Buying an iPhone means spending hundreds (or thousands) of dollars on the device and thousands of dollars in monthly service fees. With that much money at stake, it might seem smart to also get iPhone insurance to protect your investment. After all, insurance companies claim to fully cover you against theft, damage, and other mishaps for just a few dollars a month.

However, when you dig deeper into what these insurance plans actually offer, they don’t seem like such a good deal anymore. In fact, they start to look more like something that will upset you if you ever need to use it. Here are six reasons why you shouldn’t get iPhone insurance, and a suggestion for how to get extra protection for your iPhone if you want it.

iPhone insurance means you pay a monthly fee, just like you would for your car or home insurance. You might not even notice the cost if it’s included in your phone bill. A few dollars more per month usually doesn’t seem like a big deal. Still, these fees mean you’re spending extra money every month. And when you add it all up, two years’ worth of insurance premiums from some of the most popular companies can total between $100 and $250.

As with other types of insurance, if you make a claim, you’ll also pay a deductible to get a repair or replacement phone, or that money will be deducted from any cash settlement paid by the insurance company. Deductibles range from $25 to $300 per claim. This coverage can be a good deal if your phone is completely ruined and you have to buy a new one at full price, but if you just need a repair, the deductible you pay can be a significant percentage of the cost of the repair.