Cell Phone Insurance: Is it Worth It?

People are nearly as passionate on the issue of cell phone insurance as they are on politics or religion. Some are convinced it’s absolutely necessary because they don’t have the capital to buy a brand-new $800 iPhone upfront if something happens to theirs. Others reason that in the years they avoid paying phone insurance, they’ve essentially saved the amount of money they would need to get a new phone in case of emergency anyway.

Wherever you stand on this issue, there are a couple of things to consider when you think about phone insurance:

· Look at your current financial situation. If, for example, you have a decent amount of money saved up, the rationale that you are saving $10 a month on phone insurance for several years could make sense if something ever happened to your phone. But keep in mind, it could take up to 8 years of no accidents to make that equation work.

· Look at your track record. Do you lose or damage your phones frequently? If so, phone insurance might end up being the most affordable option for you.

· Shop around. The insurance your phone company offers when you purchase your phone may not be the most affordable option—and may not even be the best coverage. There are other choices out there!

· If you have several phones, seek a plan that will cover them all. Coverage for multiple phones will mean a discounted policy for you and your family.

The main thing to keep in mind is that you don’t need to jump in and purchase cell phone insurance the day you buy a new phone. Do your research, run the numbers, and find out if it’s the best choice for you and your family. There are lots of options out there if you take the time to educated yourself. What are your thoughts on cell phone insurance coverage? Share them in the comments below.

By lkittell