I concur but definately read the fine print and exclusions..

I bought a $5k warranty through Universal Car Care when I bought my X. It's covered $7k in repairs and I still have about 18 months left on it. One of those repairs was the valve stem seals, which was a $4k job. There have been a few things not covered (door handle mechanism, CCV, and a couple other little things). I'm happy with the purchase.

That said, the OP's warranty sounds pretty crummy with lots of limitations. I'd look for a better one. If there isn't a better option, it's not hard to get $2k of repairs on these cars so it might pay off.