New AppleCare plan replaces lost or stolen iPhones (for a hefty price)

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Would you pay $568 to AppleCare+ to replace a stolen iPhone XS?
Would you pay $568 to AppleCare+ to replace a stolen iPhone XS?
Photo: Apple

Apple’s optional insurance program fixes your iPhone if you break it, but you’ve been out of luck if your device gets stolen. Not any more. Apple just introduced AppleCare+ with Theft and Loss.

There’s a drawback: this plan is shockingly expensive.

Apple’s website points out, “AppleCare+ with Theft and Loss includes up to two incidents of accidental damage, theft, or loss coverage.”  It’s good for two years, and must be purchased when the iPhone is new. 

Get out your wallet

The price for this insurance depends on the cost of the phone. But all the options are pricey. It’s $299 for the just-announced iPhone XS or XS Max. For an iPhone XR, 8 Plus, or 7 Plus the cost is $249. And a plan for the iPhone 8 or 7 is $199.

And then there are deductibles. Fixing a broken screen is $29, and “Other accidental damage” is $99. Losing your iPhone, or getting it stolen, is where it gets really expensive. For the iPhone XS or XS Max, the deductible is $269.  It’s $229 for an iPhone XR, 8 Plus, or 7 Plus. And the cost is $199 to replace an iPhone 8 or 7. 

This means that the full cost for replacing a $999 iPhone XS through AppleCare+ totals to $568. And keep in mind, this plan lasts just two years and can’t be renewed, and it’s good for only two events. Two cracked screens and it’s used up. Considering all that, it’s possible many people will just take the risk.

At this point, the new AppleCare+ with Theft and Loss insurance program is only available for the iPhone line. There’s no equivalent for iPad models, just the regular version of AppleCare+.