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I'll chime in here. First, do your homework. There are a lot of crappy extended warranty companies out there. There are also ones that are good and will honor claims. Next, they are worth it depending on the car you have and the potential problems they may have. Yes they are insurance policies. You have to ask yourself if you have the cash to fork over it something bad happens to your vehicle?
Okay, now that that is out of the way. I bought an extended warranty for my Audi and they paid out more than $1000 than I paid for the warranty, so it was worth it overall. Did I have a hassle with them on claims? Sometimes, it depended on what it was. They send out indy people to check out cars when a claim over a certain amount is sent in. You can always request a 2nd opinion or raise hell. READ THE PRINT COVER TO COVER.
Fast Forward to my Camry now, I had to the opportunity to buy an extended warranty through the credit union I financed my car through. I actually called the dealership and asked them about it. They knew exactly the company I was talking about and said they recommended them. The entire policy was under 800 bucks for coverage over 100K. Covers almost everything. I'm glad I bought the policy because I plan on driving my camry into the ground. Yes they have a history of reliability. Way better than Audi, but they do have some issues for my model year.
So I'm not saying the above posters are incorrect in their opinions but you need to weigh the options yourself to decide what's best for your situation.
FYI, I work on my car as much as I can (rotate tires, oil changes, spring install) but there are certain things I'm not going to do. Why? Cause I know the warranty will cover it. My .02 Good luck
08 Camry LE 4 banger, H&R Springs, KYB SE Struts, 19mm Ultra Racing Rear Sway Bar, 17" Momo Winter 2 Rims, Various other little upgrades.