3ard Party xtended Warranty or cross my fingers?

[X5-limo]

Hi,
I just bought an '01 X5 3.0 w/ 66.2k mi and all its performed scheduled maitenence history and new brakes w/ rotors - it rides nice and tight. I got 2 wrnty quotes:
(1) 4yr/48k mi 'Premier' plan ($3300) covering Pwr Train, Hi Tech Electrical, Suspension, Gskts, A/C, etc. - Smart Auto Wrnty (Royal Administratrive Serv) and

(2) 5/100k mi 'Power Shield' plan ($1850) covering Engine, Trans and Drive Axle - Warnty Direct (Administrator)....The catch being:

"Exclusions

This Vehicle Service Contract Provides NO Coverage or Benefits for the following:

OIL CONSUMPTION, WORN OUT PARTS, AND DIMINISHED PERFORMANCE INCLUDING THAT RESULTING FROM A GRADUAL REDUCTION IN OPERATING PERFORMANCE DUE TO NORMAL WEAR AND TEAR SUCH AS TO GUIDES, VALVES, RINGS, AND TRANSMISSION CLUTCH PACK, DISCS AND BANDS IS NOT COVERED."

Doesn't this seem to be a lose-lose proposition?

So, (should I) save the premiums (and cross my fingers) and change the H20 pump, thermostat, plugs and wires next summer:

What other maintenance suggestions should / can I do?

What components should I keep an eye on and what's the past history of component failure rates and at what intervals for an '01 X5?


TIA