Most dealerships will provide you with a cancellation form which can either be mailed or filled in person. Fill Out the Cancellation Request In Person Don't stick to a single point of contactĪlways try approaching more than one representative from the company as the sales officer who sold you the extended warranty is probably the worst point of contact in such situations because a canceled contract will result in them losing their commission so they will try their level best to resist any such attempts. The contract is an iron-clad and foolproof document that can easily save you from such sticky situations, hence it is crucial to know your contract and it is highly recommended to go through the fine print which will have a cancellation policy followed by the warranty provider. In any case, if the dealer is adamant and won't agree to a reasonable settlement, you can take the following steps to resolve the situation. They will resort to extreme measures to keep you from canceling your warranty plan by sucking you into a newer and seemingly "cheaper and better" warranty plan or by making false statements that might mislead you and prevent you from canceling the extended warranty. If your contract doesn't mention anything along those lines then you should be allowed to cancel at any time and receive a prorated refund for it, however, this might not be possible if you have already claimed under the extended warranty.ĭealing with sketchy customer service representatives is the biggest problem people face when it comes to canceling their extended warranty. However, cancellations should still be allowed unless the contract signed by you clearly states that you can't after the aforementioned period. If you manage to put up a cancellation within this period, then you are entitled to a refund on your extended warranty, no questions asked. This period can range anywhere between 30 and 60 days and these details are often mentioned in fine print, deliberately placed at the bottom of a page to not alarm potential customers who might be in doubt. More often than not, a warranty provider will put a condition in the contract, stipulating a strict period for backing out of the warranty plan. In most cases, the reason a dealer can give for refusing to cancel an extended warranty is if you are making the cancellation request after the cut-off point. It adds all the befits as discussed above to your used car and can be worth the extra cash if you intended to keep the vehicle for a long time. Companies have also started offering extended warranty services for used cars. Apart from these or any other third-party provider, one can always opt for an in-house extended warranty offered by the manufacturer which tends to be an easier experience and can be added at the time of the vehicle's purchase. Also, don't forget to compare policies and negotiate to get the best possible deal.īased on expert analysis, Endurance is the leader in the extended warranty space, closely followed by CARCHEX and Protect My Car. Before buying an extended warranty make sure you evaluate providers based on cost, coverage, and convenience. In cases of affordable and reliable cars, the warranties might not be as useful especially if you walk around with enough savings to cover occasional repair bills. A warranty program can last anywhere from one to eight years and most manufacturers offer in-house extended warranty programs while you purchase your vehicle.īoth third-party and manufacturer warranty programs start from as low as $1000 and pre-repair deductibles reach as high as $100.Warranty coverage can come in handy if you don't want to spend money later or choose to purchase a vehicle that costs higher than usual to run and maintain. A typical Extended Warranty program covers repair and replacement costs of electrical and mechanical components, which in some cases include problem areas not covered by the manufacturer. The coverage of an extended warranty program usually begins after the expiry of the manufacturer's factory warranty program. An extended warranty refers to a service contract that covers a range of repairs after the manufacturer's warranty is over.
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