Sprint is going to reportedly start offering TEP (Total Equipment Protection) for iPhone customers. Sprint had originally opted to not offer this protection but have since changed their mind according to Endgadget on Jan. 17.
The Sprint TEP will be similar to AppleCare+ as they will allow 30 days from the date of purchase to add TEP to their Sprint account. There will be a $11 charge for the monthly TEP insurance.
The downfall to this insurance compared to AppleCare+ is that TEP has much higher deductibles. The deductibles can range from $150-$200 instead of a one time upfront charge.
It is nice to have an additional option for insurance for the iPhone if you don’t want to pay the larger upfront charge from AppleCare+. The only downfall will be the larger deductibles from Sprint with the TEP insurance.