According to Liz Crenshaw, an NBC News4 reporter, you may have to beware of getting ripped-off when buying cell phone insurance.

In Crenshaw's story, Real Deal: Cell Phone Insurance, she claims "Each year, more than four hundred thousand wireless phones are either lost, stolen or damaged, so a sales pitch to buy cell phone insurance is tempting." So, do you fall to temptation?

Many do, but when it comes time to use that insurance they may not get what they expected. The biggest problem with cell phone insurance is a high deductible that can cost just as much as a new phone. So all those monthly premiums were a waste if you are going to pay the same for your deductible as a new phone.

Crenshaw does recommend buying cell phone insurance for expensive devices such as a Treo or a Blackberry since those devices are more expensive to replace.