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Is the protection worth it? No. All insurance is designed to benefit the issuer, most of the time. This means the odds are against you, that you will come out ahead, financially. This it how it is.
Insurance, when not mandated by law, is primarily sold on a fear motivation. Items sold on fear are generally not in your financial best interest.
Cars are depreciating no faster today than they did in the past. Today, car finance companies are setting residual values higher than market, so that monthly lease rates are attractive. Finance companies are in business to sell leases, so the terms are engineered to do just that, sell leases.
The finance company has accounted for the higher-than-market residual in the overall lease package.
All of the commentary above is standard practice for all new vehicle finance companies.
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