We deal with etended warranty stuff all the time in the marine industry. Granted, boats get used a lot more energetically than a camera and the average minor repair bill for our shop was over $600US. Lots of people had extended warranties. SOme were "bought from the company". (Mercury Volvo, BRP, etc...) None of the bought from the company warranties were actually through the manufacturer. It was a third party who pays a hefty fee to use the name. Most manufacturer extended warranties are like this. A little over half of the extended warranties payed out real easy and were nice to work with. others were a bear. Some good, some bad. How useful the extended warranty is depends on the nature of your product usage. In the words of a female warranty rep for Mercury Marine we deal with on a regular basis-"if you handle your product like a teen age boy in the back of a car for the first time, get the warranty with good insurance".
Warranty will pick up parts worn out from heavy use but tend to last longer than the one or two year warranty, while insurance will take care of your nervous backseat bumbling.