It also might be worthwhile to shop around. The company that installed our system wanted over $800 for the 10 yr warranty but I had heard Munns charged $600 so I switched to them (this is about 2.5 years ago). It's all the same Trane manufacturer's warranty. (this is for back in the day when they installed gas furnace and elec A/C - both Trane products).
I haven't had to use warranty services yet and do get the once a year preventive service call (not a bad idea anyway). I, too, rarely buy extended warranties, but, with how much we use A/C, it seemed like a reasonable deal and peace of mind.
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Maryland (DC Suburbs) - first 51 years 
The Villages - next 51 years
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