I bought the 5 year warranty for my 5 appliances. It was well worth it. 2 of my appliances needed repairs during that time. They send the repair guy, and he came in a timely manner, although you should probably ask about that when buying the contract.
The warranty gave me my money back when one appliance couldn't be repaired. I bought a warranty on the replacement appliance. It, too plotzed. These people didn't quite give me back my whole purchase price. They pushed me into 'current value', since I had used it for a year.
I got a warranty on the next replacement for it.