This is how I would look at it.
Insurance is offered to make a profit for the insurer. It's done by spreading out the risks among buyers. In the best case scenario for buyers, Apple decided to not make a profit from AppleCare Plus and just spread the risk over the number of buyers. In the worst case scenario, they add as much profit margin as they think the consumers will tolerate.
But what I said applies to an average customer. If you are more prone to damage your phone, then you can factor that into your calculation of risk/benefit which may result in a more definitive decision.
Insurance is offered to make a profit for the insurer. It's done by spreading out the risks among buyers. In the best case scenario for buyers, Apple decided to not make a profit from AppleCare Plus and just spread the risk over the number of buyers. In the worst case scenario, they add as much profit margin as they think the consumers will tolerate.
But what I said applies to an average customer. If you are more prone to damage your phone, then you can factor that into your calculation of risk/benefit which may result in a more definitive decision.