I wish I had purchased Wheel/Tire protection as all our wheels have road rash my wife is primary driver and goes through dive-in bank/fast food service windows frequently. These wheels/tires are a bad design as far as road rash goes. Combination low profile tires and wheels that are flush with the tire sidewall. I don't remember the cost but that $550 mentioned sounds familiar.
I paid $480 for mine, including curb rash/damage with $0 deductible. The dealership had a special at the time of my purchase for a $500 credit towards any Financial product and they allowed me to use it towards rim/tire insurance since I didn't do any financing on the car. Glad I opted for the insurance! Living in Minnesota, we have potholes the size of small planets and I've crunched my wheels in them several times. I'm pretty sure they are going to lose money on this insurance policy!
I noticed on some of these policies that did cover curb rash had a lifetime limit of the amount they would pay out for curb rash. One in particular was $800... make sure you read the fine print to make sure there is no limit before being caught by surprise.
Well since mine is a lease, if the max is $800, then that is all that will get fixed. Curb rash is considered normal wear and tear and I will return it with the scuffs. But so far so good with the curbs. Scuff free
I've had very poor luck dealing with warranties of this kind especially for tires. When they try to sell me this kind of stuff at the dealer I just say: " I'd rather pay to have it fixed and get it fixed than pay to have coverage and spend a lot of time arguing about what is covered and then not get it fixed."
Back in days of yore curb guards or "curb feelers" were pretty common ways to avoid damaging your hubcaps, which were metal and actually looked nice. With whitewall tires. These days I find the backup camera and those little sticky round mirrors are effective ways to monitor proximity to the curb.
None of these techniques work if my girlfriend is driving.