Amazon offers its Prime members the Hornettek Dual Protection Case for iPhone 5 in Black/Red for $9.99. Clip the on-page coupon to cut it to $1.99. With free shipping, that's the lowest total price we could find for such a Hornettek case by $15. (Non-members can spend $25 or more to qualify for free shipping; otherwise, shipping costs $5.07.) It features a shock-resistant rubber layer and hard polycarbonate layer.

Of note, this item is backordered, but can still be purchased at this price.