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Old Nov 4, 2012, 01:14 PM   #51
ixodes
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Originally Posted by DollaTwentyFive View Post
Just my .02
That's a lot of value for just .02 ha...ha...ha...

Nice Work
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Old Nov 4, 2012, 01:51 PM   #52
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I understand the idea of self insuring and, while not totally against it, I have a couple of issues.

1). I know of no insurance that is $20/mo for an iPhone. Mine works out to less than $6/mo

2) Self insurance is fine if you front load it or go for an extended period without an accident so that the funds build up. If someone has an accident in month two under your plan, then they would have only $40 with which to get a new device or make repairs.

3) With the insurance that I have, I get a check for $699 if I have a loss. $749 replacement cost less my $50 deductible. In order to have $699 on the $20/mo self insurance plan, you would have to be accident free for nearly 3 years. That may be hard to do. I realize that not everything will be a total loss, but a drop in salt water pretty much ends your phone. I wouldn't want to have to be accident free for 3 years.

That being said, I have always been a huge fan if "paying yourself first." So if I were to follow your plan and pay myself $20/mo, I could take the $20, pay $6 for insurance and then save $14. After 2 years, I would have more than $300 to allocate towards the latest iPhone and be insured the whole time. Works well!

I realize that most people don't like insurance but I have found that cell phone insurance has been more than worth it for me and I tend to be very careful.

Just my .02
A replacement at the Apple Store is only $199 plus tax.
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Old Nov 4, 2012, 02:18 PM   #53
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A replacement at the Apple Store is only $199 plus tax.
For a damaged phone? Say water damage? I know they have out of warranty replacements but I didn't think it covered damage. Certainly wouldn't work in the event of theft of loss, either.
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Old Nov 4, 2012, 02:35 PM   #54
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A replacement at the Apple Store is only $199 plus tax.
Its 229 for the iphone 5. So you save about 70 bucks if you buy applecare+ and use it once.
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Old Nov 4, 2012, 02:52 PM   #55
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Yes, I do self insure in all categories. By having a strong organized plan with well defined categories the financial benefits are terrific. No deductibles, no fees paid out to other companies, the financial gain cannot be beat.
Self insurance? You mean you have no insurance. The whole paying yourself thing is something you just do to please yourself mentally (unless you actually never plan on spending your saved money). it's no different than someone having no insurance and paying out of pocket.
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Old Nov 4, 2012, 03:10 PM   #56
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You're shattering it wrong.
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Old Nov 4, 2012, 03:23 PM   #57
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Self insurance? You mean you have no insurance. The whole paying yourself thing is something you just do to please yourself mentally (unless you actually never plan on spending your saved money). it's no different than someone having no insurance and paying out of pocket.
Pretty much. Self insurance generally applies to much larger items/losses. You can still use the same principles on a smaller item. It probably isn't worth the hassle for this amount.
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Old Nov 4, 2012, 03:40 PM   #58
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Self insurance? You mean you have no insurance. The whole paying yourself thing is something you just do to please yourself mentally (unless you actually never plan on spending your saved money). it's no different than someone having no insurance and paying out of pocket.
Self insuring is a long standing practice in many businesses. It's done to save a very substantial amount of money, not to make one feel good. Although thats a by product of the money one saves. Money that millions of people pay to their various insurance companies.

That's how companies like State Farm, Progressive, as just two examples operate. They take your money in exchange for a promise to fix your car if in an accident. After you've paid in for years, and still having to pay a deductible. The reason most people don't do it is either they don't have the discipline, they don't have the money, they're unaware, or just too lazy. Money management is not high on some people's priorities.
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Old Nov 4, 2012, 06:24 PM   #59
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Its 229 for the iphone 5. So you save about 70 bucks if you buy applecare+ and use it once.
Thanks for the update on the pricing, lol, I appreciate it... So, yeah, still a better deal to save the money yourself. After 11 months you'll have enough money to get a replacement... And if you decided to go the AppleCare+ route you'll spend $100 bucks for 2 years... If you use it once it'll cost a total of $150. Guess it depends on how likely you are to damage it. If you lose it you're out of luck with either of these options for the most part. I just hate the idea of phone insurance. I take pretty good care of my phones.
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Old Nov 4, 2012, 06:49 PM   #60
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My first post. I registered to because the idea of "self insurance" being a business practice seems a bit odd. Most people in the world call that a savings account. You'd be amazed...it can actually help you replace more than your iPhone
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Old Nov 4, 2012, 07:00 PM   #61
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Self insuring is a long standing practice in many businesses. It's done to save a very substantial amount of money, not to make one feel good. Although thats a by product of the money one saves. Money that millions of people pay to their various insurance companies.

