I broke my friend's phone and I am not going to pay for it's repairs.
That isn't very nice, why won't you pay for it?
He has more money than me and he should pay.
You don't sound like a very good friend. It is expected of you to pay for repairs when you have broken an item of another. If you don't it could end your friendship.
I don't care what he thinks, he should've had an insurance plan on the phone.
Its not good to not make up for mistakes we made, especially breaking someone else's property. You can think that he should have had insurance but it doesn't matter, the right thing to do is to pay for the repairs, it might even make you feel better in the end.