What you may or may not know is Apple offers AppleCare with their products, which is essentially just a one-year limited warranty that’s FREE, but it doesn’t cover accidental damage or loss/theft. However, this is where AppleCare+ jumps in. This is more like insurance, where you pay a $100 flat fee, and it extends the warranty for two years, as well as gives you protection over anything that breaks on your iPhone. However, AppleCare+ still doesn’t cover loss/theft.
Verizon’s insurance plan is more expensive overall, but includes more coverage than AppleCare+, which begs the question: Is Verizon’s insurance option worth the greater cost?
Breaking Down Verizon’s Insurance
However, on top of the monthly fee, you have to pay a deductible whenever your iPhone gets damaged or becomes lost or stolen, and it’s a bit on the pricey side. You’ll be paying a $169 deductible if you have a 16GB iPhone 5s, and $199 for a 32GB and 64GB iPhone 5s. This will get you a replacement iPhone 5s, but Verizon says that your replacement “may be remanufactured equipment,” which is the fancy term for a refurbished model. This shouldn’t be too much of an issue, though, as Apple refurbished products are usually top notch.
It’s also important to note that “if the same model is not available, a comparable model will be provided.” This means that if you break your iPhone 5s, but Apple doesn’t have any identical models in stock, they’ll give you a “comparable model,” which may or may not be fine with you, depending on what they give you as a replacement.
Verizon’s insurance limits replacements to two within a 12-month period (compared to AppleCare’s two within a two-year period), with an equipment maximum of $1500 per claim. This limit should be fine, even if you have a 64GB iPhone, which retails for $850 — well under the $1,500 limit.
Downsides of Verizon’s Insurance
Another downside is the cost of the deductible. I already mentioned it, but Verizon’s deductible is at least $169, while Apple’s deductible is only $79 for the iPhone 5s (an increase from $49). When we filed a claim with Apple in the past, we were in and out of the Apple Store with a new iPhone in about 10 minutes, making the entire process a lot quicker and easier than Verizon’s.