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Ask Dave

No insurance on cell phones

In his response to Lisa's question, Dave explains why he thinks taking out insurance on your cell phone is a bad idea.

QUESTION: Lisa is on Facebook, and she asks Dave if it’s wise or foolish to insure a smartphone. She learns that Dave’s view on insuring items like that hasn’t changed.

ANSWER: No, I don’t insure inexpensive things like that. And if you say it’s not inexpensive, then that means you probably shouldn’t have that phone.

If a smartphone is expensive to you, then you bought a phone that’s too expensive for you. In your world, if you tear up a phone and you can’t replace the phone, well, you’ve got a phone you can’t afford. No, I don’t insure them.

And I don’t finance them!