I got it fairly cheap on my Giulia lease. It says it covers $1000 per event up to $5000. each tire is a single item so that is the main reason I went with it, along with allowing $400 of excess mileage (2000 miles)
Regarding other wear, would scratches and chips normally fall under the $1000 amount? I would hope the stated limit is for accident damage or something. I keep my cars nice and garage them but of course things happen