If your phone is lost or stolen, the deductible is much higher—typically for standard models and $299 for Pro models. While this is still cheaper than buying a brand new phone, it is a distinct jump from the screen repair fee.
Having AppleCare+ significantly reduces the out-of-pocket cost for a screen repair. Instead of paying the full market price for a new display, you pay a set service fee, also known as a deductible. AppleCare + vs no AppleCare +. How much do repairs cost?