I once bought an extended warranty (100,000 miles - $900) for a new Toyota 4-Runner. It was wasted. I owned two more and piled up 200,000 on them, no warranty, no repairs. I just bought my 4th Toyota truck. Extended warranty? Nope. Not needed.
I get the feeling its about the same with the FJRs, though $389 U.S. is pretty cheap insurance. I just got my '03 FJR out of the shop after a complete round of maintenance at 30,500 miles. New plugs, air filter, fresh fluids in brakes, clutch, final drive, coolant, fork oil changed and seals, TBS, install new stator cover, inspect, lube and torque steering head bearings, swing arm and shock linkages inspected, cleaned, lubed and torqued, brake pads checked (he said 80 percent(!) left in front, 70 percent in rear and these are factory), cam chain tensioner set, etc. etc. (Valves were checked earlier.) About $680. Was it all needed? No, unless I plan to keep the bike for several more years, which I do. The tech indicated there were no major or even minor problems with the machine...at all. It is holding up beautifully and I now expect several more years of trouble-free ownership. If I could get Y.E.S. for $389, I might consider it; for $1,300C/4 years? Not me. Bank or invest the dough and draw interest if you fear a breakdown. Or spend it and pay as you go.