The Best Buy plan is NOT insurance, it's an extended warranty. It's called the 'Product Exchange Plan', or PEP. Basically, if your phone normally broke (like let's say the camera stopped zooming) that would be manufacturer defect. Normally you'd have to take it back to your carriers store, they'd ship it to Motorola, who would either fix it or ship you a new device, etc, etc. It takes a while. With Best Buys PEP, you take any phone in with a manufacturers defect and they give you an entirely new device (once you prove the defect, of course) for free the same day, and you walk out all fine and dandy within like 30 minutes. This lasts for the entirety of your contract (usually). It only covers whatever the carrier covers which is manufacturing defects. Only Asurion covers user damage or water damage. You will have to purchase another phone.
Also, you had a chance (not a great one mind you) to put the phone in rice and let it drain the water out without damaging the phone, but clearly since the camera's blurry and everything, that means you turned it on before it's dried out, so now it's just a matter of time until the water hits a few wrong circuits and completely fries it.
Sorry, dude.
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