Alyssa Lane
Verizon offers a range of insurance options for customers who want to insure their smartphones, including protection against theft, accidental damage, device repairs, tech support, and device optimization. However, some people argue that Verizon phone insurance is not worth it due to its high costs, limited claims, and negative reviews regarding its insurance and device protection services. For instance, customers spend up to $17 per month, which amounts to over $200 annually. Thus, if a customer makes the maximum of three permitted claims in a year, they will pay a total of over $950.
| Characteristics | Values |
|---|---|
| High cost | $14-$17 per month for a single device, $34, $50, or $60 for multiple devices |
| Limited claims | Three permitted claims in one year |
| High deductible | $99 deductible for damage replacement |
| Poor customer reviews | Over 2,000 complaints on Better Business Bureau; rated 'Bad' by Trustpilot |
| Alternative options | AppleCare, Asurion, Upsie Protection Plans |
| Peace of mind | May be worth the price for peace of mind |
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What You'll Learn
High cost
The high cost of Verizon phone insurance is a significant factor to consider when deciding if it is worth purchasing. Verizon charges its subscribers $14 to $17 per month for insurance and device protection on smartphones, amounting to an annual cost of $204. This is a significant expense, especially when compared to other insurance providers like Upsie, which offers a protection plan for just $7.99 per month.
The high cost of Verizon phone insurance becomes even more apparent when considering the limited number of claims allowed. For example, if a Verizon phone insurance customer makes the maximum of three permitted claims in one year, they will pay a total of over $950, which is significantly more than what customers would pay for coverage elsewhere.
In addition to the high cost of the insurance itself, there are also deductibles for certain types of repairs. For example, a $99 deductible applies to any damage that is ineligible for cracked screen repair. This can add up quickly, especially if multiple repairs are needed within a year.
While Verizon phone insurance can provide peace of mind and protection for your device, the high cost may not be worth it for some customers, especially those who are careful with their phones and do not anticipate needing frequent repairs or replacements.
Instead of purchasing Verizon phone insurance, some people suggest putting the insurance premium into a high-yield savings account. This way, you can use the funds to pay for any necessary repairs or replacements, and you still come out ahead financially in the long run. Ultimately, the decision to purchase Verizon phone insurance depends on individual factors, such as the likelihood of needing repairs and the preference for having the device insured.
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Limited claims
Verizon offers a range of insurance options for customers who want to insure their smartphones. These services include protection against theft and damage, device repairs, tech support, device optimization, and more. One of the insurance options is the Verizon Mobile Protect plan, which includes Wireless Phone Protection, Verizon Extended Warranty, and Mobile Secure.
Wireless Phone Protection covers loss, theft, and damage (including liquid damage and screen damage). It also provides unlimited cracked screen repairs for select smartphones. However, it is important to note that there is a limit of three device replacement claims in a 12-month period, with a maximum value of $400 or $3,000 depending on the device.
Verizon Extended Warranty provides unlimited out-of-warranty device repairs for select smartphones by appointment at a Verizon-authorized repair facility. This option is not available in Florida or for Florida customers.
Mobile Secure offers 24/7 premium tech support for select smartphones, digital security and privacy tools, device optimization, and performance checks. However, it does not provide coverage for loss, theft, damage, or post-warranty malfunctions.
While Verizon's insurance plans offer comprehensive coverage, some customers may find the limited number of claims restrictive. For example, the maximum of three claims per year may not be sufficient for those who frequently experience issues with their devices. Additionally, the deductible for repairs or replacements can add up, especially if multiple incidents occur within a year.
For Florida customers, it is important to note that the insurance program provides coverage for post-warranty malfunctions, but a damage deductible applies. This means that while Verizon's insurance plans offer protection, the limited number of claims and the associated deductibles may impact the overall value and feasibility for customers, especially those with multiple devices or frequent repair needs.
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Poor customer reviews
Verizon is the largest wireless carrier in the United States, with 121.3 million subscribers as of 2Q 2021. The company offers a range of insurance plans for its customers' smartphones, including the Samsung Galaxy and Apple iPhone.
However, some customers have criticised Verizon's phone insurance plans due to their high cost. Verizon charges its subscribers $17 per month for insurance and device protection, which amounts to $204 annually. Some customers have suggested that this cost is unnecessary, as it is comparable to the price of a new phone.
