Sony is now offering the “PlayStation Protection Plan” via The PlayStation Network, an optional warranty that extends the life and coverage of the manufacturers warranty that currently comes with PSP and PS3.
The PlayStation Protection Plan extends the original warranty from 12 to 24 months, provides access to PlayStation Support experts, and prepaid shipping boxes for consoles that have to be sent back to the manufacturer.
A one-year PlayStation Protection Plan will go for $44.99, while the two-year plan will cost $59.99. However, PlayStation Plus members will get their hands on a two year plan for $44.99 ( the cost of a one year contract for non-subscribers).
To be eligible for the PlayStation Protection Plan, you must be within the first year of the manufacturer warranty issued when your PSP or PlayStation 3 was originally purchased.