Apple Care doesn't help if the phone is lost or stolen. However, I'm quite sure that the risk of damaging or losing a phone is much greater than the risk of crashing a car (at least in the UK and Western Europe). Hence, the price of phone insurance against the price of the phone is so much worse than the price of car insurance against the price of the car.
Then, does someone become lower risk the more time and experience with a phone, like no claims, age and sex profiling on car insurance, or is the price of insurance the same whether the customer is a 25 or 50 adult male.