Today, Apple announced AppleCare One, a $20 monthly subscription service that provides AppleCare coverage for three of your Apple devices. You can add more Apple devices to the plan for an additional $6/month per device.

The plan is obviously designed for those who pay for AppleCare+ for multiple devices. By bundling three devices together, Apple says you can save “up to $11 a month over enrolling in separate AppleCare+ plans for each device.” (Note: unfortunately, there’s no family plan option.)

There aren’t any tradeoffs with AppleCare One — a subscription provides all the same benefits that came with AppleCare+ — but there are a few extra benefits … one of which is especially pertinent for Apple Watch wearers.

An AppleCare One subscription lets you bundle three Apple devices for $20 in one plan. Apple

Theft and loss protection, now available to the Apple Watch

With an AppleCare One subscription, you can choose any three Apple devices you want to be covered in the plan. This includes iPhone, Apple Watch, Mac, iPad, Apple TV, HomePod and AirPods. Or multiples of each. The price of the plan remains unchanged regardless of the device.

The bundled plan gets you the benefits of AppleCare+. According to Apple, this includes “unlimited repairs for accidents like drops and spills, 24/7 priority support from Apple experts, quick and convenient Apple-certified service, and battery coverage.”

No one really thinks they need “insurance” until their phone dives headfirst into a toilet or their MacBook takes a tumble off the bed. That’s the whole business model of protection plans: you never feel the need until it’s too late. But Apple is now making that decision a little more manageable, and maybe even economical, with the launch of AppleCare One, a new subscription-style coverage for your Apple gear.

At $19.99 monthly, AppleCare One covers up to three Apple devices, including iPhones, iPads, MacBooks, and Apple Watches, under one plan. In addition to the usual perks like battery replacements and accidental damage (cracked screens, spilt drinks, etc.), the plan now includes Theft and Loss protection for not just the iPhone, but also the iPad and Apple Watch.

Also new: you can add older devices, up to four years old, to your plan, as long as they’re in good shape. You might have to run a diagnostic test via your iPhone or visit an Apple Store, but it’s a big step up from the previous 60-day enrollment window.

Of course, in typical Apple fashion, what starts out simple can become very expensive very quickly. Want to protect more than three devices? That’ll be $5.99 per month for each extra device. Depending on your setup, though, this could still be cheaper than buying separate AppleCare+ plans.

Let’s say you’ve got an iPhone, iPad, and MacBook. AppleCare+ for each might cost around $9.99, $7.99, and $12.99 monthly, over $30 total. AppleCare One, at $19.99, saves you about $10 a month. Add an Apple Watch, and the savings shrink. So, it really depends on how many devices you’re covering and how often things go wrong.

This new plan also fits neatly into Apple’s bigger game. The company’s services business brought in a record $26.6 billion last quarter, with AppleCare playing its part alongside iCloud+, Apple Music, and the Apple One bundle. Packaging device protection into a single subscription is just another way to keep users firmly planted in the Apple ecosystem.

So, if you’re deep into Apple gear, AppleCare One could be a good deal. But if you’re a minimalist, or just someone who’s never cracked a screen, skipping protection might still work out fine. Like any warranty or insurance, it’s a numbers game. Apple’s just giving you more ways to play it.

While rivals like Samsung Care+ and third-party providers such as Asurion or SquareTrade also offer device protection, their plans are typically limited to individual devices. AppleCare One stands out by bundling multiple products, even older ones, under a single subscription, something competitors have yet to match at this scale. For now, AppleCare One is only available in the U.S., with no word yet on global rollout.