SquareTrade lens warranty?

[iNick]

Just ordered a grip and a 50mm 1.8 (FINALLY :mrgreen off ebay and i was sent an email about a SquareTrade warranty for the lens. The 50 s coming from a retail store in NJ, it's brand new in box with the manufacturers warranty. Here is what the email says...

Protect Your Canon Lens at a DISCOUNT

Because electronics, image sensors and mechanical parts can fail or go out of calibration, many eBay users buy a SquareTrade warranty because of its low prices and 5-star service. SquareTrade is offering a limited-time 20% off your warranty. For just $13.59, your valuable equipment is protected should the LCD, image sensor, flash, autofocus and exposure systems require service. SquareTrade is the top-selling warranty on eBay and consistently rated 5-stars. If your item fails, they fix it or pay you the full item cost. Warranties are only available for a limited time from item purchase. Learn more before the 20% off option expires. Does anyone have any experience with this service? I know the lens is cheap in terms of build quality but from what i read most of the damage comes from dropping it and whatnot, not from normal use. Ill probably end up selling it in a year and upgrading to the 1.4 anyway but if this is a good program ill just go for it since its only $14.

Thanks guys!

-Nick