Assurion vs Upgrade

[spitxfire]

That's definitely a good point but something like a cracked screen isn't covered under manufacturer warranty.  So that's why i think it's good to have on smart phones.  At my previous job I had to sell extended warranties and credit cards and I hated it.  A lot of people like you said, don't buy that stuff, and that's why I hated selling it, I didn't even get a commission I just got reemed out if I didn't meet a quota.  But

[#2]

And don't forget the opportunity cost, the money you could have made if you invested that cash somewhere.

[#3]

It is not good to have on a smartphone unless you expect to collect on almost every smartphone you own.  I haven't done the arithmetic, but it's probably a lose if you only collect on every other phone.  Instead of buying insurance, people should take care of their stuff and have a substantial savings account for emergencies.  Financial experts say you should have 8 months of living expenses in liquid savings.  A lot of people don't have 8 days worth.

[richie72846]

jimfitzgerald,

You don't understand insurance. I have my life insured for 2 million dollars. The insurance company is betting and hoping I don't die, I'm hoping and betting that I do die. I'm the winner here in a funny sort of way, because eventually I know that I will die and then the insurance company is the looser. But are they really ?  Depends how you look at it. INSURANCE is a necessary evil.  $9.99 a month for a $600 piece of equipment is a very good deal, but a lousy investment.

[#5]

what you don't understand is insurance makes money for the investors. They have the fail rate based on what you and others pay for that insurance.

Because of my age my cist per month for $250,000 is around $400 per month. No it was not always that high and I have had it over thirty years. But by the time my wife collects I would have paid most of it myself. Could have dobe the same if I put into CD's or an IRA or with Merrill Lynch.

There are also policies where at a certain age they stop. NY its 75 years of age. So you paid for zero.

Almost all insurers have out clauses and conditions in place not to pay off. Heck my auto insurance pays out 40% but they are making 60% pure profits. In life insurance the companies know everyone is not going to drop dead at the same time, and if we did they would not have to pay anyway .

And health insurance is also a money maker, I could go on and on.

[HawaiiBKC]

1. How long do I have before I have to use my upgrade before it goes away ?

Upgrade doesnt go away. You have it forever.

2. Can assurion insurance be canceled at any time ?

Any time.

3. Doesn't it make sense to canx. the assurion insurance ?

If you seem like you're careful with your phone, yes.

Although, if you do lose your phone / break it / get it stolen you'll be out hundreds of dollars.

[#7]

I'm sorry, but I totally understand all types of insurance.  Insurance on a cell phone is only smart if you collect more than you pay.  Most people don't.  I have never had insurance on consumer electronics.  I am 65 years old and would never have collected a penny.

[#8]

You and me both

[#9]

And instead, we invested and retired early, so we can hang out on this silly forum all day.  Geez.  I'm glad I have my flying and drag racing hobbies.

[richie72846]

Thanks HawaiiBKC for the answers.