Cancel an Extended Warranty for a Refund

I know there are a lot of people out there that don’t believe in extended warranties. When I bought my last car, I figured I would put 100,000 miles on it in 5 years so I decided to pay for the extended warranty. After three years, I sold the car and only drove 24,000 miles with it. Luckily, there was a clause that allowed me to cancel the warranty. I cancelled and the dealership gave me a prorated amount back for the time left on the warranty. It was a pretty significant amount so I’m glad that I read through the fine print when I signed the agreement.

I also wrote a post a few week ago reviewing the iPhone Upgrade Program and I touched on the warranties from SquareTrade. The SquareTrade warranty is another one where you can request a refund if you sell your phone. I’ve received a refund twice on my three year warranties when I sold my phone after two years.

Definitely check the fine print when you are signing these agreements. I know it’s pretty dry, but the more you read them, the quicker you’ll be able to pull out the important pieces that are applicable to you.

#lifehack #money