A Helicoil can do the job and get you out of gaol, I've found many of them fitted over the years for the Sump Pug (it's a BIG bolt, so it MUST be done up tight - yeah? ).
If fitting one, you do want to be sure that it is square, otherwise, it will leak. I forget how far off they can be but it ain't much. I've also found, as govig has pointed out, that after a while, they start 'gripping' the sump plug. Also, be sure that the 'top' of it when fitted goes done below the surface otherwise it won't ever seal. I mention this, because it's surprising how many I've found that haven't been - or they are starting to come out (re: previous comment).
Time-serts are the bee's knee's for this application, but I find it hard to stomach how much they are to buy!
So, I make my own version from an M20 Bolt;-
and fitted;-
What I have found since fitting these is I no longer have to wind the plug ALL the way out, then wind them ALL the way in again, just 'crack' then and wind away with the fingers.
Just a note on the sealing washers. I know the stock ones are cooper, however, these do work harden after a few cycles and so 'need' nipping ever tighter each time, so annealing them from time to time isn't a bad idea, though the Fibre type washers are better, but need replacing each time.