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I am planning to buy a 5Dc due to my limited budget but I have heard people having problems with it after a few months and some of them have needed CPS to change the sensor. I was wondering if there is any protection/warranty i could buy to cover such problems?
1) The 5D Classic is a reliable workhorse given ordinary reasonable care. There is no need to replace the sensor in greater numbers than other cameras. You may have heard about the mirror adhesive problems, but Canon fixes that for free even now, and you can check visually to see if it has been fixed anyway.
I have had my 5D Classic for over six years now.
The shutters are rated for "between 50K and 150K" actuations. Experience has shown that the upper end of the range is very realistic.
2) Buying a warranty or insurance for repairs is betting against yourself. It is not worth it in the long run. The only need for it would be to insure against total loss or catastrophic loss.
You get car insurance because the cost of replacing a totaled car is catastrophic.
The cost of replacing a camera from a line that is over seven years old is not catastrophic.
The warranty / insurance companies make a profit because they sell the warranty for more than the risk-cost (risk times cost) of fixing the cameras. There is a low chance of them needing fixing.
Look at it this way (figures approximate): Suppose you get a relatively low actuation camera (say less than 50K) for, say, $800. You may have, say, a 10% chance it will need the shutter replaced if you used it for 50K shots in five years. The cost of shutter replacement is maybe something like $400. That would be $8 (eight) per year chance ($400 / 10 = $40, and divide by 5 years = $8). You can be sure that a warranty would cost you a lot more than that per year.
Now, if scraping together $400 to fix a shutter would be catastrophic, then insurance can be good. But if you could put the camera on a shelf for four months to save $100 per month to get it fixed, that's not catastrophic.
Further, if you set aside $12 per month for three years, you'd have a repair fund ready and available after three years. That fund would be available to put toward purchasing another camera or would be the base for a repair fund for the next camera.
Don't worry too much. Buy from a reputable seller ( like http://KEH.com ) or with the help of an experienced photographer.
Life is uncertain. Eat dessert first.