Here's a reply from SqaureTrade with some cool info:
Thank you for contacting SquareTrade.
Generally, for any approved claim on shippable items like the iPhone, we would ask you to sent it in to one of our repair depots, and of course we would cover shipping both ways.
However, you also have the option to locate your own repair, like at an Apple Store, and be reimbursed for the costs. This may be helpful if you don't want to wait for shipping the item back and forth. Remember to contact us for claim approval before paying for any repairs.
Although, Apple Care has now became more similar with our warranty, there are still several benefits you get with SquareTrade that you do not get with AppleCare.
First, you don't have to purchase our warranty right at the day of your iPhone purchase. You'll have 90 days after the purchase date to get our warrantythat includes coverage for any mechanical, electrical and accidental damages. You can also cancel a SquareTrade warranty at any time for a prorated refund, and you can track and manage your claims online.
Further more, there is no set number of claims you can file on your iPhone. Instead, your iPhone warranty has a maximum preset dollar value of $599.99 coverage. If you have an approved claim for repair, the cost of that repair is deducted from the coverage amount.
For example, your iPhone coverage starts at $599.99. If we pay $200 to repair the item on your first claim, your remaining coverage would be worth $399.99, and you'd have this amount to use for a future claim. Making it possible for you to file more than two accidental damage claims.
You are entitled to additional repairs on future claims if we determine there is enough value left in your warranty to cover the cost of additional repairs; otherwise, we would pay you up to $599.99 or the remaining value of the warranty to use toward a replacement item
You can reply to this email or call us at 1-877-WARRANTY (1-877-927-7268) US & Canada only, 24/7 if you have further inquiries.