Pretty sure this is a warranty, especially since it has a deductible, and not extended maintenance.
Basically you are paying for a $4,400 repair bill that BMW is banking on you never needing. Of course it's not a good deal; if it was a good deal BMW wouldn't offer it.
Take the $4,400 and take a fun road trip to a roulette wheel and pick your color. You'll either lose it (not much different than giving it to BMW), or you'll double your money. It's almost a win-win.
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