AppleCare+ finally covers lost and stolen iPhones—but it’s not cheap

Apple announced three new iPhones at its event on Wednesday. 

And with those expensive new iPhones — the iPhone XS Max tops out at $1,449 — you’ll surely want to protect those assets with a little insurance, no?

While not announced at the event, Apple also updated AppleCare+ — its warranty program for iPhones — to include a brand-new offering: AppleCare+ with Theft and Loss. Just in time for the release of the iPhone XS, iPhone XS Max, and iPhone XR, Apple will cover the theft or loss of your iPhone.

The thing is, AppleCare+ with Theft and Loss isn’t cheap, and there are caveats.

AppleCare+ with Theft and Loss will include up to two incidents of accidental damage, just like regular old AppleCare+. Apple now will take into consideration theft or loss as part of the two incidents. If lost or stolen, you’ll need to have Find My iPhone enabled on your device at the time it went missing in order to have Apple honor a replacement.

The original version of AppleCare+ — without the additional theft and loss coverage — is $199 for iPhone XS and iPhone XS Max (buyers of those phones will also have the option to pay for AppleCare+ monthly, at $9.99 for 24 months). And if you want the new AppleCare+ with Theft and Loss for those models, that’ll cost you $299 up front, or $14.99 for 24 months.

Apple is also offering AppleCare+ with Theft and Loss for it’s older model phones such as the iPhone 7, 7S, 8, and 8S. AppleCare+ for the 7 and 8 can now be purchased for $129, or $5.99 for 24 months. Adding Theft and Loss brings AppleCare+ to $199, or $9.99 for 24 months, for those two models. AppleCare+ can be bought for the Plus versions of both the iPhone 7 and 8 at $149, or $7.99 for 24 months, or you can throw in Theft and Loss for $249, or $12.99 for 24 months.

Your out-of-pocket costs, of course, don’t end there. For any model iPhone under either AppleCare+ or AppleCare+ with Theft and Loss, replacing a phone with screen damage will cost you an extra $29. Replacing a phone with any other accidental damage will bring the price to $99.

And here’s where things really start to stretch your wallet. On top of the purchase price of your new iPhone, combined with the upfront payment for the AppleCare+ with Theft and Loss service, replacing a lost or stolen iPhone XS, iPhone XS Max, or iPhone X will cost you an additional $269. Replacing an iPhone XR or an iPhone 7 or 8 Plus will drain you of $229 more. Replacements for other low-end models in Apple’s current iPhone offerings (such as the base model iPhone 7 or 8) will empty your bank account an additional $199.

So yes: while it’s certainly cheaper than buying a new iPhone, especially if you’re someone who finds yourself constantly losing your phone, it’s still a hefty price to throw on top of the already expensive purchase price of your new iPhone.