The OP’s question reminds me of the Clint Eastwood line from Dirty Hairy, “Do you feel lucky?”. Some folks never need an extended warranty or insurance on their phone, but some folks are more prone to such problems.
Personally, I have only carried insurance on a few phones since 2001 and do not currently. All a matter of preference and risk aversion.
It is, no doubt. In my own personal experience, it’s best to invest in AppleCare based plans as they offer the best experience. Every person thinks that they are careful and nothing will happen to their devices, till something does happen. And then you rue the fact that you could’ve purchased a great plan which would’ve saved you the hassle and heartburn.