I'm in two minds about AppleCare this year, I have mobile insurance with my bank which covers it anyway so is there much point?
Personally think it’s a complete rip off. Put it this way 2 year AC is 20% the cost of a 12Pro. Must be a lot of risk averse consumers to let them get away with charging that. It’s like buying a new BMW and getting your car insurance and tyre/alloy/GAP insurance with them, you pay through the roof!
The key difference is AC ensures that your phone is repaired by Apple. With third party insurance, they'll use some independent "authorised" repairer who may well botch the job.
The price is pretty much the same as you'd pay for third-party insurance. The trade-off is you lose the certainty of an Apple repair in exchange for loss/theft cover. Most of us are concerned with accidents, not losing it or having it stolen and, if the worst happens, your household insurance will likely cover it anyway.
As mentioned, AC also extends the Apple warranty for a second year.