After two years, I personally would not be lodging a CGA claim for a faulty iPhone - If it stops, I'd consider it life over.
Other opinions in this thread aside that means a $1200 phone, not far off what most top models are worth, costs about $10 a week.
That makes you stop and think "Is this thing worth $10 a week to me?" The reality is it's closer to $30 if you get a middle of the road plan. It's an interesting thing to ponder...