Think about it. If you're purchasing a home for $100k and you're getting yearly insurance on the home for $1k -- would you pay for it?
IF you buy a car for $30k and you're worried about spending $3k for a cover your ass policy on the investment then as I've said to other poeple on the forum, look into other cars. Warranty is different than maintenance -- if you can wrench get the warranty only. It's a piece of mind type of deal.