Verizon's 'guaranteed' three-year price lock has a lot of caveats

As everything around us continues to get more expensive, Verizon is introducing a new policy to temporarily keep your bill from rising. However, this new offer comes with a few notable caveats.

Today, Verizon announced the rollout of Price Lock Guarantee. Just as it sounds, this policy locks the price of your plan so your bill will stay the same for the next three years. Whether you’re a new or existing customer, you’ll be automatically enrolled if you have myPlan or myHome.

While on paper this sounds good, it’s important to point out that this Price Lock Guarantee only applies to calling, data, and texting. Verizon says taxes, fees, and perks are excluded, which could be used as alternative ways to raise your bill. Verizon also adds the caveat that your price lock is reset any time you change your myPlan. You should keep in mind that if you move over to a new more expensive plan for whatever reason, your price lock would reset to that higher price.

Regardless, the new Price Lock Guarantee policy is better than nothing. On top of that, the carrier says that starting today, new and existing customers can get a free phone with the trade-in of an Apple, Google, or Samsung phone in any condition.