Not sure what you are trying to insure against? Do you mean an extended warranty for a hard drive? It hardly seems worth it as they aren't that expensive to buy anyhow.
In any event, you've been unlucky if the hard drive has failed after one year. They should really last for many years (many hard dives come with a 2 or 3 year warranty anyhow, although when included in an external box the warranty tends to be less).
Are you sure that the drive has actually failed or has it just become corrupted (this can happen if such drives are physically disconnected without first using the operating system to stand down the drive)? If this is the case, a simple reformat may solve the problem.