Why You Should Never Buy Verizon Phone Insurance

Over 120 million users in the U.S. subscribe to Verizon's wireless network. Many of these also pay for Verizon phone insurance and device protection services. However, at up to $17 per month, customers spend more than they need to for coverage.

With 121.3 million subscribers, according to its 2Q 2021 Earnings Conference Call Webcast, Verizon is currently the largest wireless carrier in the United States. While it's unclear precisely what proportion of its customers pay for Verizon insurance and device protection, many smartphone owners who do are spending over $200 annually for the privilege.

Verizon charges these customers every month unless they cancel, with the amount billed directly to their Verizon accounts. Yet, many customers don’t realize they're overpaying significantly for warranty coverage. Furthermore, Verizon's phone insurance and device protection services suffer from a number of limitations.

For example, despite paying hundreds for coverage, Verizon customers must also pay a deductible of up to $249 when making a claim. At the same time, Verizon limits claims to three per year. So, what happens if Verizon phone insurance customers find themselves having more than three mishaps in a given 12-month period? In this instance, even though the customer paid $200 or more for protection, they don't have protection.

Because of the high costs, customers should avoid purchasing Verizon phone insurance.

Verizon charges its subscribers $17 per month for insurance and device protection on smartphones like the Samsung Galaxy and Apple iPhone. That's $204 annually. So, should a Verizon phone insurance customer make the maximum of three permitted claims in one year, they'll pay a total of over $950 ($204 + $249 + $249 + $249).

That's more than customers are likely to pay for coverage elsewhere.

With Upsie, for example, a protection plan costs just $7.99 per month.

What's more, Upsie's claims are affordable. Upsie's cracked screen repair deductible is $0, meaning that customers pay nothing when they need to repair a cracked screen. Customers pay a deductible of only $75 for other repairs and $150 for replacements. You can save hundreds of dollars by avoiding Verizon insurance and choosing Upsie protection plans instead.

High prices and limited claims aren't the only downsides to Verizon phone insurance and device protection. In fact, these are just some of many issues reflected in thousands of online reviews for Verizon phone insurance and its underwriter, Asurion.