In addition to high prices, customers have also complained about limited claims and poor experiences with Verizon's representatives when trying to use their insurance. One customer recounted a story of their phone screen flickering, and despite having insurance, they were unable to get it repaired as their one-year warranty had expired.
While some customers have expressed satisfaction with Verizon's insurance plans, providing peace of mind, others have suggested that there is a "mathematical point" at which the insurance is no longer worth the cost. This suggests that there are alternative options, such as setting aside money to buy a new phone if needed, that may be more cost-effective in the long run.
Overall, while Verizon's phone insurance plans can provide protection against theft, accidental damage, and other issues, the high costs and limited claims have led to poor customer reviews. Customers should carefully consider their options and decide if the insurance is worth the additional monthly expense.
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Third-party insurance alternatives
Verizon phone insurance is considered expensive, with customers paying up to $17 per month, which equates to over $200 annually. This high cost, combined with limited claims, has resulted in negative reviews for Verizon phone insurance.
There are several third-party insurance alternatives that offer similar or better coverage at more competitive prices. Here are some options:
Upsie Protection Plans
Upsie offers protection plans that are significantly cheaper than Verizon's insurance. While the exact price is not mentioned, customers can save money by choosing Upsie over Verizon.
AT&T
AT&T offers phone insurance for $14 or $17 per month, billed to your AT&T account. This covers loss, theft, physical or liquid damage, and out-of-warranty malfunctions. A replacement device can be sent out on the same day a claim is filed. You will have to pay a deductible for each claim, but these fees decrease by up to 50% if you don't file a claim for six months or more. You are allowed three claims per year, with a maximum value of $3,500 per claim.
Samsung Care Plus
If you have a Samsung phone, Samsung Care Plus offers four tiers of monthly pricing: $8, $10, $13, and $16. This insurance covers accidental damage, with a deductible of $29 for cracks and repairs, and $99 for ADH repair or replacement. It also provides free mechanical breakdown service, round-the-clock setup assistance, and remote technical support.
StayMobile Protect
StayMobile has one of the largest device insurance platforms and offers protection for as little as $9.99 per month per device. This plan provides a replacement device for phones and tablets if they are lost, stolen, damaged, or have a mechanical failure. The deductible fees range from $49 to $249. Your replacement phone is available the next business day, and protection continues even after the manufacturer's warranty expires.
SquareTrade
SquareTrade, now part of Allstate, offers single-device protection for $12.99 per month and a family plan for $24.99 per month, covering up to four devices. In addition to accident insurance with same-day repairs, it also includes tech support, identity theft protection, and one Allstate Roadside Assistance service call per year.
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Peace of mind
Verizon phone insurance can provide peace of mind for those who want protection against theft, accidental damage, and loss. For those with top-tier devices, insurance can be a good idea, especially if you're prone to dropping your phone or are worried about losing it.
Verizon Mobile Protect offers a range of services, including screen repairs, tech support, and next-day device replacement. It covers loss, theft, and damage, including liquid and screen damage, and offers unlimited cracked glass repairs for select smartphones with a $0 deductible. The plan also includes a Verizon Extended Warranty, which provides unlimited out-of-warranty device repairs for select smartphones, subject to parts availability and by appointment at a Verizon-authorized repair facility.
However, some may argue that the high costs of Verizon's insurance plans, which can be up to $17 per month or $204 annually, make it not worth it. This is especially true if the insurance costs are nearing the price of a new phone. Additionally, there are limited claims and negative reviews regarding the ease of using the insurance.
Ultimately, the decision to purchase Verizon phone insurance depends on individual preferences and circumstances. While it can provide peace of mind and protection for your device, it may not be worth the additional cost, especially if you are careful with your phone and feel confident in your ability to avoid loss, theft, or damage.
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Frequently asked questions
Verizon phone insurance is worth it if you have a top-tier flagship device and want to protect your device from theft, accidental damage, and loss. However, it is not worth it if you can easily afford to repair or replace your phone, as insurance is an unnecessary added expense in that case.
Verizon phone insurance has been criticised for its high costs, limited claims, and poor customer reviews. Customers can end up paying over $950 for three claims in a year, which is more than they would pay for coverage elsewhere.
Verizon phone insurance offers protection against theft, accidental damage, and loss. It also provides access to device repairs, tech support, device optimisation, and more.
