Does anyone carry phone insurance? Tmobile's Jump?

[Mai72]

I've had my Note5 for nearly 2 weeks now. I have until Wednesday to purchase Tmobile Jimp. It's $10 a.month. It includes the ability to purchase a new phone every year once you pay off 50%. I guess that's great if want to have the latest phone. The other thing is your phone is covered from theft, accidental drops, etc. I'm pretty good with my phones. Had my Nexus 5 for 2 years and only dropped it once or twice. No damage because I always use a case. I do remember being in Korea and had a British guy try to steal my Droid X at the time. Went to the bathroom and my phone was on the table. I was wasted and got careless. Thank God someone saw him do this. Got my phone back. No other issues.

So is the $10 a month extra worth it? I know there are other insurance companies that will charge $5 a month. I might do this instead. Or, I might do nothing. Any ideas are appreciated. Thanks.

 

[paperwastage]

For accidental damage/theft, don't forget that you have to pay a deductible on top of the insurance, and you get a refurb phone

Assume you "oops" once a year - $10 * 12 = $120, plus $175 deductible ~= $300

seeing how fast android phone value drops after a year (you can get last years android phones for under $300 and decent midrange for $200), the insurance part is not really worth it

as for the other side (upgrade after 50% paid) - smartphones now are powerful enough, should last you at least 1 year...
http://www.whistleout.com/CellPhones/Guides/should-you-get-t-mobile-jump

It's important to note that no matter which phone and plan combination you choose, you'll always pay $240 more over two years on JUMP! than you would for the same phone and plan without an early upgrade option.

 

[Mai72]

Thanks for your answer.

I normally wait at least 2 years to upgrade. I don't need the latest and greatest every year. IMO, it's just not worth the cost. The reason I upgraded from the Nexus5 to the Note5 was the Nexus5 was showing its age. I use my smartphone for everything, so I'm on it all the time. It's like my personal assistant and entertainment device rolled into one.

 

[Oyeve]

Insurance is a rip. Case in point. New user with iPhone 6. Insured. Drops in toilet withing 2 months. Vzw want 180. New account for iPhone 6,99 bucks. Order new iPhone, have user swap Sim. Cancel a dummy account I keep for just this reason.

 

[paperwastage]

Thanks for your answer.

I normally wait at least 2 years to upgrade. I don't need the latest and greatest every year. IMO, it's just not worth the cost. The reason I upgraded from the Nexus5 to the Note5 was the Nexus5 was showing its age. I use my smartphone for everything, so I'm on it all the time. It's like my personal assistant and entertainment device rolled into one.

then it's not worth it.... you'll likely keep your phone for 2 years, making the "JUMP new device" part useless

and self-insure (i.e. put $10 in your savings account every month)... if you have an accident , take it out and get a midrange phone (eg moto g 3rd gen for $199, versus a $175 deductible)

Insurance is a rip. Case in point. New user with iPhone 6. Insured. Drops in toilet withing 2 months. Vzw want 180. New account for iPhone 6,99 bucks. Order new iPhone, have user swap Sim. Cancel a dummy account I keep for just this reason.

not sure how this math works out.... you're paying extra $ every month for a dummy account/line?

 

[openwheel]

TMobil's Jump is only worth it if you "must" have insurance. Even then, it's debatable.

I have it (Verizon), but only because it is free for me.

 

[Oyeve]

not sure how this math works out.... you're paying extra $ every month for a dummy account/line?

I suspend the acccount. Suspension cost the same as paying the monthly. Biggest benefit is I dont have to do the paperwork, scanning drivers license, and all that crap that takes 2 weeks for asurion to get going.

 

[Red Storm]

I suspend the acccount. Suspension cost the same as paying the monthly. Biggest benefit is I dont have to do the paperwork, scanning drivers license, and all that crap that takes 2 weeks for asurion to get going.

Trying to understand this as well. So you're paying for that extra line? How much does it cost?

 

[Oyeve]

Trying to understand this as well. So you're paying for that extra line? How much does it cost?

5 bucks a month.

 

[lopri]

I agree with Oyeve. There may be corner cases where insurances might come out a better deal, but the carriers will get money no matter what and you will at best come out even, which beats the whole insurance ordeal. You also get a refurbished phone as a replacement.

 

[lxskllr]

I'm just careful with my stuff. I don't buy insurance for products.

 

[corkyg]

I suppose it really depends on your exposure. In lxskllr's vein, I have always been self insured. I do however, carry a personal items floater, and I believe that would suffice.

 

[slackerinabox]

In a big city and a shiny iphone (not yet, backordered), I like the safety of loss/theft protection. I know there's a deductible, but it's better than paying $800 out of pocket. I also like swapping my phone every 6 months.