The below are insurance for items like cell phones, computers, laptops, appliances, and travel. They do not cover medical, home owners/renter’s, vehicle, or similar types of insurance policies.
In all of the below examples, I would compare the insurance cost to the replacement cost and look at alternative insurance options. In some cases, like cell phones, there are limits on how many times a year you can get a replacement. I have a friend who goes through 3 cell phones/year due to letting their children play with the phone, but their plan only lets it be replaced twice/year. Every other year, the cell company offers cheap upgrades to newer models.
When I first purchased a cell phone, and for many years after the first purchase, I had cell phone insurance, it was fairly cheap and deductibles were reasonable. I gave up cell phone insurance over a decade ago, closer to two decades now. The monthly premium went up and the deductibles became outrageous. With my current phones, it’s cheaper to replace my cell phone with a new cell phone than it is to pay cell phone insurance for a year and pay the deductible. I don’t go for high-end cell phones as in $250 – $1,000+. In cases like those I would check out how much the insurance costs compared to replacement costs if I didn’t have insurance. I would consider good third party insurance options as well since those tend to be much cheaper.
For travel insurance, I would compare the price of the insurance to the price of the trip and see what alternative insurance options were out there. If it’s a fairly cheap trip, I may forgo insurance unless the insurance options were cheap.
For computers, in the past I have used extended warranties if they were reasonably priced for what I paid for the computer. In one case, I spent $90 for a second year warranty and the day before the extended warranty expired, there was a motherboard crash. That saved me $500 in replacement parts. These days, some third party companies offer cheaper extended warranties for computers and laptops than what I can get from the computer manufacturer. In those cases, I would go with the third party vendor unless there was a better reason to go with the computer manufacturer warranty.
For vehicles, I have never purchased a new car, but some local used car dealerships offer warranty deals that aren’t priced too high and cover major repairs. If I ever get a new car, I would look at what was offered versus the cost to see if it was worth the cost.
With appliances, TVs, etc., I would see how long the basic warranty period lasted and how much an extended warranty costs compared to how long the warranty period was extended.