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Purchase the AppleCare+ Protection Plan
If you didn't buy the AppleCare+ Protection Plan (APP) for your iPad or iPhone at the time of purchase, don't sweat it. You can purchase the Apple extended warranty -- which I highly recommend -- for up to 30 days after purchase. In addition to extending the technical support period from 90-days to two years, the new AppleCare+ package offers adds up to two incidents of accidental damage coverage (even if it was due to negligence), subject to a $79 service fee.
In the past, the old AppleCare (before they added the "+") didn't cover drops, shatters, or liquid submersions, but the new AppleCare+ does -- again, subject to a $79 deductible. Anyone's who's ever shattered their iPhone screen or baptized it in the toilet, sink or pool will agree that paying $79 is a lot better than the $269 Apple charges for an "out of warranty" service on an iPhone 5/5s/5c.
AppleCare+ must be purchased within 30 days of iPhone purchase and requires inspection of your iPhone and proof of purchase. You can no longer purchase AppleCare after an incident has occurred. So it's best to purchase AppleCare+ before you leave the store. If you buy an iPhone and AppleCare+ online, Apple will auto-enroll you so there's no additional work required to active your coverage.
If you're still on the fence, I recomment an article in Macworld by Jonathan Seff published on September 9, 2013 called Is AppleCare worth it?