Typical carrier or Best Buy will charge you 9.99/month for insurance/protection.
Add that over 2 years plus you are in for $240 for “insurance”
If you have to buy a new smartphone without a contract at full cost, you are talking about $600 (give or take $100).
Say you drop your phone at month 14 and have to replace it. You are in for $140 in premiums and $100 in deductible, so $240 gets you a working phone again versus $600.
Keep in mind, that any functional failure in year 1 is still covered by the manufacturer, so you are basically paying to cover the risk that you will physically damage your phone to the point it won’t function.
That is why I have coverage on my wife’s phone and not mine. I trust me