I cancelled my mobile phone insurance for the reasons ClubMan outlines above over a year ago. I had originally took it out as I had damaged my previous phone, but there have been sveral warnings over the cost and benefits of such insurance in recent times.
If your home cover (contents) policies covers you for most risks associated with your phone you would be better off using that as cover (provided the added cost, if any, is not significant).
€6 per month is €78 per year, which would buy at least one replacement phone.