J.J.,
Just my humble opinion, but you need to determine first if you really want an "extended warranty" (service contract). You already have a two year factory warranty that comes with the bike, which covers most everything on the bike. The service contracts are generally much more restrictive in what they cover, with lots of fine print and disclaimers. If you plan to modify your engine, for instance, I believe you will find that most contracts don't cover modified parts. Some dealers will tell you that they will cover it anyway (they fudge the claims), but that won't do you much good if it isn't in writing or if you relocate half way across the country.
Various consumer organizations recommend against service contracts, as more than 70% of those who purchase one never recoup their investment. The exceptions would be items which have a higher than normal failure rate with high repair costs, such as plasma tv's. I personally have never purchased an "extended warranty" for a vehicle or appliance, and only one time in the past 20 years have I had a failure that would have been covered by a contract. The repair cost was about $10 more than what the price of the service contract would have been. Service contracts are extremely profitable for the contract companies and dealers, but have been proven over the years to not be very cost effective for the average consumer. I guess the final decision depends on how much confidence you have in the quality and reliability of the product in question, and how much risk you are willing to assume.
Jerry