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Worth Ave. Group to purchase iPhone insurance versus warranty

Worth Ave. Group, an electronics insurance provider, is encouraging consumers to purchase iPhone insurance versus a warranty, following Apple's recent launch of the iPhone 4S.

According to Worth Ave. Group, iPhone warranties still leave consumers unprotected and potentially having to spend hundreds in replacement costs should something bad happen to their device.

The company claimed that, approximately 37% of iPhones are damaged annually with cracked screens, theft and water damage.

Worth Ave. Group says while most people think warranties and insurance offer the same level of protection, there’s no real comparison.

Unlike a warranty, Worth Ave. Group’s insurance can be purchased at any time for $89 with a $50 deductible and there’s no limit on the number of claims that can be filed in one year.

According to Gartner Research, 468 million smartphones will be sold worldwide this year, a number expected to climb to 1 billion in 2014.

Worth Ave. Group marketing director Aaron Cooper said most iPhone owners are unaware of just how much it will cost them each time they have some sort of accident, a warranty only protects you the first time.