I bought a 0 deductible 'named exclusion' warranty from Warranty Direct for my M3. I would have to say it was an overall positive experience. The only thing they didn't cover was airbag stuff.

They lost money on me...That might explain why they no longer cover M cars...

One thing to consider is your dealer labor rate...I used to live out west and the dealer/mechanic rates were much lower than the current $100/hr some places charge here in VA.