Here in Canada we have 3 year contracts (which is in the process of maybe changing) and with my provider (Bell) insurance works out to 36*7$=252, plus the cost of deductible which they say is between 100$ and 150$ depending on the phone, so between 350$ and 400$. For iphones and "premium smartphones" (which I imagine my One falls under) that goes up to 10$ a month and 250$ deductible, which is over 600$. Either way it's hard to justify the math unless you fully loose 2 phones, since I just broke the screen on my One and it's going to cost 225$ to fix it. Still a lot of money, but not nearly as much as the cost of the insurance.