That is not at all the experience my wife had with BestBuy/GeekSquad's "Black Tie" insurance. When her phone broke, we had to mail it in, pay a "diagnostic fee" (although it was later refunded to us), and wait 30 days for the repair. Best Buy would NOT supply a "loaner" phone in the meantime. As it turned out, the phone could not be repaired and Best Buy elected to replace the phone with a "similar-quality" model, as opposed to sending us a gift card so that she could purchase the new phone she wanted. It was genuinely not a good experience, especially since the in-store salesman pitched the plan to us as being the awesome thing you describe.
Originally Posted by AndreaCristiano
FYI, here's the full terms and conditions right from Best Buy/Geek Squad: