The insurance Virgin sells is $5 a month with a $65 deductible on a $149 phone...do the math if that makes sense. They will replace if the phone is lost or stolen.
Target sells a 2yr plan for $17 through Asurion, but it doesn't cover accidental damage and you have to mail the phone in.
Radio Shack sells insurance for $30 for one year through Asurion that doesn't cover accidental damage...they do apparently apply some kind of credit to a new phone if you don't use it.
Best Buy has insurance for $20 for two years which covers most accidental damage and water, has some sort of credit program if you don't use it, and will replace one battery...and you exchange the phone in the store or get a credit towards another phone. To me the BB plan is the only one worth consideration...but...that's just me.