According to a rumor from SprintFeed, Sprint will soon let iPhone owners purchase Total Equipment Protection coverage for their iPhone. The service plan is an alternative to AppleCare+ which must added to your iPhone within 30 days of purchase.
The current TEP plans at Sprint cost US$8 per month and cover mechanical as well as accidental damage, loss or theft. SprintFeed doesn't know if the new iPhone plans will have different terms and conditions which would raise the cost or the deductible. The TEP plan will have to be priced competitively with AppleCare+ which costs a flat $99 fee and lets you send in your damaged iPhone twice during the life of the plan. Each AppleCare+ claim has a $49 deductible.