This is a difficult question to answer because it really depends on you and your family. About half of CR respondents said that no one in their household had a damaged, lost or stolen phone in the previous two years. If you think you’re probably in that group, you might think it’s safe to skip a plan. But if you have a mishap with your smartphone, you will pay out of pocket. “If you have enough in an emergency fund to comfortably carry a $ 500 or $ 1,000 deductible on your homeowners insurance, then you can also afford a damaged or replacement phone,” says Robert Hunter, director of insurance for the Federation of Nonprofit Consumers. America’s Profit Officer and Former Texas Insurance Commissioner.
If you have children 12 and under, a plan that covers damage, loss, and theft can save you some headaches. In our survey, 81% of people with a smartphone and young children at home said they had lost at least one phone in the past 2 years. More than a quarter of that group said they had had more than 5 lost, stolen or damaged phones in the last 2 years.
To get an idea of how much, if anything, you’d save with insurance in your own situation, consider these possible scenarios. Let’s say you have T-Mobile Premium Device Protection with Apple Care + for your iPhone 8. If, in 2 years, you only need a screen repair, the coverage could cost about $ 170 more than what you would pay to repair the phone. . However, if you need a screen repair, then lose your phone and then break the screen again in the first 2 years, the plan could save you up to $ 415, depending on when the accidents happen.
If you need the same 3 repairs on your Galaxy S8 + and you have the AT&T Mobile Protection Package, you can save as much as $ 670 over 2 years over what you would spend without coverage. But if you just need a screen repair, the plan could cost about $ 60 more than no insurance at all. And of course, if you don’t have a problem with your phone, you will pay the full cost of the coverage. In that case, a hard case for your phone would have been your best insurance.