I usually go through my insurance carrier for my phones, but this is actually a decent deal. Through my insurance carrier, I pay $36 a year for coverage (only accidental hardware damage though) with a $100 deductible. When there is a claim, they just issue a check, which is great when you're in the !market for a new phone, but if you need a replacement right away, the process I believe takes 2-3 weeks.
With Protect, from what I've read, it's $89 one time for the coverage with a $79 per incident deductible (limited to 2 incidents over 2 years). And IIRC they send the phone out the following business day after you report it.
Crunching the numbers over a 2 year period, 1 incident would cost me $172 through my insurance company and $168 with protect. If I had 2 incidents, it would cost $272 through my insurance and $247 through protect. My insurance has no limits on replacements ( although I'm sure my rate would go up after too many) but protect allows you to transfer it's protection if you sell it, and replacements would arrive much quicker as well. So for me I'm going with Protect.