It's a bit more complicated than that. First, Apple includes AppleCare+. Valuing that is a bit difficult, since it is normally $100 but that gives you two yea

It's a bit more complicated than that. First, Apple includes AppleCare+. Valuing that is a bit difficult, since it is normally $100 but that gives you two years of benefits (including a warranty for year two), and for Apple's plan you only keep the phone for one year. But it's convenient that if you drop your phone in the first year, it's only $100 to replace it. Second, if you want to trade the phone in at 12 months, you need to do AT&T Next 12, which is $32.50 per month, or a total of $390. So it's about even. My take is that Apple's plan is better if you really plan to trade it in after 12 months, or if you would have gotten AppleCare+ anyway. If you might keep the phone for longer, and don't care about AppleCare+, AT&T is probably the better choice.