can skip this expense.
    01-18-10 09:54 AM
  9. jen2004's Avatar
    If you buy your phone with a credit card, check to see what benefits you have. American express will double the warranty on an item. So if the warranty is for 1 year, they will extend it to 2 years. I have heard good things from a couple of friends who have had to use it. But I am not sure if it is available on every card, or only on those that you have to pay off every month. Here's some info from AE's website (They also have 90 day purchase protection and return protection.) https://www.onlineclaim.americanexpress.com/#

    PURCHASE PROTECTION:
    Pull a loose string on your sweater and you are left with a giant hole? Spill your morning coffee on your brand new cell phone? Good thing you have a Card that can protect your purchases.

    * Protect Your Purchases:
    Purchase Protection protects eligible purchases made with the Card in the event they are accidentally damaged or stolen for up to 90 days from the date of purchase and 90 day return protection)
    * Worldwide Coverage:
    Purchases made worldwide with the Card are eligible, including gifts purchased for others.
    * Up to $1,000 per Occurrence:
    Coverage is limited to up to $1,000 per Occurrence ($10,000 for Platinum Card and Centurion Card members), up to $50,000 per Cardmember Account per policy year, and is in EXCESS of other sources of indemnity.

    RETURN PROTECTION:
    Your new lamp doesn't match the drapes. That's ok, the right purple can be hard to find. That's why it's nice to know we'll take it back when others won't.

    * Guaranteed Product Satisfaction:
    Return Protection* offers guaranteed product satisfaction on designated items purchased entirely with an eligible American Express Card.
    * 90 Days Protection:
    If you try to return an item within 90 days from the date of purchase and the merchant won't take it back, American Express will refund the full purchase price.
    * Up to $300 Per Item:
    You are covered for up to $300 per item, excluding shipping and handling, and up to $1,000 annually per Cardmember account.

    EXTENDED WARRANTY:
    Suddenly your laptop just stops working. Not to worry if you bought it with your Card.

    * Automatic Protection:
    Charge your covered purchases to the Card and Extended Warranty* will extend the terms of the original manufacturer's warranty for up to one additional year on eligible purchases
    * Extend Your Warranty:
    For example if you have a six-month manufacturer's warranty, we will add another six months. If you have a one-year manufacturer's warranty we will add one additional year.
    * Coverage Up to $10,000:
    So don't think twice about those big purchases - the coverage is good for the amount charged to your Card for the item or $10,000, whichever is less, not to exceed $50,000 per Cardmember account per policy year.
    01-18-10 10:17 AM
  10. amazinglygraceless's Avatar
    I have never and never will purchase insurance on a phone.

    Yes, I can afford it and no I have never complained about a damaged phone (one),
    no threads created crying or whining about the loss of the phone.

    I simply went and got another one at a cheaper cost than the total amount
    of insurance and deductible.
    01-18-10 10:42 AM
  11. mikestorm's Avatar
    If you buy your phone with a credit card, check to see what benefits you have. American express will double the warranty on an item. So if the warranty is for 1 year, they will extend it to 2 years. I have heard good things from a couple of friends who have had to use it. But I am not sure if it is available on every card, or only on those that you have to pay off every month. Here's some info from AE's website (They also have 90 day purchase protection and return protection.) https://www.onlineclaim.americanexpress.com/#
    I never thought of that.
    01-23-10 05:19 PM
  12. blkbryluva's Avatar
    It may be a rip off in the end but it's best to be safe than sorry....Cause that time you need it and don't have the insurance your messed up!
    01-23-10 09:45 PM
  13. wolfpacker92's Avatar
    See the kicker here mikestorm is that you keep harping on going full term with insurance to back your arguement, but as another poster said, I just keep insurance for the first year and after that I'm eligible for an upgrade so no need for it. If something happens after the first year I'll just get my upgrade.

