I am a non-believer in product insurance but when I bought a phone one generation back, there weren't any protectors yet available so I opted to get the insurance. Sure enough, the second day I had it, I dropped it on a tile floor and ceramic being what it is, the phone lost. Verizon replaced it and as soon as a protector hit the market, I owned one and cancelled the insurance. Learning a lesson from that, I now take out the insurance for the first couple of months regardless of whether a case is available.
Other lessons learned: When working on cars, take the phone out of your pocket and put it some place near by but safe. When working or near the water, such as on boats or installing/removing docks, leave the phone ashore.