Waterdamaged iPhone, will AppleCare+ cover it?

I have applecare + for my iphone 4s which gets 2 accidental damage replacements or whatever. But I'm not understanding how much I need to pay. I was thrown into a lake the person not realizing that my phone was on me and now it only works if I have it charging and its has no Wi-Fi or service. So if I take it to the apple store I know you get a replacment for $50 but do you have to pay for anything els? Like getting It fixed or a new phone or is that the total amount?

Your deductible is $100

Waterdamage isn't covered.

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