they'll work just as well as on any other tire. but if you were racing or constantly driving and cornering at high speeds you'd want to replace the tire. and if you're worried about it holding you can always get it checked out later and patch it or replace it.

there's lots of debate, even among tire shops and dealerships related to repairing punctures in tire treads. some shops won't repair any tires because they want you to buy a new tire from them. others will only do an off the wheel repair patch from the inside for $25 or so. and some will still plug the tire while still on the rim. i've had several tires plugged in the past and none have ever failed. i don't know any one who has personally had a tire plug fail. i'm not saying it can't happen. but if it does fail what will happen? most likely the tire just goes flat again.

the plug method though really is something that should be reserved primarily for roadside repairs. a patch technically will be better because it can be tricky to follow the hole all the way through the tire while plugging. also keep in mind that a plug may invalidate your tire warranty. on the other hand tire warranties are like brake pad wrranties and don't really mean a whole lot.

as far as insurance is concerned, auto insurers (in the u.s.) would provide coverage in the event you had an accident even if it a failed tire plug was the culprit.