what he means with 'inspection' is the regular service intervals. What you think he says is the MOT / APK (dutch) test
Just to clear up Ravang, 'Inspection 1' etc, are the terms BMW use for their car services, 1 is like the oil change, The other 'Inspections, 2 & 3' involve more work, you know, brake pads & stuff. They're not a legal requirement, but they will help to keep the car running well.
Also, skipping these voids warranty on parts and might have influence on insurance payout in case there is clear evidence of bad maitnance to essential parts
I dont know how things are done with insurance where you live but here in holland you will pay big time for anything with a lot of engine power at your age (or they wont accept you at all). Stuff like Volkswagen GTI and Honda CRX for youg drivers is only accepted at very few insurers with a HUGE price tag and a truckload of exclusion clauses.
To give an indication of the insurance costs, i'll quote a few numbers from my insurance stuff.
Stuff that is used in the calculation:
[*]vehicle weight, original price, engine power, turbo yes/no
[*]age of the owner, amount of years insured, number of claims
With my insurance i revieved a nice categorized overview with a good explanation of which parameter is the main factor used for the various sections of the insurance. Age and car accident statistics are used in every calculation.
For every damage free year i get 5% discount on the price (currently)
Yearly sum paid is around 1100 euros for this year... not too bad for a high power car on my age