If you‘ve recently purchased a pricey new smartphone or tablet from Verizon, you were likely offered the option to add Verizon Protect, the carrier‘s premium device protection plan. For $14-17 per month, it promises to safeguard your shiny new gadget from life‘s mishaps like drops, spills, and more.
But is paying for Verizon Protect really worth tacking on yet another monthly fee to your already hefty cell phone bill? As an expert in consumer tech with a critical eye for value, I‘m here to help you decide if Verizon‘s insurance is a smart buy or an unnecessary money pit. Let‘s break it down!
Verizon Protect 101: What‘s Covered and What‘s Not
First, it‘s important to understand exactly what Verizon Protect does and doesn‘t cover. According to Verizon‘s website, the plan includes the following key benefits:
- Same-day device replacement for lost, stolen, or damaged devices (when available)
- Unlimited cracked screen repairs for $29 per incident
- Battery replacement at authorized repair centers
- Tech Coach support for device setup and troubleshooting
That all sounds great, but the devil is in the details. Verizon Protect has some notable coverage limitations and exclusions to be aware of:
- Lost, stolen, or damaged claims are subject to deductibles from $9 up to a whopping $249 depending on your device tier. For example, a lost iPhone 14 Pro would cost you a $229 deductible to replace.
- "Cosmetic damage" like scuffs and scratches that don‘t affect the device‘s functioning aren‘t covered. Neither is intentional or reckless damage.
- Coverage doesn‘t extend to any accessories like cases, screen protectors, chargers, etc.
- Tech Coach remote support is unlimited, but in-store repairs/replacements are capped at 3 claims per year per line.
So while Verizon Protect does offer pretty comprehensive coverage for major damage or loss compared to your device being totally uninsured, it‘s far from a free pass to be careless. You‘ll still be on the hook for sizable deductibles and coverage has its limits.
The High Costs of Unprotected Tech Catastrophes
You might be thinking, "I‘m careful with my devices, I don‘t need insurance!" But the data tells a different story. A 2022 report by Allstate Protection Plans found that 87 million Americans have had their smartphone damaged, lost, or stolen in the past year. That‘s a whopping 47% of us!
And when misfortune does strike your beloved device, the costs can be catastrophic, especially for the latest high-end models:
- A shattered screen repair on the newest iPhone or Samsung Galaxy will run you $279-329, according to electronics repair retailer Asurion.
- Battery replacements are a bit cheaper, but still cost $69-99 depending on your model.
- And if your phone takes a fatal dunking, gets crushed, or disappears altogether? Expect to shell out $800 or more to get a new flagship device out of pocket.
Even if your particular phone is a bit older or cheaper, there‘s no denying that mobile devices are a significant investment that most of us can‘t easily afford to unexpectedly replace. The average smartphone upgrader spends $619 on a new device, according to Android Central. Could you pull that out of your emergency fund on a whim?
Counting the Costs: Verizon Protect Pricing and Deductibles
Now let‘s talk dollars and cents. How much will Verizon Protect actually cost you? Well, it depends on what type of device you‘re covering and how many you need insured:
- For a single smartphone, it‘s $14/month for "Tier 2" devices (older models) or $17/month for "Tier 1" devices (the latest smartphones).
- For a basic phone or tablet, expect to pay $8-11/month.
- If you want coverage for multiple devices, Verizon offers a $50/month multi-device plan for up to 3 lines (it‘s +$11/month for each additional line after 3).
Over the course of a year, that adds up to $168-204 for a single smartphone or up to $600+ for a family plan. And don‘t forget the deductibles on top of that if you actually need to use your coverage:
- Tier 2 smartphone deductibles range from $9 for a battery replacement to $199 to replace the device.
- Tier 1 smartphones have steeper deductibles, from $29 for a screen or battery repair to $229-249 to replace.
- Basic phones and tablets range from $9-99 deductibles.
Here‘s how those numbers pencil out in some common claim scenarios:
| Scenario | Without Insurance | Verizon Protect |
|---|---|---|
| Cracked screen on iPhone 14 Pro | $329 repair cost | $29 deductible |
| Lost Samsung Galaxy S22 (need to replace) | $799 retail price | $229 deductible |
| Dead Pixel 7 battery (needs replacement) | $99 repair cost | $29 deductible |
| Stolen iPhone SE 2022 (need to replace) | $429 retail price | $199 deductible |
Costs based on current repair/retail pricing as of March 2023. Assumes Verizon Protect $17/month premium already paid.
As you can see, having Verizon Protect can make a massive difference in your out-of-pocket costs when bad luck rears its ugly head. A single cracked screen or lost device incident can instantly make the monthly premiums feel worthwhile.
Of course, this math only works out in your favor if you actually end up needing a repair or replacement. There‘s always the possibility that you‘ll pay for coverage you never use. But given the high likelihood of damage or loss, it‘s a bit like playing Russian roulette with your wallet to go unprotected.
What About Verizon‘s Competitors and Alternatives?
Verizon Protect certainly isn‘t the only game in town when it comes to insuring your connected devices. Virtually all the major carriers have their own coverage options you might consider:
- AT&T Mobile Insurance and Protect Advantage: Starts at $9/month for basic coverage up to $40/month for a full-featured multi-device protection plan. Offers similar benefits to Verizon, but it‘s a bit cheaper.
- T-Mobile Protection: Pricing ranges from $7-15/month for one device or up to $35/month for three devices. Device replacements are limited to two per year.
