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Re: Verizon $3 Extended Warranty?
As you said, it extends the warranty after the factory warranty expires.
You have any issue with the phone where it does not operate as designed they will overnight a factory refurbished unit to you.
I just did this last week; after the recent Kit Kat update my One's call quality on all my Bluetooth products (Jawbone, Plantronics Hands free, etc.) went to crap.
Everyone on the other end said the static was unbearable.
VZW offered to replace the One, when I received the replacement I noticed that the power button on top was much lower on one end as well there being a noticeable gap between the aluminum and the middle plastic part on the bottom of the phone. I called VZW and said the replacement was unacceptable and the CS rep agreed and sent me a different one the next day. The phone arrived and it was absolutely perfect.
I have used their warranty on more than one occasion and would not go without it.