Do you have to buy the warranty at the time of purchase or do you have until the 1 year warranty is up? What is the cost of the 5 year extended warranty?
Most crooked salespersons or F&I managers will advise you that you can only purchase the extended warranty at the time of the purchase. Others will state that you get the best deal if you purchase it at the time of purchasing your bike (or car for that matter).
Neither of the above statements are true. An extended warranty can be purchased any time prior to the expiration of the factory warranty that comes standard. Moreover, you're more likely to get a good deal on a warranty after the time of purchase, because you'll end up calling various dealers and shop it around, instead of being slammed in the finance office with an extended warranty. Don't think the warranty has a standard price - just like a bike, the price is negotiable, so don't be shy to negotiate.
It's a good idea to give yourself a year to decide if what you're riding needs an extended warranty or not. There is one disadvantage of not purchasing extended warranty at the time of the purchase: If you're financing the bike, you may be able to include the warranty in the financed amount, but you can only do so if purchased at the same time as you purchase the motorcycle.
Note: Do not let the factory warranty expire if you wish to extend it. The dealers's cost goes up if it already expired, and you will pay a lot more for it.
As far as what you'll pay for the warranty, do yourself a favor, pick up the phone, and call all the Victory dealerships
(or at least 3-4) in your state and ask for a price on it. Wait 2 weeks after you've gotten that price, and call again, and request a price quote. Chose the lowest price quoted. Just like your motorcycle, the price for the warranty is negotiable, so don't be shy to negotiate.