Who is selling the extended warranty? Toshiba or some 3rd party?
What do you plan to do with the laptop? Anything unusual, like very extensive traveling?
Most of the time extended warranties aren't worth it but your situation might be different.
Myself - I Never buy a extended warrenty for electronics. Reason: (A) most places will replace if it fails in the first 30 days. (B) general warrent normally coves upto 1 year.
If it is a manuf defect, it will normally show up with in the 30 days or 1 year.
Need to read the fine print as may extended warrents will not cover what manuf consider abuse, ie droping from airport conver belt (Happend to me, but laptop SURVIVED. probably would not cover overheating due to large dust (or cat hair) accummaition. ie anthing out of the "Normal" use.
As WR2 indicated, It could be a "piece of Mind" issue. But the main reason extened warrents are "pushed" is that they are very profitable for the Seller.
The only type of extended warranty I'd consider is from the actual manufacturer - Toshiba in this case. But that only covers hardware failure.
More early failures are due to accidental damage (dropping, etc) than hardware failure. Extended Service Plans & Accidental Damage Coverage
Things are slightly different for students. Student Personal Property coverage
Accidental Damage, Theft, Fire, Flood, Natural Disasters, Vandalism and Lightning Strikes coverage for more than just laptops.
In general, extended warranties are not worth it else the companies selling those warranties would be losing money. Electronics tend to fail early and within the standard warranty or last a long time. Mechanical devices (so the HDD and DVD drive) are much more likely to fail outside of warranty, but are cheap to replace.
That being said. Sometimes they are worth buying if you can't afford to be without the item and you don't have the cash to replace it. For example, if this laptop is for college use and you don't have the cash on hand to replace it in the next 4 years, then an extended warranty would give you the safeguard needed to make it through college even if you are just tossing the money away.