I would take it.

Modern Volvo is not known as 'high quality' car. You are basically buying an insurance for 3 years.

I did this with my Camry. When I bought my Camry, I wanted extended warranty to make it Certified velchle. I went to dealer for oil change, but I also want them to check EVERYTHING. If they found any non-perfect, they replace it with new OEM parts. My cost is $50. 

Yes I paid more for oil change, but I get an almost 'new car' by the end of warranty.