Toyota brands are very reliable and rank as one of the best in efficiency and proficiency.
It will wear and tear just like every other machine, which is why a warranty policy is often purchased to give you peace of mind and assurance that your vehicle is well protected.
However, so many factors and sometimes financial constraints can make you begin to wonder if you should cancel your warranty policy.
Without further ado, I will take you to the possibility of you canceling your extended warranty.
Toyota’s extended warranty can be canceled or annulled like every other warranty. When you first purchase a Toyota product, there are three policies you can put in place to cover for your car and all car parts. It is essential to know that an extended warranty cannot only be for a whole of a vehicle but can be for some parts or accessories that you can find in the car.
What is Toyota Extended Warranty?
Toyota extended warranty is also called vehicle service agreement (VSA). It allows the customers to choose from three different warranty policies, especially for new cars.
However, the effectiveness of your warranty policy for a new car is not so different from that of the old car.
As you purchase your Toyota and intend to use it for a very long time, a warranty gives you peace of mind and assurance that no matter what happens, your vehicle is protected.
Toyota extended warranty is sold on dealerships, and also third-party protection almost has the same plan as the extended warranty.
The extended warranty is available for all new, pre-owned vehicles and used vehicles.
For used and unused Toyota cars, the warranty plans are not so different because the old owner of a vehicle can easily transfer the warranty policies of a car when on purchase to the new owner. They call this transferability coverage.
For example, a platinum plan covers three to ten years.
The gold plan covers three to eight years while the power training plan covers over six years, and if in the course of using a Toyota brand you decide to sell it, the warranty purchased can still be used by the new owner with little or no cost.
Due to the high cost of an extended warranty, most people see it as almost useless because you may end up never using it, yet renewal is monthly.
Well, its effectiveness depends and varies with models and years of car production because while a particular car owner may benefit from it, you, on the other hand, will not benefit from it and only incur several costs at the end of the month.
Hence a warranty is only a form of protection for your car and not a management policy for the vehicle, which I believe you can avoid if you cancel the warranty policy.
How to Cancel the Extended Car Warranty?
Suppose you have decided to cancel the extended warranty on your Toyota.
In that case, there are a couple of steps you can take or follow to unsubscribe or withdraw the warranty policy effectively.
They are as follows:
- Reach out to the dealership where you bought your car and explain that you will be canceling your warranty. You will receive a cancellation form to fill out.
Make sure to insist that you want to cancel the warranty because most dealerships try to persuade you that you should keep on with the warranty even though it is glaring that your bank account is suffering due to the high expenses paid on the warranty.
- Make sure to keep a copy of the cancellation form with you, the warranty contract, and every other necessary documentation that you need.
- Do a proper follow-up to ensure that your cancellation form is forwarded and treated as urgent.
It may take at least a few weeks to resolve and after that, have your check hanging in front of you.
This delay is mainly intended to buy the company enough time to persuade you to continue with the warranty.
Can I Get a Refund on Toyota Extended Warranty?
They can always issue a full refund if you decide to cancel an extended warranty after a few weeks of purchase.
To get the extended warranty refund, it is given in full if you annul the warranty within 30 days.
You should first call the company or the third party that sold the warranty to you and explain to them that you would like to cancel your warranty policy.
Each company’s policy varies. However, certain vehicle service agreements and contracts are signed when the warranty is activated.
Ensure to always refer to those documents to know how much of a refund you will get from canceling the warranty.
How Long Does it Take to Get Money Back From an Extended Warranty?
The period between filing a car warranty cancellation form and getting your money or refund back is not fixed but is within four to six weeks.
If you like the process to take less time, ensure to do a consistent follow-up after submitting the cancellation form.
Besides, it is entirely harmless to call to remind the company of your decision after some time. Also, you will be required to pay a fee of $50 as a processing fee.
Sometimes the company where you purchased your warranty policy may refuse to give you a refund.
In that case, here is what you should do.
- Ensure that you’re entitled to a refund; if you are, then as much as you can, contact the company or seller and try to sort everything.
Confirm again and again that you are entitled to a refund of money after cancellation.
- It is not uncommon for the company to be resistant or aggressive to payment.
Kindly review your contract and confirm if you are at the losing end if a refund is not made.
- If after so many calls and letters there was no positive response.
Next up is to contact a lawyer or an attorney for extreme cases if a company or dealer will not refund your money.
It is not likely or common to reach this point, but you will feel so much better, especially after finding out that the company or dealer is intentionally trying to defraud you.
A Toyota extended warranty puts your mind at rest and protects your car but is often very expensive.
However, you can cancel a Toyota extended warranty at any time within 30 to 60 days of purchase. They can also transfer it from one private party owner to another.
If you want to get back a full refund, the time within which you fill out a cancellation form should be a few weeks after purchase.
To speed up the refund process, you are to pay a fee of 50 dollars as a processing fee.