You will not get a new watch when your current watch is covered by AppleCare +, what you will get is a refurbished identical model to what you already own. I went through this a couple of months ago. I had damaged the display on my AppleWatch Series 5 and it was covered by AppleCare +. When I called AppleCare they told me the steps to take to return the old watch (collect the $69, AppleCare then sends return packaging), upon receipt of the old watch they shipped out my replacement AppleWatch Series 5. The whole cycle took about 5 business days. I was planning on getting a Ultra 2 anyway and now use the Series 5 for other uses. I may even sell or give it away, I haven't decided yet.