That's how companies like State Farm, Progressive, as just two examples operate. They take your money in exchange for a promise to fix your car if in an accident. After you've paid in for years, and still having to pay a deductible. The reason most people don't do it is either they don't have the discipline, they don't have the money, they're unaware, or just too lazy. Money management is not high on some people's priorities.
I'm not talking about one specific insurance, I'm talking about an individual insuring his car, home, life, etc.

an insurance company like state farm has many, many clients and even reinsures its claims.

How can you pay for heart surgery without insurane? how can you pay fr a new home out of poket without insurance? what if you crash into someones Ferrari?

In fact, what country do you live in? how do you get a mortgage without home owners insurance? or drive legally without liability insurance?

I'm not trying to be rude or anything, I just interested to see how you can go without health/life insurance (at least in the US).

sorry for posting off topic.

for what it's worth, if you are a careful person, I agree- it's better to risk it and pay out of pocket when talking about phones.

sorry for th typos, posted from phone
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Old Nov 4, 2012, 07:04 PM   #62
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My first post. I registered to because the idea of "self insurance" being a business practice seems a bit odd. Most people in the world call that a savings account. You'd be amazed...it can actually help you replace more than your iPhone
Generally it is a term for people/companies rich enough to cover their losses. A lot of big companies self insure/have absurdly high deductibles on their auto fleets. It just isn't practical for them to use insurance for small stuff.

If you're rich and have a bunch of money in your bank account, you might not like paying a monthly fee to someone to cover losses you could handle yourself. (Those people still usually have umbrella policies to cover catastrophic losses)

Insurance is just a transfer of risk. If you have the capital to cover your losses comfortably, you may not need it.

As it applies here, it isn't as important.

Last edited by tucker3434; Nov 4, 2012 at 07:09 PM.
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Old Nov 4, 2012, 07:12 PM   #63
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I agree that AC+ is the best "case" that money can buy for $100. The only time I will ever hide my phone in a physical case (maybe) is when I've exhausted all my replacements. Personally, I would spend a lot more with cases than without. Also, it allows me to treat my phone as just a phone; I wouldn't need to "baby" it.
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Old Nov 4, 2012, 07:43 PM   #64
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I'm not talking about one specific insurance, I'm talking about an individual insuring his car, home, life, etc.
Your question is a valid one. Without getting into personal specifics, suffice to say that if one is very well capitalized with substantial & immediately available resources, conventional insurance as used by the greater majority is not always mandatory nor as beneficial as it appears.

The topic is complex, the solution a bit more so, yet with a full understanding & experience in structuring complex financial plans. The practice has very significant benefits.

That said, reverting to my earlier example as it relates to technology products, the same basic technique also saves one money on a smaller yet equally important scale. The bottom line, no matter what ones financial position is, it can be improved & leveraged through smart financial planning & practices. Something that is all to often overlooked or dismissed.

A dollar is a dollar, and when managed carefully can be grown into a sum that would shock many who are so busy spending, they forget to learn how to manage their money. It's all about educating yourself & getting started. Effort equals results... Always
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Old Nov 4, 2012, 08:17 PM   #65
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That is a tough break, OP. I would go for the $229 replacement and keep your iPhone in a different pocket in the future.
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Old Nov 4, 2012, 11:07 PM   #66
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I don't think height of drop matters, its the angle of the drop that determines whether your screwed or not.
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Originally Posted by XboxMySocks View Post
Okay why has nobody pointed out the fact that the glass is VERY strong and it's actually the angle which it lands+surface it lands on.
Just a few posts above yours.
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Old Nov 4, 2012, 11:16 PM   #67
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Originally Posted by ixodes View Post
Your question is a valid one. Without getting into personal specifics, suffice to say that if one is very well capitalized with substantial & immediately available resources, conventional insurance as used by the greater majority is not always mandatory nor as beneficial as it appears.

The topic is complex, the solution a bit more so, yet with a full understanding & experience in structuring complex financial plans. The practice has very significant benefits.

That said, reverting to my earlier example as it relates to technology products, the same basic technique also saves one money on a smaller yet equally important scale. The bottom line, no matter what ones financial position is, it can be improved & leveraged through smart financial planning & practices. Something that is all to often overlooked or dismissed.

