So, you waited in line for days to get your precious (insert Gollum reference here) iPhone, went through the pains of activating it (with or without a contracted service plan). So now you are addicted and out of the blue you break, lose, or have your precious stolen, what do you do besides curl up in the fetal position and cry?

Well now there is a company exploring the possibility of insuring the device against such travesties and more. Safeware is a purveyor of insurance to people with valuable devices, the list is long, but just about anything computer or cell phone related seems to be covered.

The average cost to insure a $600 device through safeware is $85 per year which gives an estimate of what one could expect to pay if/when they decide to insure the iPhone. From what I have read about Apple’s current AppleCare products, they cost a bit more on average, and they don’t cover theft, accidents, or loss. AT&T won’t cover the device because the insurance would cost too much to be marketable. So your only options right now for insurance are to hope whatever happens, happens in your home or vehicle and your insurance for either of those covers it.

Hopefully Safeware decides to insure the device, otherwise you’ll have to look towards other companies to cover the normal cell phone insurance for your iPhone.

Insurer may jump in to cover iPhones [via yahoonews]