- Samsung Care+: The device maker‘s own plan that covers Galaxy phones and tablets for $6-13/month, even if you didn‘t buy from Samsung.
- AppleCare+: Apple‘s proprietary coverage for iPhones, iPads, etc. Ranges from $5/month to $10/month for two years depending on device. Like Samsung‘s plan, you don‘t have to buy from Apple.
- Opt for renters/homeowners insurance that covers personal possessions including portable electronics. Many major insurers like State Farm, Allstate, etc. offer this.
- For the self-insured, stash away the equivalent of the monthly premiums in a tech emergency fund each month so you have a repair/replace cushion.
Compared to competitors, Verizon Protect tends to be on the pricier end of the spectrum, especially for the latest devices. But it offers some of the most robust coverage and perks. The carrier-agnostic manufacturer plans from Samsung and Apple are particularly compelling if you‘re loyal to a single brand.
Ultimately, there‘s no one-size-fits-all "best" device protection plan. The right fit depends on your particular needs, budget, and preferences. But hopefully this gives you a lay of the land for what‘s available!
How Long Do Devices Usually Last Anyway?
Another factor to consider in the insurance equation is how long you actually plan to keep your device. Mobile tech has gotten more durable and longer-lasting in recent years. But it still doesn‘t last forever, even if you baby it.
According to a survey by Statista, iPhone users tend to keep their device for just over 3 years before upgrading. While Android owners swap out around the 2 year mark on average.
Of course, those are just typical lifespans. Some folks pride themselves on eking out many more years from their devices. Others always want the latest and greatest. But in general, you can expect to get 2-3 years of solid use before you‘ll be ready to move on.
So what does that mean for Verizon Protect? Well, it‘s an argument for only insuring your device while it‘s fairly new and you expect to keep it for the foreseeable future. Paying to insure a phone you‘re planning to replace in a few months anyway doesn‘t make a ton of sense.
And once your device is outside that core 2-3 year window, it might not be worth continuing to pour money into insuring it when you‘ll likely be upgrading soon regardless. At that point, you‘d probably be better off saving those monthly premiums to put toward your next device purchase.
Tips to Prevent Damage and Avoid Insurance Claims
As the old adage goes, an ounce of prevention is worth a pound of cure. Even if you do opt for Verizon Protect or another insurance plan, it‘s always best to avoid the hassle and costs of repairs or replacements in the first place. Here are some expert tips to keep your tech safe:
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Always, always, always use a screen protector and rugged case. It‘s a small investment upfront that can save you from catastrophic damage down the line.
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Avoid taking your devices into precarious situations where damage or loss is likely. That includes the gym, beach, hikes, crowded spaces, etc. Leave it at home or store it securely.
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Never leave your device unattended in public spaces or unsecured areas. It only takes a moment for a thief to swipe it or for you to forget it.
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Keep your device updated with the latest security patches and anti-theft apps like Find My iPhone. This can help you track and remotely wipe the device if lost/stolen.
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Practice situational awareness and use two hands when handling your device, especially in precarious spots like over concrete, on public transit, etc.
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Buy high-quality, reliable chargers and cables to avoid damaging your device‘s ports or causing electrical issues. Cheap off-brand accessories aren‘t worth the risk.
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Clean your device regularly and gently. Built up dirt, grime, and moisture can degrade your device and make it more prone to damage over time.
No matter how careful you are, accidents can still happen. But being proactive and taking some sensible precautions can dramatically reduce your risk of ever needing to file an insurance claim.
The Bottom Line: Is Verizon Protect Worth It For You?
So after all this analysis, is Verizon Protect actually worth the cost? As with most types of insurance, it really comes down to your unique situation, risk tolerance, and financial picture.
Verizon Protect may be a smart buy if:
- Your device is new and expensive (retail price of $800+)
- You have a history of frequent damage or loss incidents
- You‘re in a high-risk environment (active job, lots of travel, have small kids, etc.)
- Paying $200+ to replace your device would be a huge financial strain
- You really value the peace of mind and convenience of easy repairs/replacements
You might be better off skipping Verizon Protect if:
- You‘re militant about using good screen protectors and cases
- Your device is old or cheap enough to comfortably replace out of pocket
- You have a great track record of keeping devices safe for years
- The recurring monthly premiums would be a noticeable burden on your budget
- You have other applicable insurance like renters/homeowners that could cover you
If you do decide to enroll in Verizon Protect, be sure to do it within the first 30 days of buying or activating your device. Otherwise you‘ll be ineligible, even if you‘re already a Verizon customer. And always double check the fine print on covered incidents, deductibles, claim limits, etc.
When in doubt, it never hurts to do a little cost-benefit analysis for your particular situation. Tally up the annual cost of premiums, deductibles for the most likely incidents, and the out-of-pocket replacement cost. Then weigh that against the likelihood of damage/loss (be honest with yourself!) and the financial hit of a worst case scenario.
For many, the numbers will work out in favor of insurance. For some, it‘ll be smarter to self-insure. But either way, you‘ll have the reassurance of knowing you‘ve made an informed and intentional choice, rather than just blindly shelling out for an upsell.
At the end of the day, Verizon Protect is a lot like any other insurance product. It‘s not about getting the "best deal", but rather transferring risk to protect your downside. The monthly premiums are the price of that protection and peace of mind. Whether it‘s a price worth paying is ultimately up to you!
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