iPhone 4S Insurance and Warranty Plan Comparison

As savvy customers have learned that replacing a lost, stolen or broken iPhone at unsubsidized prices can run as high as $749, many customers choose to protect their investment with an iPhone insurance policy or extended warranty. In the past, we've warned our readers many times about buying overpriced iPhone insurance and extended warranty coverage from their wireless provider. The options offered by AT&T (AT&T Mobile Protect) and Verizon (Verizon Total Equipment Coverage), which are provided by a third party company named Asurion, were traditionally overpriced and offered poor value compared to independent iPhone insurance and warranty providers.

As the iPhone 4S arrives in customers hands today, we thought it was time for an update. For one thing, the information we provided previously is out of date. As independent providers such as Worth Avenue Group and SquareTrade have grown rapidly over the past few years, and as these companies have continued to receive excellent approval ratings from customers and consumer advocacy agencies such as the Better Business Bureau (BBB), the major providers have taken notice and made their coverage options more competitive. Apple has even gotten in on the game with their new AppleCare+, which adds accidental damage protection to existing AppleCare coverage.

For the most part, the conclusions remain the same, only the contrast isn't as stark as before. AT&T and Verizon continue to offer very comprehensive policies which cover almost everything, but unfortunately, the costs remain way too high. While these coverages have dropped 30% in terms of their monthly costs (well, AT&T's coverage has, Verizon's remains shockingly pricey), their deductibles remain incredibly high. At the end of the day, if you end up paying nearly half the cost of the phone to file a claim, what's the point?

As the table below should demonstrate, there is an abundance of excellent options. Ultimately, two reasonable options emerge:

Extended Warranty + Accidental Damage Protection: if you're looking only to extend your warranty and protect yourself against drops and spills, you'll likely want to go with one of most afforable options in either AppleCare+ or SquareTrade. As the table shows, you can do this for around $4 per month.

Full Device Protection: if you're looking to protect your device in full, against drops, spills and more worrisome concerns such as theft, go with full device insurance for around $7 per month. The coverages offered by the companies below are nearly identical, and given such, it would make little sense to purchase insurance from your carrier when the ultimate costs are drastically lower with independent companies like Worth Ave Group.

MobileProtect vs. TEC vs. AppleCare+ vs. SquareTrade vs. Worth Ave Group

Conclusion
At the end of the day, pick the plan / provider that makes you the most comfortable. As we've seen over the last few years, though, there's little reason to pay AT&T and Verizon's high costs for iPhone insurance and/or iPhone extended warranty coverage. Whichever you choose, we strongly recommended insuring your iPhone one way or another. Though you only paid $199-$299 for your shiny new iPhone 4S, replacing it at the unsubsidized price can put a big dent in your wallet.

For more info on the iPhone insurance and warranty providers above, please visit the following links:

Prices shown in table represent current best offers on 2-year coverage plans from all companies evaluated.