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Purchasing Yamaha extended warranty

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Got a letter from Yamaha today, my warranty ends December 27, 2015.  They also say "Take advantage of this special offer and purchase your Y.E.S. plan on or before April 24, 2014"

 They are offering plans with prices as follows:

1 Year = $669.60

2 Years = $864

3 Years = $1069.20

I have never been a fan of extended warranties and have never bought one in my life and I doubt that I will be purchasing this.  I know they are huge moneymakers for the manufacturers.  However being such a novice with boating I thought I might ask others their opinions.
 
I would put that money towards the 150!
 
It's a gamble. I bought one for my truck when I first got it. I bought it used with 2000 miles on it. At 60000 the extended warranty paid for its self when the axel shaft and other stuff went bad. I now have one year left and 20000 miles on the warranty. Had that not happened IMO it would have been a waste of money (if nothing happens in the next year). You just never know. Heck, I never thought my new motor with 25 hours on would puke all over its self. Things happen, and again, it's all a gamble.
 
Mine came with a 6 year warranty (3 + 3 YES), but if it hadn't I wouldn't have bought it. Unless you run a lot in salt water, and/or run WOT a lot, hit bottom, etc., usually these motors are bulletproof. I own 3 vehicles, all 4 WD, and because of that I got extended warranties on all three. I rarely go for extended warranties because they are a profit maker for the manufacturer. I had one go out, and it saved me about what it would have cost for that one repair. In other words, no loss or gain, a toss up. So, unless you're really unlucky or are hard on a motor, you probably won't come out ahead. As Jared said, it's a gamble.
 
I got  Mercury 7 year Platinum coverage for under $540. last year .


I plan on getting it again on the new one .


I believe that the 7 years would help with the resale .Plus it would  match the hull warranty ,Even though the extra Two years on the hull is not transferable .


Also I think they are less at the initial  time of purchase .


I had one on a Garden Tractor that the head gaskets went, about 3 months after the standard warranty expired .


That said when the extended warranty expired ,they called me and offered an extension that was equal to me buying a new tractor in a couple years ,that I turned down .
 
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If you have progressive insurance they will cover wear and tear for little additional cost to the main policy
 
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