Bro, I think you just got Sanduskeyed.
I always wondered if people actually fell for, err... bought these "added-value warranties". Also for review or purchase is the underbody corrosion protection warranty. It piggybacks the original warranty and gives you extra peace of mind as well. Check the fine print though, if you brought in a punctured tire that is worn do they pro-rate the wear and tear?
FWIW: PS2's are a little over $400 a tire. After almost 4 years of ownership and three e92 M3's I have never needed, nor worried about not having, wheel/tire coverage.
I've blown more than a few tires on the freeway in my 20+ years of driving, never have the wheels suffered any more damage than what
Son Tran could repair for $40.
Unless you constantly drive your M3 on dirt roads, then nevermind...and hey, it's your money, but you posted.
Cheers.