<p>Thank you all for comments. I see that there are various options of which I was unaware. After going back to double check the terms, I’m leaning towards buying Verizon’s insurance, the one they call Total Equipment Coverage. We’ll do that for at least six months, and then see what his replacement options would be at that time.</p>
<p>My son pointed out that he has never lost an iPod; he says it’s because he’s constantly handling it and he’ll treat his iPhone the same way. Still, if he happened to lose his iPhone, it would be very hard to come up with the money to buy a replacement.</p>