Replacements:
If your items are too extensively damaged (or were stolen) and you require a replacement device or item, the insurance company finds the replacement value of the item by looking at the cost of refurbished items of the same make/model/year.

For example, if your iPhone X was stolen or completely destroyed, the insurance company would find the value of a refurbished iPhone X and your payout would be the cost of the replacement, plus sales tax if applicable, then subtracting your plan’s deductible ($100 for Adults, $50 for Students).

The insurance company will not base the value of your item off of what used iPhone X phones are being sold for by random individuals on eBay or Craigslist. You also will not receive a payout based on the value you initially paid for the phone when it was new.

The same process applies to claims for other electronics and personal items on your plan which are eligible for coverage.