Well worth it--saves the front of the car and the gills. The whole front of our 'vette (fascia, fenders, mirrors, hood, windshield) are wrapped, and the front bumper, fascia, and gills of the Camaro. With as thin as paint is nowadays, you'll wish you'd done it.
Working in insurance, $1,200 doesn't buy you a lot of anything if you paint the car. A good re-spray of the front bumper is going to be several hundred dollars, if not a thousand on its own. Gills will be $700 apiece on the low side.
EDIT: Some insurance companies actually offer a discount on premiums for doing this, as well.
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'88 IROC-Z vert (14.9 @ 92.3) //
'10 2SS/RS LS3 - 423 RWHP, 418 RWTQ
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