if it's within the first 30 days of purchase, they'll look for you to bring the phone back into the store & ask you questions round a bout to catch you off guard and reveal it's still in your posession.
if it's after 30 days of purchase, you're dealing with the Asurion Insurance company. from what i've heard--Evo's are still on backorder in most of the US (see post on this forum "Asurion Update" stating he was told 5-7 days, not guaranteed any longer). it could be a while--hope you've got a backup smartphone to hold you over.
why not unroot & send in the phone to Asurion? (you keep the battery/cable/MSD card, etc) b/c they're going to black-list your current Evo's ESN & make it unuseable on a cellular network anyways.
or are you looking to keep it just to have two? (i don't blame you--that sounds like a rather enticing scenario)
Just call HTC, they give you a year warrenty for the Evo. Hell when I was having problems with my Evo they told me I could root my phone and do the uncap kernal. I'm going to have HTC send me a free replacement as my Evo has had bad performance problems where my wife's Evo is completely fine.
You're definately not helping everyone else by screwing the insurance company. My guess is you probably won't do it if you have to pay the $100...if you even bought the insurance in the first place. Let's try not to get the deductable to go up to $150 b/c of too many fraudulant claims..Please