Extended warranty refunds apply to car and vehicle purchases, where customers are often convinced to buy extended warranties that offer coverage beyond the standard warranty plan. The extended warranties are also known as Vehicle Service Contracts, and often, customers find that the plan is costing them more than the benefits.
If you are one of these individuals, you may benefit from an extended warranty refund. In this article we will explore what they are, how they work, and how to request one. And if you're looking for coverage that extends the life of your favorite products, subscribe to Mulberry Unlimited. You'll be able to protect nearly all your online purchases under the same plan, for an affordable monthly price.
What is an extended car warranty?
Some car buyers see an extended warranty as a type of insurance that can protect them from issues with their new vehicle that may not be covered by the standard plan. These extended warranties can cover more than routine maintenance, but for many drivers, they find that their cars never wind up needing that extra help.
How does an extended warranty refund work?
If you purchased one of these extended warranties and found that you are not using the plan, or spending more on the coverage than it has saved you, you might want to opt for an extended warranty refund. You are allowed to cancel an extended warranty at any point, and the company will give you a prorated refund for the remainder of your policy that you have not used. Here are some common reasons car owners choose to get a refund:
- They never realized they had the extended warranty, as it was bundled into their other plans and were never told how to calculate extended warranty costs.
- They want to save money because they are not using the benefit of the warranty to an extent that pays off.
- The warranty doesn’t actually cover everything they need.
Steps to calculating your extended warranty refund
You may be wondering how to calculate extended warranty refund. There are numerous factors that play a role in calculating the final refund amount, including how many times you used the warranty service, how many miles are left on the plan, and more. Here is a rough example, just note that every individual case will differ:
If you purchased a 5-year plan and 100,000 miles for $5,000, but you have used the service for 2.5 years and have 50,000 miles left, you’ll be eligible for around 50% of the warranty, or $2,500, minus any service or administration fees that may apply.
There is no need to manually calculate your refund amount, however. The simplest option is often to use an extended warranty refund calculator to estimate what you will get in return. Calculator resources like My Warranty Refund and Benchmark Legal are great tools.
Before you choose a refund, remember to read all of the fine print in your plan so that you are fully aware of how your coverage and finances will change as a result.
Protect your purchases with Mulberry
You should protect your purchases beyond just cars. Mulberry offers complete product protection for a range of items from electronics to furniture, appliances, and more. With plans that cover more than the standard manufacturer warranty, including accidental damage, Mulberry can help you make the most of your purchases and treat them like investments that are made to last.
With Mulberry Unlimited, you can get all of your products protected as a bundle under one monthly flat fee. It's the ultimate peace of mind for practically everything you can buy online.
