Many of those extended warranties are just service maintenance plans, where they will change oil, filter, plugs, etc at required intervals. They also cover the less frequent services like brake flush and valve adjustments.
The belt and shaft maintenance schedule is basically just to check belt tension or lube the splines. These both get handled every time you get a new back tire, so that's not really a consideration. Oil, various filters, and spark plugs are all easily done for the semi-handy and it feels good to do these yourself.
The RSV is like my Roadstar with hydraulically, self-adjusting valves. There is a check interval provided by Yamaha, but many of these bikes have well over 100,000 miles and have never had a valve adjustment. Brakes need to be done so rarely, I choose to just pay out of pocket until I get the confidence to do it myself.
Bottom line, if you feel comfortable changing your own oil, or feel like it's something you want to try, skip the maintenance plan. I'm pretty confident you're still on the hook for any parts and non-routine work when something breaks. You pay for one $100 oil change and you'll suddenly realize with a little confidence you can save yourself $50. Only took once for me.
Just out of curiosity, how much are they charging for the plan?
Ben C - Cary, NC
2001 XV1600A Road Star
2003 XVS650A V Star Classic