Replacing your damaged, lost or stolen cell phone: The true story

Discussion in 'ENSQUARED' started by n2_gordon, Oct 10, 2010.

  1. n2_gordon

    n2_gordon New Member

    Oct 7, 2010
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    Ensquared has addressed very clearly what many cell phone owners miss or are certainly not aware of. There is a big misconception that the entry price for a device when taking out a contract with AT&T, Verizon and so on (often only $50 going up to $200 for advanced smartphones) is indeed the replacement cost of the device. This is completely incorrect and comes as a rude shock to those uninsured subscribers when their phone gets damaged or lost. What happens in reality is that the true cost of the phone minus your upfront payment for the device on taking out the contract is amortized over the contract period. If the phone becomes dysfunctional and needs to be replaced the affected claimant will not get the subsidized benefit of a replacement. It will absolutely cost the full replacement, which is seldom less than $500 and can go as high as $750. Knowing this is understanding the true benefit of a good insurance program that covers the claimant for a full replacement (mostly new) for a fraction of the replacement cost. Moreover, a good program like Ensquared covers the claimant not only for one claim but in most cases two over one year period, and three on a two year program. Two losses and damages on iPhone 4, for example, over a one year period could be as high as $1500 replacement cost. On the Ensquared program the claimant could get replacements for the premium ($98.99) + 2 times the deductible of $150 ($300). So claim value of $1500 costs claimant approximately $400 - just over half the value of one replacement. AT&T offer the same program for $144 premium and $200 deductible so on "apples to apples" comparison the cost to the claimant versus Ensquared is $544 - $144 more for essentially the same benefits. AT&T do offer extended warrant in second year to warrant the extra cost but it is confusing and when looked at in cold hard value is actually worth little that is a story for another time
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