A wonderful alternative but, be careful and carefully consider your lifestyle if you ever need to make a claim.
Unfortunately, my phone slipped out of my hand, falling and cracking the screen. I called 4 times, left two messages, send an online claim, send a follow-up email to the claim and finally, I heard back from the manager.
I had limited options if I needed my phone. You can mail it in and takes about 3 - 5 days to repair and receive back or you can take to a BestBuy (good luck getting someone to answer the phone) or you can take it to a ubreakifix shop (waiting around 3 hours for the repair).
I live a very busy lifestyle and my phone is my personal and business line. Therefore, to be out 3 to 5 days is not an option. The only option left is to take 5 hours of my day to go fix it, pay for it, submit for reimbursement and then follow up I am sure.
As said earlier, a great option from a cost perspective, just beware of your own personal schedule and if you have the time to take to go through the repair and reimbursement process.