Many will weigh in on this, but as a rule of thumb, extended warranties or insurance are almost always a very bad bet, economically, unless you either can't afford the cost of the repair down the road or you have a very bad car.
Only you can answer the first part of that equation and no one can answer the second part.
There are one of two likely scenarios, as far as the cost of maintaining the car, either it will have a few problems or it will have a lot of problems.
Given Toyota's overall reputation for quality, does it make sense, for you, to pay up to $1000, or more, today against the more likely probability of $500-800 repairs or maybe the remote possibility of $1500-2500 over the next 7 years? Yes, I know the repairs could be a lot higher, but in many cases it will total less than the cost of the warranty (that's how the company stays in business).
It's an economic gamble.
There is no right answer.
So, to quote Inspector Callaghan, "Tell me...do you feel lucky?"

As to the specifics, you would be advised to speak with the dealer or contact the warranty company directly and ask them the details.

Please also see Buying an extended warranty?