My current smart phone was bought almost two years ago. I ended up purchasing at Best Buy instead of my service provider because of a promotion run at the time, and I ended up saving close to $200 on the phone. I signed up for a 24 month payment plan, which at the end pays off the phone and gives me full ownership. I would've payed for the phone in full, but I didn't have the money at the time. When I got the phone I added Best Buy's Geek Squad Protection Plan mostly out of fear of breaking the phone, which was the reason I had to purchase a new one then.
The payments on my phone are about to end, meaning I will own the phone and not have to return it as a lease. I am planning to keep my phone until it dies. I have no desire to buy the latest phone for the sake of having something newer. I can be content with the technology I have until it fails. I am just not sure about what I should do with the insurance plan (Geek Squad Protection) I have on my phone. It's about $10/month. To date I haven't had any issues with my phone and haven't had to file a single insurance claim. I recognize that insurance should be viewed as risk allocation, but nevertheless it's frustrating that I've paid two years for an optional plan and didn't even need it once.
Should I cancel my phone's insurance plan after the two years expires, or keep it since I'm planning on keeping the phone?
Do you feel insurance on a cell phone is even worth it in the first place?
Submitted February 19, 2020 at 04:06PM by broadshoulderdaddies https://ift.tt/39N3wpJ
