According to BGR (Boy Genius Report) AT&T is set to introduce an insurance program for the iPhone, regarding the hardware. This will allow users to protect themselves against costs that come up when the hardware fails after the warranty, or in an accidental situation—including water damage—that result in harming your iPhone and in the case of loss or theft. This mobile protection program called somewhat obviously MobileProtect will be set up via the App Store and then billed by credit card.

As it says in the document leaked from AT&T, the launch day will be June 6th, one day before of Apple’s annual WWDC, where the next generation iPhone is expected to be introduced by Steve Jobs. In order to offer this insurance plan, AT&T has teamed with Asurion. As they unofficially say—it is written in the leaked document—this insurance plan is the result of the iPhone related customer complaints regarding the out-of -warranty replacement options.

However, $168 in insurance premiums per year seems to be a relatively high cost, because the deductibles will be charged on top of that when you need a replacement. The deductibles range from $99 for an 8GB 3G to $199 for a 32GB 3GS. The highest is $699 for a new 32GB 3GS off-contract.

The only thing that might help people to consider this insurance is the comprehensive coverage because Apple has a solution for every hardware failure. Nonetheless, the monthly payment of $13.99 seems to be too high.