Apple Care+ still repairs factory defects, or failures of the hardware, assuming a failure that is a result of a factory defect. Those repairs would still be at no charge to you.
There is no limitation on the number of repairs (although Apple will often replace a system that has had multiple attempts to repair a fault). However, the accidental damage repairs are limited to 2 per year, and, as posted above, is a 2-level charge, depending on the actual repair. That flat fee will be a considerable savings over paying for any parts that might be replaced.