£75 excess fee and 4 claims per year. It’s not just repairs, it’s loss/theft too. If you lose your Mac after 5 years or it gets stolen, that’ll be £75+£95 to replace as opposed to buying a new one for £1,200 or higher without insurance. The replacement will be brand new and cheaper than a used replacement. You won’t find a well-functioning used 2015 MBP in 2020 for £170. Also, a brand new replacement will last longer than a used MBP and run faster because of the unused battery. If for some reason Apple can’t issue a brand new replacement, the insurance company will credit you the purchase price of the 2015 MBP and you can use that to buy one of the newer models.
Let’s run through the math. My MBP was £1,000. If there’s a 17% chance of the laptop being stolen or completely broken or any other unfortunate event, the expected cost of replacement is £170 over the 5 years. The insurance would pay for itself at that point. Any lower than 17%, it’s not worth it. Any higher, it’s more than worth it. That’s assuming you’re a risk neutral individual. In reality, individuals are risk averse and they will take the insurance even if the odds are less than 17%.