    Also for arguements sake how about figure up the costs if you don't have insurance and have to replace 2 phones during the 24 months. How good does insurance look then? You are basing your arguement off best case scenario. We all know most people have insurance (wether it be phone, auto, or medical) to guard against worst case scenario.
    01-23-10 10:36 PM
  14. mstreece's Avatar
    Normally I would agree that insurance is a waste of money, that was before my phone was stolen this week and I had to replace it...50.00 deductable was a whole lot cheaper than 300.00 I would had to pay if I did not have insurance.

    Posted from my CrackBerry at wapforums.crackberry.com

    Posted from my CrackBerry at wapforums.crackberry.com
    01-24-10 12:37 AM
  15. mikestorm's Avatar
    See the kicker here mikestorm is that you keep harping on going full term with insurance to back your arguement, but as another poster said, I just keep insurance for the first year and after that I'm eligible for an upgrade so no need for it. If something happens after the first year I'll just get my upgrade.

    Also for arguements sake how about figure up the costs if you don't have insurance and have to replace 2 phones during the 24 months. How good does insurance look then? You are basing your arguement off best case scenario. We all know most people have insurance (wether it be phone, auto, or medical) to guard against worst case scenario.
    I read through everything I wrote in this thread, and you're right "harping" is an applicable term to use

    That said, in the interest of full disclosure, for one year the prices change as such (assumes 12 months):
    Insurance: $72 in premiums
    Phone replacement expense: $89.99 deductible
    Total exposure assuming lost phone: $161.99

    No Insurance: $0 in premiums
    Phone replacement expense: $275-$450
    Total exposure assuming lost phone: $275-$450

    In other words, the insurance route goes down a bit by saving 8 months in premiums, while out of pocket goes up because the phone you are replacing is generally newer if you've only had it for 12 or less months and therefore may cost more.

    However, the costs alone are not the basis for my argument. Typically insurance (auto, health, life) insure against the unknown, and the exposure without insurance is typically significant to astronomical.

    In its most basic form, insurance is designed to transfer risk (typically monetary) from the policyholder to the company. In exchange, the policy holder pays a premium for this ability.

    Life insurance insures against the permanent loss of income of one individual should he or she pass away. Health insurance insures against health care costs (sky is the limit there) and auto insurance, while providing a replacement vehicle, also insures against lawsuits due to medical expenses or damage to other property, as well as your own medical expenses if need be (sky is the limit here too).

    In all of these instances, the expense you pay (premiums) can potentially insure against a significant and profound expense.

    Phone replacement cost is both quantifiable and finite. The replacement cost far from profound (although it could be well more than what people generally have in their bank account). It also does a very inefficient job of transferring risk as the actual cost to you is 36% - 125% of the out of pocket expense.

    I can't see spending $162 (one year) or $210 (two years) to insure against the remote possibility that you might have to spend anywhere from $100-$450 to replace your phone out of pocket if you lose it or drop it in the toilet. That doesn't seem like a good business decision to me, especially since the chance that you'll need to replace your phone is most likely less than 5%.
    01-24-10 08:49 AM
  16. Kepeli's Avatar
    Saving money is great, and yes, I see the upside of declining insurance, but, I have tried sleeping pills, Nyquil, Geritol, and Lullabies however, insurance is the only thing that allows me to sleep well at night. LoL. Kidding aside, I can actually now visually see the rhyme behind the reason for this debate. I guess it's a weighing of the options for a P/L as well as a bit of a risk involvement. Careful thinking has to go into the equation before you consider accepting/declining the insurance as this will differ on the individual. I certainly will go back on my records to see if any pattern exists and weigh my own PL to see what I have lost. LoL. For me, though, I just take it for the piece of mind, as it does not hurt me to take it.
    01-24-10 12:22 PM
  17. zrxoa1's Avatar
    Not sure of the details but here in KY some of the State Farm insurance companies offer cellphone insurance for around $40/year. No more details as of yet but worth looking in to.
    01-24-10 12:27 PM
  18. greydarrah's Avatar
    You suck mikestorm! I used to happy and content having insurance on my phone. After reading your very logical analysis and responses, I feel like an bonehead that has spent thousands of dollars over many years, while making 1 claim.

