$16 a month to protect phone; costs 45% for replacement???

[ZionLion]

I really think that this is a ridiculous thing to do when you are paying 16 dollars a month for protection of your phone but if a phone is stolen out of your control you have to keep paying the bill and your phone costs without having a phone to use unless you choose to pay almost half the cost of the phone brand new for a replacement before you even recieve the replacement phone and then you still have to pay for the full cost of the phone like you originally did when signing a 2.year contract...is it just me or does this seem stupid to even pay the 16 dollars a month which over 24 months is quite a bit of money again around half the cost of the phone you're buying and not to mention in 12 months you can only do this once and ofnit happens twice you are left with nothing but a substantial bill and no phone to use or eventually own.  This should really be reviewed and change as it is not at all a very good deal or even a smart choice when you look into it especially when you didn't do anything wrong or accidental somebody who is immoral and frankly a jackass in my opinion steals your phone which already has you upset or angry and then to go through this doesnt seem like a helpful solution rather its just something to further antagonize the neagtive feelings this has evoked. I think fido should be able to come up with a better solution and actually offer better help in this situation if you are paying $16 dollars a month to protect your device. If you agree like this or comment on it or post your own message stating this in your own words that is the way we will get Fido's attention and.mayne get this ridiculously expensive protection plan to change and actually do what the the title wrongly indicates it's doing when in fact I don't agree it's doing that at all at least not very well at all. If you agree let's make this be heard and get it changed...it's starts with  you...yes you! 1 by 1 we will become as large group who cannot be ignored.... who's with me...let's evoke long overdue change for the to frequently overdue bills because our wages don't match the cost at which we pay. TIME FOR A CHANGE 

[VINI-6]

The monthly fee does seem very high but this is likely due to those who would just use the insurance coverage to scam new phones.  If your phone is stolen it is possible to claim from your home insurance (owners, renters) under 'Personal effects" category this may be subject to deductions (to prevent frivolous claims small claims) but you can cover a phone specifically under you home policy.  I puchased very good accidental damage - 2 years -from Samsung when I bought my phone and also paid for the phone over 12 months through them with zero interest.  I am super careful with my phone so do not anticipate losing it or theft... but there is my home insurance if I do.  I also am on a monthly BYOP agreement so am not tied into paying forever, should I want to cancel.  

[Cawtau · Accepted solution]

Hello ZionLion,

  Welcome to the community!

  Sorry to hear your phone might have been stolen. Have you reported your device lost or stolen? Doing so might prevent any unauthorised usage on your SIM card. You can do so via your My Account.

   I understand some people might not think the device protection is worth the money. Full disclosure: I don't have device protection for any of my devices. Whether or not the protection is worth it or not would depend on particular circumstances. In fact, it is a highly discussed topic online (see here, here, here, here, here, etc...).

  One of the recurring themes in those discussions relates to the cost of the device. You note that the replacement costs 45% of full cost (presumably). However, the replacement processing fees are dependent on the device MSRP (see here). Depending on the device, it's replacement cost might only be 13% of MSRP. Even with higher cost to replace ratios, the replacement processing fees are generally less than having to purchase another device outright.

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@ZionLion wrote:

 ... you still have to pay for the full cost of the phone like you originally did when signing a 2.year contract....

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  I also understand it might be frustrating having to pay-off the balance of a device which was stolen. However, if that device is still under contract, you owe money on that device. If you didn't have device protection, you would still have to pay the remaining balance on that device. However, you would also have to pay full cost for a new device rather than the lower replacement processing fee.

  I'm not going to go through all of the pros and cons regarding device protection. There are many sources online outlining its benefits and drawbacks. Suffice to say that device protection is not for everyone. Some people would will always get device protection while others are happy without. Some people initially get the device protection when their device is brand new but cancel when it has reached a certain age. 

  While you purchased the device protection through Fido, it is implemented by Likewize. If you have suggestions for a better solution, you might consider forwarding them to Likewize.

Hope this helps 😀

Cheers