By Diane Lee (WSPA)

Worry and fear can lead you to sign up for insurance you may not need. So we looked into which coverage is more often a waste of money than a smart buy.

CELL PHONE INSURANCE:

James Deloach in Spartanburg admits he’s broken one too many cell phones. So he has insurance on not just his but 4 other family members phones.

We did the math. He pays $16 times 5 per month. That’s $960 a year. At that rate, he can buy several new ones.

“So spending out all that money, I think we need to rethink about this and probably regroup,” he said, after talking with us.

EXTENDED WARRANTIES:

Extended warranties on electronics are also on the list of insurance to avoid. Consumer Reports finds stores keep 50% or more of what they charge. Plus with new models coming out every year, you might be left with buyers remorse.

“It’s like why did I really do this when I don’t want to replace it, I want to upgrade to the next thing,” said Robert Hendry.

PET INSURANCE:

Pet Insurance is another one to pass on, especially when you read the details.

“When I looked at it, it didn’t seem to cover a lot more than routine stuff and routine shots aren’t that expensive,” said Mark Roberts, a Spartanburg dog owner.

SUPPLEMENTAL HEALTH INSURANCE:

Insurance expert Hank Steinberg says those supplemental health policies your employer offers are a waste of money.

“You don’t need cancer insurance, you don’t need accident insurance, you don’t need hospital daily insurance, you don’t need any policy that protects against a single disease. Tremendous profit maker for the insurance company. Bad buy for you as a person,” said Steinberg.

HOME WARRANTIES:

We found out they’re not often the best buy because there’s so many exclusions. Plus you can’t pick which repair company comes to your house.

ID THEFT INSURANCE:

ID theft insurance can be misleading because it only covers the cost of rebuilding your identity.. Not money you’ve lost in an ID scam.

RENTAL CAR INSURANCE:

Always call your car insurance company before signing up for this. It often covers rental cars so you may not need to spend money on extra insurance.