IMO, one does have to pay attention to the nitty gritty of the insurance situation for Your Particular phone.
My DX had been out quite awhile when I got it, I didn't get insurance for it. After a year I did break the screen but got another DX like new for $100. It's now almost 2 years since I got the phone and at $100 spent over that time and having 2 DXs that work, I'm ahead of the insurance game.
I DO think it's Completely Insane for example, to have insurance on the Motion. Why? You can get a brand new, not refurb phone for 2x just one year's insurance coverage. (To me, that's a not often mentioned Benefit of the Motion, you save about $70 a year insurance owning one. Or, you Should Save that anyway...)
OTOH, for a $500+ phone to me it's a Duh, no brainer to carry insurance at least for the first 2 years you own the phone.
Bruce in Ocala, FL