As someone with a BMW and also having owned a Mini, I would only ever buy with a manufacturer approved warranty. My experience is they are cast iron.
Had a cracked piston on the Mini after 6 weeks - new short engine fitted under warranty, bill was over £6k.
Then on the BMW, there was a differential whine, 10 months old, 8k miles. New diff fitted, at £2600. Both no cost to me.
The plus point of the BMW warranty is the limit of the indemnity is the value of the vehicle, not a paltry sum of a couple of £k.
Question to ask is why this particular 5 series isn't considered good enough for their own BMW dealership.
I'd also add that when I took out the first warranty extension after the 3 years from new was up, the BMW warranty was cheaper than an own brand alternative offered by the dealer, who is part of a very large car group with an HQ in Leicester.
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