It's insurance. Odds are you won't use $1500.00 worth or they wouldn't make any money selling the warranty to you. I have a good friend who is a 40+ year Harley tech. When I bought my Fatty in '02 he said, "call me if you have any problems, but you won't." That's 7 years and 45,000 miles ago (it isn't my only bike). Glad I didn't waste my money on the extended warranty. Nothing at all has gone wrong with that bike. Just brake pads, oil changes, and routine maintenance. I did do gear drive cams but 07 and later bikes don't even need that!
Now my Streetglide is a different story. The 2 year warranty replaced a $1000. stereo and fairing braces. There is more to go wrong on a bagger. A basic softy just doesn't have a lot of stuff that breaks.