Many people decide to use Verizon’s insurance plan when they purchase their iPhone. Usually, they feel as though it’s the best decision, especially since they’ve broken their iPhone in the past. As much as it may seem like a good decision, it may not be for a few reasons.
The Monthly Cost for Verizon Insurance for the iPhone
When you buy into the insurance for a Verizon iPhone, you will have to pay monthly for it. These monthly costs change over time, so we are not going to tell you what they are now. Just know there is a monthly charge of at least $10. This equates to $120 a year.
After paying the monthly premium for the insurance, if you break your phone, you will have a deductible if you choose to have the iPhone replaced. This deductible is $100. Yes, on top of the monthly cost, you end up paying an additional $100. So, if you break your iPhone once a year, you’re paying $220 for a new one. This may not sound too bad, but when you consider the cost of repairing your iPhone – it is.
The Choice Verizon Gives You
You have two choices for a broken iPhone. You can pay the $100 deductible and have them send you a new one in exchange for your broken one. Alternatively, you can use a third party to fix it. This way you don’t pay the deductible. Does this mean you paid monthly for insurance for no reason? Yes, that’s exactly what you’re doing.
The cost of a repairing an iPhone is usually less than the cost of the $220 you would pay a year for the insurance. This is especially true of a screen replacement for the iPhone. It seems a bit fraudulent when they tell you to use a third-party repair shop to fix your phone to avoid the deductible when you’ve been paying monthly for insurance. This is why most people go ahead and pay the $100 deductible for the replacement phone, making Verizon extremely happy.
Don’t continue to throw your money away on Verizon insurance for the iPhone. Put the money back into your pocket, and just know, if something should happen to your phone, iResQ will fix it. We will also fix it for MUCH less than what you would have had to pay for insurance over the course of a year or two.