The M1 phone care is 8.50/mth. However, I think if you accidentally dropped and damaged it or water went in, you have to pay a few hundred dollars to get it replaced which might ended up more expensive than Apple Care.
I would suggest you invest in a good protector and casing. However, if you are someone who are prone to damage phone, then best is just buy Apple Care.
I might be wrong but read the fine line of the M1 phone care again. Some customer officer might not know the actual contract because they are told to push for it.