Wheel and Tire insurance - opinion on pricing

[E90potentialbuyer]

I signed my lease today. Very straightforward - no pressure. I live in Jersey City and we have bits of tarmac between the potholes (exaggerating but the roads here and around NYC are very bad). I heard a friend who had a 535 how he has blown tires and bent his wheels couple of times a year.

Long story short, i asked the finance guy about tire insurance and he showed me a a couple of policies. First was through BMW - and it was ~$3,300. Covered just 2 incidents (each blown tire / wheel is an incident) every year. POlicy term was 3 years. Second was some other policy with a BMW label but backed by EasyCare (Called EasyCare Driver Care). It was also about the same($3,295) but had unlimited tire and wheel changes. Then he said we have a bundled policy from EasyCare called EasyCare Select Plus. This includes wheel and tire, wheel cosmetic repair, paintless dent repair, key repair, windshield repair and roadside assistance. This one surprisingly is for $2,695 (yes not a typo). I ended up getting it.

Now I am thinking - did I overpay? I heard these things used to be sub $2,000 but the finance guy said after last winter, the rates have gone up across the board since these guys lost a lot of money on them. Is it true? I think I can still cancel until tomorrow night. I hate the feeling that I overpaid. I knew all my numbers down to a penny and then I added this last minute thing and its eating me that I overpaid. Can someone please advise if I overpaid or if its an ok deal. Also, any experience with EasyCare. The finance guy said (and confirmed with contract) that If I bring the car to dealership, no need to call for approval and that the dealership will handle everything. Else I have to call.

Thanks

[elitex]

That's a lot. I paid $1500 on my 13 M5, never used it so I didn't get it this time around. I did get my refund which was about 2/3 of the original amount.

This was for the BMW tire and wheel protection not some third party vendor (I realize that OEM coverage is underwritten by a 3rd party)

EDIT- I did have easy care tire and wheel protection on my M3. Dealer told me it was BMW branded which it obviously isn't. I think the only difference at the time was that easy care didn't have a deductible vs BMW branded policy has a $50 deductible. Unlimited claims through out the policy term. I used the Easy care policy once for a nail in the tire and they paid the claim promptly without any hassle.

[Bönz]

I think it's location dependent. NY and NJ are notoriously bad (high $). I just paid $1500 for unlimited coverage including cosmetic repair, no deductible, that covers the 3 years of my M5 lease (all wheels and tires that I put on). It is underwritten by Mercedes Benz (I know weird for a BMW). This is up from $800 3 years ago on my previous lease (650i).

[johntomferg]

If you are limited to 2 incidents...not sure it is worth it. I had two corrections done on the wheels by a reputable shot and was only out $500 total. It would have to be a complete wheel loss before the math would work out (in my mind).

Thanks,
John

[Willie_Beamen69]

I personally think it's worth it I just went through 4 tires this month.. Had to change the same front passenger tire within 5 days, I hit the same pothole that bubbled up my tires... The adjuster had to come and take a look because it was so recent that I claimed for the same tire.. Hopefully no more... Located in NYC paid $1200 for 3 years

[E90potentialbuyer]

Originally Posted by Linsanity88

I personally think it's worth it I just went through 4 tires this month.. Had to change the same front passenger tire within 5 days, I hit the same pothole that bubbled up my tires... The adjuster had to come and take a look because it was so recent that I claimed for the same tire.. Hopefully no more... Located in NYC paid $1200 for 3 years

$1,200 for 3 years is not bad at all. How recent was this deal? Can you PM me your dealer's info if you dont mind? Thanks