Square trade eBay Warranties - any good?

Just looked on eBay for various amateur radio items and noticed the Albrecht AE2990 10,11,12m handheld on sale from various UK suppliers from around £150. Now also shown was an optional 3 year warranty - see http://pages.ebay.co.uk/safetycentre/buyingwithconfidence/warranties/index.html which cover failures to the device outside the manufacturer's warranty period. So, for less than £200 you can have a multimode HF handheld complete with 3 yr warranty.

Peace of mind 3yr warranty for £27 - too good to be true?

My question is this. Has anyone here bought an eBay item with one of these warranties - they seem to be widely offered - and had to make a claim?  It sounds almost too good to be true. These warranties are also available on low cost VHF/UHF handhelds as well where the warranty cost is only around £8-9, which looks remarkable value if the product fails. This is as long as the warranty is a decent one that is honoured and the small print doesn't render it worthless. They also offer a 5 day repair or replacement service.