Verizon iPhone Insurance, A Pure iRip off?

Verizon iPhone Insurance, http://snapvoip.blogspot.com/
Just read post by ifixyouri blog that listed Verizon iPhone insurance Coverage! Just had to post because they charge $10.99 a month and it has a $169 deductible for 16GB version and $199 deductible for 32GB version!
ifixyouri says they get you covered on repairs much cheaper. Checkout their post and their repair prices. (I have no affiliations nor have i used them) But they tore down a Verizon iPhone and juicy bits are coming soon!

Total Equipment Coverage*
Complete protection of your wireless equipment. It combines the benefits of Asurion Wireless Phone Protection (offered by third–party insurance agency) with the Verizon Wireless Extended Warranty** program. If your phone or covered accessories are inoperable for any reason – lost, stolen damaged or malfunctioning – you can be covered. As a convenience to you, the monthly fee for this service is charged directly to your Verizon Wireless bill.
Verizon Wireless Total Equipment Coverage will help you stay connected.
$10.99 per month per covered device***
16 GB Device
* $10.99 per month per covered device
* $169 non–refundable deductible per approved claim
* Equipment maximum limit: $1500 per completed claim
32 GB Device
* $10.99 per month per covered device
* $199 non–refundable deductible per approved claim
* Equipment maximum limit: $1500 per completed claim

ifixyouri