We spent a winter in a site next to a retired insurance executive. 1st he had an amazing motorhome so lots of money to be made in insurance. In general the Insurance companies usually win.
While we were there he brought a new high end motorhome and brought the extended insurance policy. When I expressed my surprise (as he knows the numbers) he pointed out that yes he knows the numbers and that is exactly why he brought it. Went on to say they are priced for the majority of folks who use their rvs a few weeks a year. As a fulltimer, the odds were in his favor to more than recoup his cost.