How does Verizon Extended Warranty Work?

I have an htc phone on verizon and part of the touchscreen is defective. I have the total equipment converage which has asurion insurance and extended warranty. I'm thinking of going with the extended warranty b/c the asurion is too expensive to replace a phone. My question is how long does the $3 monthly fee apply. Is it all the way up to the end of the contract or is it for how long you use the device?