Cooling off period is defined as a period where you are able to retract or cancel a contract after thinking about it more. Depending on the jurisdiction where you purchase the extended warranty, in almost all cases there is no cooling off period for extended warranty commitments. Cooling off period typically refers to the vehicle purchase part of the buying process and not the extended warranty purchase. Since the extended warranty is part of the vehicle purchase, there is no cooling off period for either the vehicle purchase or the extended warranty potion.
Cancellation of an extended warranty can be negotiated in your terms. Some third party companies will allow up to 21 days of cancellation with full or partial refund terms. Unfortunately, typically cancellation terms are never negotiated as you don’t think about cancelling when you are discussing purchase price and warranty coverage.
If you have purchased the extended warranty for a while and looking to cancel or get refunded a portion due to non-compliance or other issues, there may be some recourse for you, but it varies by situation. We cover cancellations on another article.