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Cancel it. Then take what you were going to pay monthly and deposit it in a savings account. If you should run into problems with your car dig into that savings for repairs. I bet that you'd probably end up with a sizeable savings account by the time you decide to sell your car.

All warranties are "in case shit happens" type of deals. The reason why banks offer it is becuase, for most people, nothing happens. It's a gamble. Take into account what you, or most people, pay monthly for health insurance (it's probably in the $250 - $500 per month). Most people, me included, don't ever go to the hospital for anything. Now imagine how much I/we would save, if I cancelled my health coverage and just put that money away each month. The only reason that I don't do this is that, "in case shit happens" scenario. Makes you think doesn't it?