Product cycle can be just in months for the rich and the spoilt brad. 

Not a gimmick, it's peace of mind. So after 2 years phone spoilt beyond repair, senq give you a new one with equivalent value.

i too feel its more the market value at that time... coz its just insurance like what we buy for car, etc...

10yrs old car... even if we insure for rm10k (market value at 10yrs)... if need to claim, insurance company can still say only pay 80% of sum insured. but still... i think senq offer is decent. not to say the best...