Do you think paying for cell phone insurance is worth it?

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Here is why I've asked the above topic. Ever since I've signed on with T-mobile, I've had phone insurance through a third-party. The cost to me is roughly six bucks a month. Now here's the problem. The insurance is suposed to help should the phone become lost or stolen. however, the compny wants a $50 deductable for non-smart phones and a $150 deductable for smart phones. When my first cell phone had been stolen when I worked for Pizza Hut, I had the extra 50 to pay the deuctable, but I was also working and making money. Now, I've lost my job and this has possibly happened again. Seeing as how my currently missing or previously and most recently stolen phone was a T-Mobile G1, they want $150 In order to replace it. The phone itself, is whole sale a little over $300. I of course with no job and working and paying the bills withmy government check, I don't have the deductable so was unable to replace the phone through my phone's insurance. I had to find my old Samsung and activate a new sim card so as not to be charged an early cancelition fee for ending my contract early. Now the question is, with my lack of cash flow... is it worth it to keep paying the insurance fee (which is billed directly to my cell bill) or ask T-mobile to remove it seeing as I can't aford to pay the deductable should something else happen? Thoughts oppinions?