10 Jun Understanding Extended Warranty & Gap Insurance Refunds
Purchasing extended auto warranties has become more and more popular over the last 20 years because most consumers realize vehicles are built with a ton of expensive technology, not to mention the cost of labor has sky rocketed. The majority of auto consumers now prefer peace of mind over rolling the dice with no protection. Gap insurance is another very common protection purchased at the time of sale which covers any negative equity you may have. There are several options offered to consumers but some of the more common ones are extended warranties, gap insurance, maintenance plans, tire/wheel protection, and ding/dent repair. They can last anywhere from 1 year up to 10 years depending on what you select.
What you may not know is many of these protections are cancellable and refundable. Believe it or not, there is tens of millions of dollars in unclaimed refunds every month because auto consumers simply dont know they could be entitled to a refund. Here are the most common reasons why you might have the right to claim a refund:
- You purchased an extended warranty and the terms and mileage have not expired. Even if you no longer own the car, you can still qualify for a refund.
- You traded in or sold your vehicle to a dealership or private party. As long as you didn’t transfer the warranty to someone, you are most likely entitled to a refund.
- Your car was totaled by your insurance company or if it was stolen and not recovered.
- You refinanced your car loan-(Gap insurance doesnt carry over to the new loan)
Mywarrantyrefund.com was first created to bring awareness to consumers so they could claim a refund should they no longer need the coverage. We simply wanted to share the message so everyone could claim the money thats rightfully theirs and not let it go to waste. The industry standard for claiming a refund is not as simple as picking up the phone and collecting a check. You will need proper documentation and a ton of patience as it commonly takes 6-8 weeks to complete. It can sometimes require several follow up calls to make sure things are moving forward and the ball is not being dropped. One thing to keep in mind is car dealerships are in business to make money, not give it away so handing out refunds isnt at the top of their priority list.
There are several reasons you may be seeking a warranty refund or a gap insurance refund for yourself. Maybe you sold or traded your car? Possibly totaled the car? Refinanced? Maybe you just no longer feel a need for the protection? Whatever your reason is, its always a good idea to review your contract to see if you are indeed entitled to a refund. Most policies nowadays are cancellable and refundable, in fact several states its mandatory. If you’re curious to know the approximate value of your policy feel free to use our refund calculator that will give you an idea what your refund amount will be by simply filling in the required fields https://mywarrantyrefund.com/prorated-warranty-refund-calculator/
Have you been told by the dealer you cant get a refund? Dont take their word for it, check your warranty contract to see if the terms have expired because they are based off months and miles, which ever comes first typically. If you are still unsure, we’d be more than happy to take a look at your coverage and let you know. We’ve been helping auto consumers for more than 5 years now by handling the entire cancellation process, in fact we will reach more than $500k in refunds this year.