This one might be obvious to many but it just saved me about 100$ so I thought it would be a good idea to share my experience.
Two weeks ago, my 50mm f1.4 broke, the camera LCD displayed the dreaded ERR 1 message. I bought the lens about 15 months ago so it was out of Canon warranty (12 months). A bit frustrated, I went to the camera shop where I got it and paid the 20$ to assess how much the actual repair would cost me. I got the bill back today and the total was around 80$.
Lucky for me, I remembered that I bought the lens with my credit card (VISA) and it had an extended warranty feature which doubles any warranty up to another year. I quickly called the insurance company to confirm and it seems like everything is fine! Only have a #$%#$ form to fill.
Of course it is going to take forever to repair but at least it will be free. I suggest you check if your cards provide the same coverage, it was free and worth it!
The sad part of the story is that I will have to use the 50mmf1.8 for filming for the next few weeks which I already foresee as a real pain.