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what happens if it is stolen?

mlevin77

So my dad just bought an iPhone with Verizon and they told him that if it gets stolen, he will have to pay $700 for a replacement. Is that actually right? What if it's stolen and you want to replace it with a different (expensive, and subsidized) phone like a high-end Android phone - also $700?!?

Comments

unknown

You're going to have to pay full retail for the replacement phone because you haven't finished paying for the phone that got stolen. When you buy a phone with a discount on a two-year contract, it's as if you have financed the balance of the purchase price over the next two years. If you're careless enough to let it get stolen, you're still going to have to finish paying Verizon what you owe them. You do this by finishing out your two-year contract with a new phone for which you pay full price.

kaebfly

If he is truly concerned about losing the phone and not wanting to pay full retail to replace it with the same phone or another expensive phone then he will need to get insurance that covers loss and theft. He can pay $10.99/month through Verizon for this or he can check around for other insurance providers that cover loss and theft. Otherwise, he has to be prepared for the possibility of paying a lot to replace the phone if he doesn't have an old phone available to reactivate.

dirkbonn

Mike77 wrote:
So my dad just bought an iPhone with Verizon and they told him that if it gets stolen, he will have to pay $700 for a replacement. Is that actually right? What if it's stolen and you want to replace it with a different (expensive, and subsidized) phone like a high-end Android phone - also $700?!?

It sounds like the Verizon employee was trying to sell your dad the insurance and he declined. So the employee told your dad that it would be $700 to replace his iPhone should it be stolen.

wsl03

jimfitzgerald wrote:
You're going to have to pay full retail for the replacement phone because you haven't finished paying for the phone that got stolen. When you buy a phone with a discount on a two-year contract, it's as if you have financed the balance of the purchase price over the next two years. If you're careless enough to let it get stolen, you're still going to have to finish paying Verizon what you owe them. You do this by finishing out your two-year contract with a new phone for which you pay full price.

This only happens when you don't add insurance to the phone. Insurance is great, it covers loss, theft, and user caused damage. Sure, you have to pay a deductible, but that deductible is way less than the cost of a new phone at full retail price. Go with the insurance, its a good thing, yea its another charge and most of the time you don't use it; but don't complain if you lose the phone and have to pay for a replacement at full retail because you declined insurance.

unknown

Insurance on a phone is the most ridiculous thing I can think of. You insure against large losses such as your home or your car or your life. You don't spend $10 a month to insure a $500 telephone. If you can't keep your phone from being stolen, you don't need a phone.

mattmd31

insurance is great on phones especially these $700 phones. some of us cant afford to pull $700 out and buy a new one if something happens!!!!!!!!!!!!!!!!

adidasboy420

Also be sure to install "Find iphone" app and set it up apple's mobile me account! If u lose your phone or forget it.. U can do the following from any computer online.. Or another apple device.
1.remote lock with pin..
2.display message remotely
3. Delete all data on phone remotely..

It use to cost but now free.. I think every iphone user should have it.

wsl03

jimfitzgerald wrote:
Insurance on a phone is the most ridiculous thing I can think of. You insure against large losses such as your home or your car or your life. You don't spend $10 a month to insure a $500 telephone. If you can't keep your phone from being stolen, you don't need a phone.
Most people don't pay $10 a month for insurance, most people that have insurance are paying between $5 and $8 per month. Most people don't plan to have their phone damaged, lost, or stolen; and many people don't have the money to fork over for full retail on a new phone, especially in the current economy. Cell phone service used to be something only rich/well to do people had, in today's society that is nowhere near the situation, it is almost a requirement to have a cell phone; you can get by without one, but having one makes things much easier.

Maybe if you had said something like, "If you can't keep your phone from being lost, you don't need a phone," perhaps your point would have been more valid;instead you come off as bitter and as if you have some personal problem with insurance on things. However, I think you will find that most people that have insurance are the more responsible people. Personally, I don't want to pay full retail for a new phone if something happens to mine, ergo I pay a small amount every month so that if something does happen I won't be without a phone.

CJREYES666

Insurance is not for everybody but is nice to have do. For example myself i dont have insurance on my phone but do have the extended warranty do to i signed a two year contract and well mfg warranties are only good for one year. In the case of my wifes phone and my two brothers they all have insurance. Why? well my wife do two of my two kids they like to play with her phone my little brother he travels outside the country now and then and my baby brother, well he is 15 thats more than enough reason for me. My two brother had there phones stolen already and that just was with in two weeks of them getting there phones we werent planning to just drop 600 for each phone and i just knew something like that was going to happen i know my brother better than know themselfs.

unknown

Another option would be don't let your kids play with your $700 phone and don't leave it laying around where it will get stolen. Seems easy enough to me. If you're not going to take care of your stuff, then, by all means, pay for the insurance.

kaebfly

There is absolutely no point in knocking those that purchase insurance. Having insurance does not imply that you are careless...it doesn't imply that you are a deadbeat when it comes to paying your credit card bills...it doesn't imply that you are lazy. It means that for some people having that piece of mind is more important than it may be for others. Those that are knocking others for getting insurance are no better than the implied insults that they are tossing out about insurance buyers.

I do not have the insurance. It was a personal choice. I have had it in the past and have never actually had to use it, but at the time, the cost (less than $5.00 for total coverage) was worth it "just in case". This particular time I factored in the lack of use in the last 4+ years that I had it and the increased annual cost ($131.88/year) and decided that I would save that amount. At the same time, I retained my BB just in case something happened and I needed it since as much as I like my iPhone I would not be devastated enough to replace it at full retail nor would I want to pay $200 for a refurbished phone if by some chance something happened less than a year before I was eligible for a new handset. I could live without my iPhone until the next upgrade because I just don't place that much priority on it. Others do...and they have every right to.

Point being, if insurance works for you then by all means get it. If it doesn't, then don't. Stop judging others just because their choices are different than yours.

unknown

I'm simply pointing out that insurance is not a good deal and people should consider not getting it. It is a waste of money that need not be spent if you can take care of your phone. If you use your phone in a high risk situation, then it makes more sense. That's my opinion and I am entitled to express it.

TBhouston

jimfitzgerald wrote:
I'm simply pointing out that insurance is not a good deal and people should consider not getting it. It is a waste of money that need not be spent if you can take care of your phone. If you use your phone in a high risk situation, then it makes more sense. That's my opinion and I am entitled to express it.

My buddy loves when you end up calling in thinking you're all smart and now have no options for a replacement phone

PJNC284

It's all a game of risk. The insurance company offers insurance under the assumption that you'll never need it. People don't buy it assuming they'll never need it. Kind of like health insurance but I guess the consequences of not having that could be a little more expensive

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