A dollar is a dollar, and when managed carefully can be grown into a sum that would shock many who are so busy spending, they forget to learn how to manage their money. It's all about educating yourself & getting started. Effort equals results... Always
Very well said.
Insurance is good to have but if you have enough money to back yourself then the small risk outweights the money spent.
I been paying for car insurance for over 16 years with no accidents or claims. And where did all those thousands of dollars go?
Inside the pockets of "just in case" companies like allstate and progressive.

Last edited by Applejuiced; Nov 5, 2012 at 12:10 AM.
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Old Nov 5, 2012, 12:08 AM   #68
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Today at work I had my iPhone 5 in my front shirt pocket. I bent down to pick something up while I was outside and my iPhone 5 fell out from knee height, if not lower because I was slightly crouched, and landed screen first. It shattered like it was going out of style. I have checked out the threads on here about not using a case and I have even started one questioning the use of a screen protector. I'll tell you this much, you NEED some sort of case. THANK GOD I bought applecare+!!
Look at the drop test, iPhone 5 is strong, except yours
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Old Nov 5, 2012, 08:26 AM   #69
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Today at work I had my iPhone 5 in my front shirt pocket. I bent down to pick something up while I was outside and my iPhone 5 fell out from knee height, if not lower because I was slightly crouched, and landed screen first. It shattered like it was going out of style. I have checked out the threads on here about not using a case and I have even started one questioning the use of a screen protector. I'll tell you this much, you NEED some sort of case. THANK GOD I bought applecare+!!
As always: one data point does not define a trend. There are drops that will shatter a device's screen and drops that won't shatter a device's screen. You can make such broad, sweeping statements based solely on a single drop.

That said, it's a personal call as to what safety precautions one is willing to take to prevent such problems. Do whatever works for you.
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Old Nov 5, 2012, 08:35 AM   #70
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I agree, glass is way too weak! They need to start making the screen out of something else.
Like what? The glass they use is very brittle. By being brittle it help protect against scratching. Make it softer and it will scratch like crazy. The phone is just fine but you can't drop it. A penalty must be paid for ultra lite and thin

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Never put anything valuable in your front shirt pocket, you will bend down and forget something is in it.
Wise words.
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Old Nov 5, 2012, 08:52 AM   #71
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Like what? The glass they use is very brittle. By being brittle it help protect against scratching. Make it softer and it will scratch like crazy. The phone is just fine but you can't drop it. A penalty must be paid for ultra lite and thin

Its called sarcasm.
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Old Nov 5, 2012, 09:09 AM   #72
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Originally Posted by ixodes View Post
Self insuring is a long standing practice in many businesses. It's done to save a very substantial amount of money, not to make one feel good. Although thats a by product of the money one saves. Money that millions of people pay to their various insurance companies.

That's how companies like State Farm, Progressive, as just two examples operate. They take your money in exchange for a promise to fix your car if in an accident. After you've paid in for years, and still having to pay a deductible. The reason most people don't do it is either they don't have the discipline, they don't have the money, they're unaware, or just too lazy. Money management is not high on some people's priorities.
So tempted to jump in. However, you have covered much of it. True effort equates to real achievement.
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Old Nov 5, 2012, 09:20 AM   #73
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How about injury liability insurance for your car or home, how are you going to save potentially hundreds of thousands of dollars to be ready for that? I can understand self insuring smaller risks like a phone, or if you sell and ship expensive items in the mail, not paying for insurance and accepting that some day you'll have an item get lost or damaged, and if lucky, it's less than what you'd have paid in insurance until that event, but for catastrophic occurrences, like a hurricane wipes out your house, or you're on the hook for serious money in medical bills for a car accident, etc. insurance can be a reasonable thing to have.
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Old Nov 5, 2012, 10:14 AM   #74
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how are you going to save potentially hundreds of thousands of dollars to be ready for that?
By reading the previous posts carefully, you will find I've already answered this question. Or to spell it out, those funds are already in place (not inherited), for any conceivable series of extreme catastrophic events.

http://forums.macrumors.com/showpost...6&postcount=64
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Old Nov 5, 2012, 10:54 AM   #75
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Last night, when my girl took my pants off (with my iP5 in my pocket) and tossed them across the room, I seriously thought about the picture in the OP of this thread. Before I could get down to business, I had to check and make sure the glass didn't break. Thankfully it didn't, or that would've sucked.
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