VIP is not a Volvo warranty! Volvo resells these policies to insurance companies (as does GM and Ford and every other car maker). When you have a claim you do not deal with Volvo but with an insurance company. Take a look at warrantygold.com and warrantydirect.com for better, lower cost alternatives.

Also, If you want an extended warranty then wait until your car is just about out of OEM warranty and then get it. The clock starts on these warranties when you buy them so a 7 year policy starts today even though for the first 4 years you can not claim on it as you have OEM warranty. So you get an effective 3 years of coverage. If you wait until the last month of your OEM warranty you will get the full seven years (up to 10 with warrantydirect).

Also make sure you get an "exclusionary contract". This means everything not listed by the policy is covered. Typically they exclude wear and tear items just like the OEM warranty. If anything not "wear and tear" breaks it is covered. And pay extra for the zero deductible.