What is the "nature" of the warranty?
A 2001 motor MAY still be in some type of warranty mode? Is there an "existing" Y.E.S. warranty on it - and the $1,550 is to EXTEND that for one year? Will the warranty be through YAMAHA? Is it being sold by a dealer or is it privately owned?
Go to the "VENDOR FORUM" and send Andy at SIM (Shipyard Island Marine) a post - he will be able to tell you what the "scoop" is on the motor - re: whether it has an existing warranty, no warranty, etc..
That figure sounds HIGH to me, too???
My understanding is that when an ORIGINAL factory warranty has expired, and any extended "Y.E.S." warranty has expired, then you CAN purchase a "used motor" warranty from Yamaha - AFTER the motor has been inspected (paid for by YOU!) by an authorized Yamaha dealer. The Yamaha "used motor" warranties would be pretty expensive, I would imagine?
You can buy a "Y.E.S." warranty during the FACTORY warranty period, but I don't think you can buy an "extension" of a "Y.E.S." warranty?
Andy will be able to give you all the facts - as well as a quote on a warranty! I bought my "Y.E.S." from him and he will give THT members a discount!

He will probably need the "primary serial # off the motor, as well as the complete model #, too.
Regards,