At a press conference in New York City Wednesday, T-Mobile unveiled a new type of mobile service plan that will allow customers to upgrade their phones up to twice a year with no outright financial penalty or waiting period. On the “Jump” plan, customers will still pay to switch phones, but they can get them at new-contract prices. Customers on T-Mobile will have to pay an extra $10 per month for the Jump plan.

If customers decide they want to switch phones—or if they lose their current phone—they will be able to buy a new phone for their current contract at the new-contract price (around $200 for premium phones like the iPhone 5 or Samsung Galaxy S 4) rather than the list price ($500-600 for the same phone).

If customers are using one of T-Mobile’s staggered payment plans to pay for their contract phone, T-Mobile waives the money still owed for the phone. In order to upgrade, customers will not only have to pay the new-contract price; they will also need to trade in their current phone.

The Jump plan also works as device insurance, T-Mobile says, and covers damage or theft. Customers cannot upgrade within the first six months of their contract, so they technically get four upgrades in 18 months.     

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