    However, since I have no obligation to anyone to be smart, I'm probably going to continue paying for it, enjoying the very tiny piece of mind that you have left me with, and only get $89 worth of upset if I drop my phone in the toilet. I'm going to try very hard to quit thinking about this thread.
    01-25-10 01:04 PM
  19. bloodlinebb's Avatar
    Verizon has how many customers??? 50,000,000????
    X 5 dollars for insurance???

    Its worth it... They can handle it

    Posted from my CrackBerry at wapforums.crackberry.com
    01-26-10 05:14 AM
  20. sorlipm's Avatar
    Verizon has how many customers??? 50,000,000????
    X 5 dollars for insurance???

    Its worth it... They can handle it

    Posted from my CrackBerry at wapforums.crackberry.com
    Verizon, isnt the insurance company. Asurion is
    01-26-10 07:13 AM
  21. toeknee76's Avatar
    Insurance is a good thing and a bad thing.

    I get my upgrades every year with Sprint, so for the first 12 months I carry the insurance, the $184 ($7 per mo $100 deductible), is a lot cheaper than paying full pop for a phone. If I don't use my upgrade I cancel the insurance, if anything happens I have my upgrade sitting there waiting to be used.

    It is a prudent decision in the first year of ownership and a rip off after the first year.

    in this case, it's still not a good idea!
    phones typically have a 1 year warranty anyway.
    01-26-10 08:22 AM
  22. sjsjr's Avatar
    That is true but the 1 year warranty does not cover theft, water damage, and or lost phones. I know for most of us none of these are issues but they are reasons to have insurance for others.

    Posted from my CrackBerry at wapforums.crackberry.com
    01-26-10 09:08 AM
  23. a.leah86's Avatar
    I know that logically the insurance is a lot of money to waste, especially if you are the type of person that never needs to use it. However to me the peace of mind I find it worth it. I'd rather pay 7 dollars a month then panic when for some reason (either legit, or my own stupidity) something happens to destroy my phone.

    I have 7 spare dollars a month. (Especially now that I've quit drinking soda....) And I can get 89 should the need arise. There is no way I could ever dream of coming up with 300+ all at once any day.
    01-26-10 12:40 PM
  24. Jude526's Avatar
    You never know when something will happen. I have never had insurance on a phone and I was also a rep for a few yrs. I always suggested it to my customers.
    Now, I own a BB and I do not have the means financially to purchase outright a new device if something happens to my BB. I don't see it as a wasting money monthly. I have car insurance and renters and the peace of mind knowing I am covered . I have seen from selling wireless people who have had their device lost or even stolen no coverage and they are stuck. It is a good idea to have the insurance coverage. I am glad I decided to get it on the BB
    01-26-10 01:49 PM
  25. greydarrah's Avatar
    You never know when something will happen. I have never had insurance on a phone and I was also a rep for a few yrs. I always suggested it to my customers.
    Now, I own a BB and I do not have the means financially to purchase outright a new device if something happens to my BB. I don't see it as a wasting money monthly. I have car insurance and renters and the peace of mind knowing I am covered . I have seen from selling wireless people who have had their device lost or even stolen no coverage and they are stuck. It is a good idea to have the insurance coverage. I am glad I decided to get it on the BB
    Yes, but mike's argument to this is that your car and renters insurance are covering you for a potentially catastrophic amount. Whereas your phone insurance is covering somewhere between $200 to $500, for about $80 a year plus a $90 deductible. For the amount you pay, it's not really covering much money/risk. Having said that, I still have my insurance, but I'm mad about it.
    01-26-10 03:51 PM
88 1234
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