Maybe not as important for the PS2 or PSP since they're so cheap. However, isn't the USD weaker, so wouldn't a PS2 cost more there if you did a direct conversion?
Eh I'm bored so I did a conversion for the hell of it.
http://finance.yahoo.com/currency/convert?amt=&from=GBP&to=USD&submit=Convert
Converting it, the 30 (for a year of the PS2 insurance) in the UK looks like it would be converted to just about $60. The PS2 costs I think like 130 in the UK, that's just about $260.
To compare, 425 for a PS3 is $847 and a year of the insurance would be $119.