$4 will get you the insurance or equipment service and repair. If you get insurance then you will be covered for things like loss or water damage through Asurion with the $50 deductible. If you get equipment service and repair you are covered for things like buttons, screen, ect not working and in those cases the store replaces the unit for no cost.
For $7 you can get TEP (Total Equipment Protection). TEP gives you insurance and Equipment Service and Repair under one plan.
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