I'm personally rather disappointed. It turns out it will be $5/month, device replacements are $99 each, and you can have up to 2 device replacements within a rolling year (if you replace a device in March, then another in December, you can replace your device again the next March).
The Good: it will last as long as you own your phone, you aren't limited to the 2 year protection period you get from Nexus Protect. You also can have two replacements in any given year, whereas Nexus Protect only gives you two replacements total, over the two year coverage period. Also, you can cancel if you get rid of the phone or just decide you don't need it anymore.
The Bad: over a 2 year period you pay roughly $30 more for Fi Protect PLUS any replacements cost you $20 more (at least for the 6P). Plus, if for any reason you need to leave Project Fi, you lose your protection plan on your phone.
I think, for the price, at a minimum they should have included loss/stolen replacement coverage. I also wish they would have given the option for either Nexus Protect or Fi Protect.
One last note: if you sign up now, you will be retroactively charged from the date your device was shipped (not the date received).
The Good: it will last as long as you own your phone, you aren't limited to the 2 year protection period you get from Nexus Protect. You also can have two replacements in any given year, whereas Nexus Protect only gives you two replacements total, over the two year coverage period. Also, you can cancel if you get rid of the phone or just decide you don't need it anymore.
The Bad: over a 2 year period you pay roughly $30 more for Fi Protect PLUS any replacements cost you $20 more (at least for the 6P). Plus, if for any reason you need to leave Project Fi, you lose your protection plan on your phone.
I think, for the price, at a minimum they should have included loss/stolen replacement coverage. I also wish they would have given the option for either Nexus Protect or Fi Protect.
One last note: if you sign up now, you will be retroactively charged from the date your device was shipped (not the date received).