What may not be apparent when talking with your service provider is that the your insurance fees may not fully cover a phone if it’s damaged. High deductibles, policy restrictions, and limited replacement options can make the plans less desirable, and more often than not, a confluence of these factors make a phone policy worth less than what you’re paying for it.

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Depending on how careful you are with your phone – which is to say, you have a protective case for your phone and don’t constantly drop it or risk damaging it on a day-to-day basis – phone insurance may not be worth the cost. In fact, there’s a very slim chance that you may ever need to buy insurance for your phone if you’re like the average consumer. Still, if you’re adamant on getting a plan to cover the high-tech device you paid a pretty penny for, consider the following:

Insurance Providers
Not all insurance policies for smartphones are made equally, and some may offer more value for your dollar than others. For most people, there are only two places where you can get an insurance policy from: your wireless provider (i.e. Verizon, AT&T) or a third party company like SquareTrade. If you choose the former, you will receive more robust insurance coverage in the event of theft, device malfunction and damages, though this will come at a higher price tag (usually around $10 per month). On the other hand, third-party insurers will cover the costs of damages or malfunctioning devices. While this means your insurance will cost less per month, you won’t be covered in the event your phone is stolen.

Size of Deductibles
No matter the policy you decide to purchase, there are going to be deductibles to pay. This is a fact that a surprising amount of customers are not aware of, and the resulting costs can be staggering. For wireless carriers, you’re typically going to pay a deductible in the ballpark of $50 to $200 dollars. Depending on what kind of phone you’re getting (i.e. a new model of smartphone), that deductible will be on the higher end of this range. Third parties will have lower deductibles, but keep in mind that such insurance providers cover fewer types of damages.

The Contingency Plan
If you can’t get your phone fully repaired, you’ll have to consider the reality of getting a replacement model – with the caveat that it may not be the same brand or make as the one you previously owned. For third party providers, they will repair your phone or give you a reimbursement amount based on the retail value of the phone for your carrier.

The Total Cost
At the end of the day, it’s pretty likely that your insurance won’t be able to cover the full cost of the phone, so it’s good for you to figure out how much you’re willing to spend to cover the total on your bill. By this point, the insurance and deductible costs could have taken over $300 out of your wallet, and may receive a lesser quality phone for that price tag. If you’re still dead-set on getting your phone insured at this point, there isn’t much here that will convince you otherwise. If you are still on the fence about the merits of phone insurance, do the extra research to find out whether it is truly worth the money you will end up spending on it. More often than not, you’ll find that it’s better to take a risk and live without it.