I agree it’s expensive but, it really is the convenience that matters; if you’re away from home, the thought of being able to walk into an Apple Store is reassuring. Prior to it being available with theft and loss I never bothered getting it for my iPhone, now I wouldn’t be without it.AppleCare is also a very expensive insurance policy when compared to car and home insurance. AppleCare with theft and loss costs £239 in the UK for an iPhone 15, yet it costs me £187 to insure my car which is about 18 times more expensive than an iPhone. My entire home and contents insurance is £325 and that covers me for up to £750k. I understand AC is convenient, but most people have their posessions insured via other methods anyway, especially if they rent or own a home.
It’s also worth considering the very generous consumer rights we have in the UK. Fortunately, I’ve never had to call upon AC but, I did benefit from UK consumer rights, when my two year old iPhone XS Max died on me.