I've had an extended warranty on 3 motorcycles, a car, and a truck. On the bikes I never used it. And it isn't like I don't ride -- on my '98 Valkyrie, I had ridden over 100,000 miles when Honda's 7 years of coverage expired.

For my car and truck I have used the warranty, but in both cases the cost of the warranty exceeded the cost of the covered repairs, even including the free rental car they provided. The 'peace of mind' was nice, but that came with a price! It's been said the manufacturers don't sell these to lose money, and my experience has validated that.

If you do buy one, make sure you shop for a good price online, because the markup for the dealer is huge. I've always found that you can get the exact same manufacturer's extended plan from online dealer for about half the list price. That's the same for cars and trucks. I got my Ford ESP warranty from a dealer in Minnesota for half of what the dealer quoted.