I just think of it as extending the warranty to 3 years because as of late, Apple’s design and QC hasn’t been all that. I’ve never purchased extended warranty on anything. Not my apple watch, 7 ipads, cars, electronics. But on the mini? Yep. So did the workplace for my hubby’s mini.
Right, minus the phone support, it's effectively an additional 2 year warranty (since you have 1 year OOTB). Interestingly, the extra warranty offered through some CCs, can stack onto the AC warranty, and you wind up with a machine covered for 4 years (obv. with the 4th year having no phone support and having to go through a totally different repair / warranty claim process).
I used to wait till close to the first year of ownership was up, did that with a previous Mini and with my current MBP, but Apple has since changed how long you have to purchase (it's now 60 days, and I think you have to do some kind of remote validation vs. buying it with the machine up front).