Wow that's a pretty high drop. If you are seeing colors due to the case being torqued the damage is probably done. You may also be seeing colors due to some minor damage to the LED/LCD/AMOLD screen. Either way you likely will not have screen breakage if it didn't already, but if the case is torqued there may be added pressure on the screen that any further roughage may send it over the edge causing breakage. Also sitting on, or placing it in your pocket could increase the torque depending on a bunch of things. With or without insurance it's not a bad idea to take it in just to have it checked out. If nothing else they should be able to tell you the cause of you discoloration. And as for performance unless there was damage to the digitizer or something was partially unplugged due to the impact I would estimate that the device will continue to function as normal indefinitely. As I said with or without insurance you are still a customer and they will at least evaluate the device for issues and from there you can make educated decisions as to a course of action. What device do you have, by the way?