The Camaro comes with a 5 year/100,000 mile warranty I'm pretty sure. I say 5 years is plenty. I would not pay $60 extra a month for a warranty. Check out the V8 powertrain and engine threads to learn plenty about modding and what you can and can't do. Here is the link:
http://www.camaro5.com/forums/forumdisplay.php?f=11