It's not the same. Insurance covers any physical/water damage and lost/stolen. The extended warranty covers any defects after the first year. As long as nothing else is going on, you can call Verizon for a warranty replacement.
If his phone has any physical damage, you'd be charged a $299 damaged device fee if it's processed as a warranty replacement.
Hello frustr8edmom! We're sorry to read that you're having trouble with your son's iPhone X. We know it's vital to have a working phone, and we'd love to help. Thank you for the details. The extended warranty applies only if the device is in good working condition, free of any damage. We'd love to help you with his phone, and make sure we find the best solution. Please reply to our private note.