extends your Apple iPhone warranty by one year and includes two repairs for damages caused by accidents. Each of those repairs will cost you $49. Priced at $99, AppleCare+ must be purchased at the same time you buy your iPhone 4 or 4S. After all, it wouldn't be fair to drop your brand new smartphone on concrete and then buy the insurance the next morning, would it? And not to frighten you, but a damaged unit will cost at least $649.99 to replace.
The slide shows that Total Equipment Protection will not be sold at launch, which means that the carrier could be looking at a way to offer the program to its Apple iPhone buyers in the future. But for now, your choices are AppleCare+, a third party insurer or lady luck.
source: SprintFeed via Engadget