They will change your terms mid contract.
I was without my droid for over 2 months at one point being jerked around.
Also, if you every think you might have your phone stolen or lost, no coverage from Best Buy and you are out of luck.
Caveat Emptor.
There is no deductible but I almost lost my unlimited data because of their replacement policy. At first, they said no smart phone loaners because of some odd reason. They put a dumb phone on my account and Verizon took away my unlimited data. This was right when they were making the switch so I managed to catch it before Verizon wouldn't give it back because I had a dumb phone activated on my account. Just be careful.