NEW YORK (AP) — IPhone users can now insure them against loss or accidents, but Consumer Reports says it isn’t worth it.

The AT&T authorized policy has a $12 monthly fee and a $199 deductible for the latest iPhone model.

Replacing a phone can be costly. Although the iPhone 4 costs $199 or $299 with a two-year contract with AT&T, customers would need to pay the full retail price of $599 or $699 to replace a phone in the middle of the contract.

Repairs aren’t cheap, either. One Apple retailer and repair shop in New York charges $149 to replace a cracked screen and $99 for a broken microphone or charging port.

But an insured owner who loses a phone after one year would have paid $144 in fees on top of the $199 deductible. That adds up to $343 — about half the price of a new phone.

Consumer Reports says if a iPhone is lost or damaged it’s better to buy a used phone or get an older one from a friend until the contract is up.

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