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AppleCare+ covers two incidents of accidental damage and does not cover lost/stolen devices. They do not offer regular AppleCare anymore, the "+" simply differentiates between the new and old offerings.
 
how is it any different than regular applecare?

does it cover lost/stolen? im guessing no.

Quick search....

AppleCare+ for iPhone
Every iPhone comes with one year of hardware repair coverage and 90 days of telephone technical support. AppleCare+ for iPhone extends repair coverage and technical support to two years from the original purchase date of your iPhone and adds coverage for up to two incidents of accidental damage due to handling, each subject to a $49 service fee plus applicable tax.1 With AppleCare+ for iPhone, Apple experts can help troubleshoot issues over the phone or at an Apple Retail Store. They’ll answer questions about iOS, Apple iPhone apps such as Mail, iMessage, and Calendar, and help you solve interconnectivity issues between your iPhone and Mac or PC. And if your iPhone needs service under the plan, Apple technical support representatives can even set up a repair during the same call.
 
Quick Google yielded THIS. Use SEARCH if you don't want to read the entire document.

A friend of mine bought insurance FROM THE CARRIER for her Samsung and her phone was replaced after it was stolen, so you may want to check with your carrier in addition to Apple.
 
Some good information here. SOmething I will add...

Since it doesn't cover lost or stolen, if your phone DOES get lost or stolen, Apple will reimburse you the prorated value of Apple Care + you paid that you haven't used. If you sell your phone, you can have them do the same thing. Carriers (or other third parties) often will cover lost or stolen phones, however, there is generally a monthly fee, around $10 on top of a pretty large deductible (can be upwards of $200).

One last thing to consider is that some credit companies, American Express is one of them, will replace your phone if you damage it, assuming you bought the phone on their credit. Essentially what they have you do is send them the receipts of the phone you replaced it with and they will credit you that amount. It's a bit like Apple care +, but free, however you are temporarily out the out of warranty replacement cost of the device.
 
What exactly is applecare plus?
Have you even looked at Apple's site?
http://store.apple.com/us/product/S4575LL/A/applecare-for-iphone

does it cover lost/stolen? im guessing no.
No need to guess. Again, refer to the site.
AppleCare+ for iPhone extends repair coverage and technical support to two years from the original purchase date of your iPhone and adds coverage for up to two incidents of accidental damage due to handling, each subject to a $49 service fee plus applicable tax.
 
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