Not sure about the insurance side, but I can't imagine ditching the runflats would be a problem as long as the correct size, weight and speed rating. To be sure, phone your insurer and ask.
Runflats do create a firmer ride but the cars are ultimately designed for them and it does make life easier if you get a puncture. Otherwise you'll have to buy an inflation kit and tubes of gunk which won't get you out of a blowout. BMW don't supply anything in the boot to change a wheel either.
Why would you need to buy an inflation kit and tubes of gunk?. Simply buy a spare wheel kit, plenty of places do them online. Just looked at the wheel shop, £185 for complete kit, space saver with tyre, jack and wheel brace. That is for the F10/11 5 Series (2010-2017), kit for younger model is the same price, but price for an older one is £30 less.
Find out how much dearer the runflats are than a standard tyre of the same size (x 4)
Personally, I'd get rid of them (assuming insurer happy enough). Cheaper to buy, quieter and better ride.
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