Is it possible to extend my xbox 360 warranty or maybe buy insurance for it?
Well, you usually need to do this when the console is first purchased. Sometimes the store you buy it from will have warranties for sale. I know some stores discontinued offering warranties once the consoles started getting “3 red lights/ring of death”. Microsoft also lets you purchase a 2 year extended warranty on you console but it has to be within 14 days of purchasing it. Otherwise just wait until it breaks and pay Microsoft $99 to have it fixed. The day they send the repaired unit back to you, your 1 year and 3 year warranties start over new.
