Looks like AT&T is going to offer iPhone Insurance starting June 6th according to BRG for $13.99 per month. Basically your iPhone will cost you more than your car insurance.
I just bought Chevy Equinox LTC 2010 fully loaded my insurance cost is $56 per month for $36.400 car. I have $50.000 Full body damage, $100.000 Property Damage and I think $5.000 for medical etc with AAA and all that other insurance crap.
Now let’s calculate:
Damaged iPhone 3G 8GB = $99 deductible + $168 insurance + $99 iPhone= $366 per year
Damaged iPhone 3GS 16GB = $99 deductible + $168 insurance + $199 iPhone =$466 per Year
Damaged iPhone 3GS 32GB = $99 deductible + $168 insurance + $299 iPhone =$566 per Year
My car
Damaged Equinox $672 insurance+ $500 deductable = $1172
Do you see the pattern? iPhone insurance is $700 less but iPhone also costs $35.700 than my car.
Verdict: Total AT&T Rip-off
You would pay less for the iPhone if you don’t get the insurance!
Want more? Visit our friends at BGR
(PS: Hope my math is right 
please comment if you see any Mathematical mistakes)
[...] iPhone Insurance Costs More Than Your Car Insurance [...]
This program is currently not available to all individuals in all areas. For people who have the option of paying as you go, you should understand that similar to other cost saving programs you may get hit with additional fees if you exceed the number of miles covered by the program.