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Remember that plans like this overwhelmingly favor the seller/insurer -- there's a reason this is a big business. Statistically, most drivers never need it, so from a financial point (especially if rolling onto a loan or lease) it's a bad idea. That said, the plans could potentially save your butt if you're in the statistical minority. My advice would be to calculate the cost of one full wheel/tire replacement, and compare that to the cost of the insurance (including any long term interest tacked onto the cost over the life of a loan/lease). Weigh the cost/benefit for yourself. Definitely read the fine print as to what's *not* covered, as it can be a lot of common scenarios.
I've only had one hazard damage in about 25 years of owning a bunch of cars, when a rusted VIN tag (from an old clunker) laying in the road sliced into a sidewall. In that case, I absorbed the cost of a new tire for a few hundred bucks and went on my way. That's a total of say $300 over 25 years and 5-6 cars.
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