According to the most recent statics, 1 out of every 5 wireless devices in the US may be stolen or accidentally damaged this year. Should I buy insurance for my cell phone? Well, it depends on the equipment and how extensively you will be using your phone. The cost of cell phone insurance is not cheap, especially for advanced devices like Blackberry smartphones. For a regular phone like flip phone or candy bar phone, Verizon Wireless charges $5.99 a month and you would have to pay $39 deductible with each approved claim.
Let’s say you bought a LG Accolade for $69.99 with a 2-year contract and start paying $5.99 cell phone insurance. At the end of 12th month, your phone is broken. At that point you have already paid $71.88. Then you call up the cell phone insurance company and verify that phone is covered. Now you have to pay $39 to get a replacement phone (same or of equivalent value) shipped to you. One thing to keep in mind is that in most cases they will send you a refurbished phone. So you end up paying $110.88. A brand new LG Accolade costs $199 without contract (12 months ago). Is it worth buying insurance for a new phone? No, at this time, you can definitely purchase the same mobile phone from eBay for $100. In the next post, we will talk about the insurance for smartphones.
Tags: Blackberry, Mobile, p
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