Twice a week, our CEO and resident money guru Jean Chatzky tackles your burning questions in the HerMoney newsletter. We’ve pulled some of the best to feature on our website — and this one made the cut! Got a question for Jean? Send it her way right here.
Q: Today’s question comes from Sandra. She writes: My Verizon bill seems to creep a little higher all the time. One of the major contributors is insurance on three devices, which is $816 per year. Any ideas on how to save?
A: $816 per year for insurance on three devices does seem steep, Sandra. Especially since it’s only part of your bill. The good news? There are things you can do to potentially cut costs.
First, ask yourself whether you really need coverage for all three devices. In fact, whether you need coverage for any of the devices? If you had to replace one and pay for it out of pocket, how much of a hardship would it be? By my calculations, that $816 would be enough to cover at least one, if not a couple, of replacement phones — especially if you’re open to refurbished devices or getting models that aren’t the latest/greatest.
If you still want the coverage, see if there’s a less expensive way to get it. First, take a peek at your credit card benefits. Some issuers offer cell phone protection if you pay your bill using the card. It’s a lesser-known perk that could help you save.
You could also explore other insurance options from third parties. For example, if you have an iPhone, look into the cost of AppleCare+; if you have a Samsung, there’s Samsung Care. For instance, with AppleCare+, the price varies depending on your device, but to give you an idea, a year of coverage for an iPhone 16 will run you about $120.
Aside from these options, there are several other third-party insurance providers (for example, My Best Buy Total, which covers multiple devices and costs $199.99 per year). If you don’t want to go the insurance route, you could also set up an account you fund with a small amount each month. Then, tap into it if something happens to one of your devices.
The other thing you should definitely do? Review your bill line by line. Are there any other tweaks you could make to save? It doesn’t hurt to pick up the phone and call Verizon, or go there in person, to see what other options you may have to cut costs. If there’s no wiggle room there, that’s your sign to shop around. One HerMoney staffer recently switched from Verizon ($200+ per month) to Spectrum, and now pays just $100 a month for two devices.
MORE ON HERMONEY:
- Ask Jean: “Should I Buy Used Luxury Items?”
- Ask Jean: “What’s A CD Ladder?”
- Ask Jean: “What’s The Avalanche Method For Paying Off Debt?”
SUBSCRIBE: We’re changing our relationships with money, one woman at a time. Subscribe to HerMoney today.
