I had pretty positive experiences with the Geek Squad, and I still don't think it makes sense for you.
As a backstory, I got the warranty with accidental damage protection when I was a grad student living on a grad student stipend. I was carrying my laptop back and forth to school every day, and I couldn't afford to replace it easily. It worked out for me, because I ended up getting two free computers out of it. The first time, a student knocked my laptop off my desk while I was setting up for class and the screen cracked. The second time, my then-girlfriend knocked it off a chair at home. Each time, the Geek Squad tried and failed to repair the issues, and each time I was given a credit for a new machine.
However, the quality of assistance you get is wildly dependent on your location. The one near my parents' house was pretty helpful, and they'd walk me through minor troubleshooting in the store without taking my computer. The one near my school, however, was staffed by people with no idea what they were doing and I would never trust them to touch my computer. I could google solutions better than they could. For most simple things, you should try to DIY or ask a friend who is pretty tech savvy to help you out.
Secondly, if they do need to take the computer for more extensive software repair or any hardware repair, you'll be without it for a while. It took over a week each time for them to decide they couldn't fix it before I was authorized to pick out a new one for free. The volume of computers they're working on at any given time is huge, and you have to wait for it to get shipped out to a repair center. Since you don't have a backup, I bet you'd find quicker, more competent service at a local computer repair store.
I don't buy the service plans anymore. I have a separate work computer, so I'm not carrying my personal one around all the time. Risk of damage is much lower. Either way, my finances are in much better shape now and I can afford to replace it if something happens.
