get off the edge and huddle up with me on protection plans

[LENNYEDGE]

WHO OR HOW MANY  of you have protection plans you paid for a year or monthly,  on their s7 or s7edge. do i need it, is it worth it, have you used yours yet. it seems not needed but i'm reading horror stories in forums on screens splattering and water damage.

[Klue]

It's a waste of money IMO, however that being said if you have a habit of dropping your phone, or giving it a bath then the protection plans would benefit you. My wife and I have used cell phone for over 10 years and have not ever needed the insurance plans.

[LENNYEDGE]

THANK YOU. i'm tired of any insurance such as renters insurance too. its worthless. one always pays out more than receiving a benefit.its a fear tactic companies use.

[Ann154]

I would rather pay for homeowners or renters insurance then a separate insurance for a phone. Especially if those other insurance policies actually covers electronic devices like phones.

[LENNYEDGE]

agreed.

[pherson]

Right! Like how car insurance and health insurance is a ripoff! Until you get hit by an uninsured driver or a driveby and can't get to work, or you have bad stomach pains and find out you have a disease that you have to pay for. In the modern day of $700 plus cell phones not having coverage is dumb.

[rcschnoor]

pherson wrote:

In the modern day of $700 plus cell phones not having coverage is dumb.

I certainly don't agree!

Insurance only turns that $700 phone into a $950 phone. In all my years of having cell phones WITHOUT insurance, I have saved enough money in premiums to purchase SEVERAL $700 phones and STILL be ahead of the game.

4 lines @ $10/month for over 10 years amounts to $4800+ in premiums I DIDN'T pay and yet I would have only made 1 claim about 14 years ago had I purchased insurance. I simply replaced my phone in that instance with one of my backup devices I had kept when purchasing a new one. I have no intention to EVER purchase insurance on a cellular device, expecially when I have several WORKING phones from whenever I purchase a new device if I do not feel like immediately going out to purchase a replacement for a broken phone.

[ralph1017]

I agree. Though that's really how insurance works. You are paying for something that you'll only get when something bad happens. And with the added deductible for every insurance claim. It is really a fortune and therefore really defends on how someone takes care of their devices. $11 for TMP for 24 months is $264. Then add the deductible which usually is at $199 then you'll get $463. If I got my phone lost or stolen. Then I can just add a couple hundred bucks on top of that $463 and I can purchase a newer phone.

[rcschnoor]

ralph1017 wrote:

I agree. Though that's really how insurance works. You are paying for something that you'll only get when something bad happens.

Yes, I know that is how insurance works, however I think insurance is only good to have on high dollar items. $40,000 car and $500,000 house for example. The DEDUCTIBLE($1000) on my auto insurance and home owners insurance is MORE than the cost of any single cell phone I have ever purchased.

I also think the premiums on cell phone insurance are WAY overpriced. There is quite the discrepancy in cost of insurance vs cost of item being insured between phone/auto/homeowners insurance. The ANNUAL insurance premium thru Verizon is ~20% of the cost of a phone. The ANNUAL premium of my homeowners insurance is ~0.4% of the cost of my home. The ANNUAL premium of my auto insurance is ~5% of the cost of my cars and that is with 2 young drivers on my policy! It was MUCH lower before I added them to the policy. The fact phone insurance DOES NOT take into account your habits but charges EVERYONE the same amount even if you NEVER file a claim only magnifies that discrepancy. Then there is the deductible, lets say $150 for phones which amounts to 21% on a $700 device AFTER paying ~20% of the cost of the device in annual premiums. Imagine if you had to pay those type of percentages on your home or car for premiums/deductible????

[ralph1017]

Well it is something that is entirely optional. But if you didn't add it and then broke, or got your phone lost and stolen. Then I won't blame you if you'll exclaim "dang it! I should have added it!" . Thing is, just like all other insurances, they are just... there. It may look like a waste of money. Since you won't get its worth until you need it. So it is more like a gamble. I tend to not add insurances for my phone except for extended warranty, if I broke it then I'll just accept it's my fault . But it's a different case for my teens.

[VINSTIGATOR1]

I agree with the replies thus far in that it depends on your circumstances.

Knowing that there is a $150 deductible in addition to the monthly fee makes it

less appealing. If it is a first smartphone, or meant for someone with problems

with dexterity, or who dislikes the bulkiness of the Otterbox Defender or similar

heavy duty cases, would sway me toward the plan. I'd rather set aside the costs

of the protection plan & deductible myself and gamble that my caution and Defender

will do the trick.

[mama23dogs]

Ive had a cell phone for 20 years.  I added up all the phones on my account for 20 years at the monthly insurance rate and figured I've saved $5,000 + by not using insurance.  In all that time we lost one phone, one was chewed by a puppy and one was dropped and broken. 

I came out ahead.

[LENNYEDGE · Accepted solution]

i have the correct answer now. purchased protection plus for two years COVERS CRACKED SCREENS, and not by abusive usages. i've seen in two weeks 20 cracked screens whether they are honest or not how it happened. i will not be left hanging out to dry.

[VINSTIGATOR1]

I must admit that I signed up for my first 2 months of S7 edge ownership. (I only chose it for the larger screen).

I'm glad you found the answer that works for you.