Best buy product exchange plan?

Okay so back in march I bought the iPhone 5 32GB when I purchased it the employee talked me into buying the product exchange plan. He said and I quote "the product exchange plan doesn't cover screen damages or water damages" now that my battery life is terrible on my iPhone and my phone only charges when I have my cable on a certain side I was going to get it checked out. But when I went on the internet to see the coverages the fine print said "does no cover physical or accidental damages" I feel like I just got scaled to pay 13$ a month for nothing. If it doesn't cover physical damages or accidental damages then what does it cover? He also told me if I were to exchange my phone that it would be free and since the new iPhone 5s is out that I would get that it any other phone I wanted for free. And since I have the iPhone 5 the sides have started to chip from having my keys in my pocket and the side of the phone is crystallized and chips easier. There's also a phew scratches. If my phone were to have a terrible battery life or a button stopped working would they just say it's because of the chips and scratches. There are no screen damages at all. Please tell me what the PEP covers I'm very concerned

Such plans are a total ripoff. Would have been better to buy Apple's protection plan since they're a bit more honest in their dealings. Best Buy's protection plan is a horrid red tape factory by design - they'd rather not pay out, ever, they'd prefer to just take your money.

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Yep, found that out myself over the past year actually. Had something similar where I bought a new laptop, fell for the bull*** and same with an mp3 player, thankfully both have worked well these past two years but read the fine print, you'll see it is an utter rip off. Buyer beware, consider this good experience for the future though