This is just another scam. The Law states every electrical item bought in the U.K comes with a 6 year garantee. Please don't waste your hard earned money on CRAP like this.
There's loads of people with ps4s with dodgy disc drives just sat gathering dust... So if they just signed up for this cover now how would Sony even know the fault was there before paying for this? Could be a tempting proposition for those with already faulty ps4?
Unless you intentionally break your gear or have kids this is pointless, the sale of goods act covers everything else.
£5 a month = £50 a year? oO Discount code? :p