The only negative of the Geek Squad insurance is that it is through Best Buy and we all know all stores are not equal. Some stores will claim that you have to send in your phone before you get a new one. So they give you a crappy loaner phone while you wait to get your replacement which again some stores will tell you it has to be refurbished phone. Also, it covers all damager (even water) but not lost or stolen.
All that said, I still think the Geeksquad insurance is the better deal. You might just need to shop around for a store that will replace your phone on the spot.