Generally people have had good success with getting things repaired under warranty. As long as it's reasonable and you can put a case across it'll get done. If not, then BMW are generally willing to find a compromise. This is by far and away the best aftermarket warranty product available for BMWs, and as such is the defacto choice short of risking everything yourself.Things like that would make me uneasy.
When it isn't written in clear words then things get confusing and "hassley".
Regarding wear and tear, it really depends on the component, the age of the car, the mileage and whether there are any known 'issues'. Take injectors for example; if they were to fail at 4 years 55k, I'd say that's not wear and tear and that they were not built to reasonable standard. 6 years and 150k and you will be hard pushed to make a case.
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