I've used Square Trade before to repair a damaged GS4. With discounts, the plan was about $75 with a $50 deductible per incident. The problem is that you have to get your phone repaired, send them the receipt, then they reimburse you. In my case, the screen was damaged so the repair shop I went to had to order a part, which took three days to order, ship, and install. That doesn't include the Saturday and Sunday either so essentially it was about five days I didn't have a phone. For a lot of people, that's a long time to be without a phone.
Apple Care is more costly but from the experience of my friends who have it and have had to use it, it is super convenient and fast. If Google can guarantee replacement within 2 days, it seems like a great plan to get.