The only winners are the Company and the Finance guy who gets a commission for selling the policy.
If you decline the sales guy wants you to still sign stating you refuse the policy, so they still get a commission. When I last refused to sign the Sales guy got angry so I walked. Also on American Greed recently it was stated that policies are frequently changed in order to decline a claim.
As others have said they are not woth the paper they are printed on. Save the premium and pay for the repairs yourself...