Tire & Wheel insurance

I'm picking up my 2012 M3 at BMW Performance Center in four days. Dealer talked me into BMW-backed T & W insurance at $1740 for five years. Two questions: is this coverage worth the steep cost? If so, why? If so, has anyone been able to negotiate a lower price recently? Thanks?

Definitely worth the money for me. Maybe it was bad luck for me but I changed 3 tires in the past 12 months and only drove it for 6,000 miles. Each time it was a nasty screw in my tire, two in the front and one in the back. The policy paid for it with no problems.

Wheel/tire is usually a bargain

yes, you can negotiate it. 25-33% profit in it