I opted for Verizon's insurance. I don't know if its over priced but it cost me 50 dollars a month for 4 phones. The deductible is a killer at 200 dollars, but the insurance doesn't repair the phone, but replace it. Last month, daughter #2 broke her phone and it was replaced no problem (refurb), and just recently daughter #1 did the same - talk about a bad stroke of luck.
That ran me 400 dollars, where as getting repaired by apple for both was going be 1,000. Conversely, the cost cost of the insurance is 1,200 so far, i.e., 50 dollars x 24 months. So to date I paid 1,600 dollars for insurance and deductibles (and that monthly cost is continuing), instead of 1,000. You see where I'm going with this. When its time to replace these phones, I'm not going to get insurance.