We all know a car is probably one of the biggest depreciating assets you can own, but what if I told you there are a number of way you can actually earn some money back on your car?
From insurance refunds, to legal claims, here are ways to recover money from your vehicle…
Get a refund on car insurance
Do you have prepaid insurance or an extended warranty on the vehicle? If so, you might be eligible for a partial refund if you cancel the related policy. Before cancelling this worthwhile investment, though, make sure that it’s no longer something you need.
For example, you would likely cancel the insurance if you recently sold the car. You might also cancel the insurance if your car is written off after an accident. The refund would cover unused months of insurance you had already paid for.
PCP claims
A PCP or Personal Contract Purchase agreement could be how you initially bought the vehicle. If so, and your car is a BMW, you might be eligible for a refund if you did not have a complete understanding of what you were charged and why, or other specific reasons.
If the agreement was made in such a way that the car was mis-sold to you, starting a BMW PCP claims process is straightforward. Finding out if you qualify for commission is worth it to get any money owed.
What about recalls?
Let’s say you get a letter in the mail that your particular vehicle’s make and model has a recall or manufacturing defect. Or you find out online that a part was recalled.
In this case, you could be entitled to a refund or compensation. While manufacturing recalls are normally free, you might request a fund in specific cases.
Keeping that written recall letter is important in case you need to follow up on it in the future. The paperwork could be used as evidence to help you get reimbursed for any money owed.
Mechanical work issues
If you recently had work done on your BMW or other type of vehicle to fix the engine or another issue, and you still have issues with it, asking the auto repair shop for a refund makes sense. After all, they did not fix the problem.
They might offer to look at the issue again for free or provide compensation. If the repair technician does not offer either of those things, legal action might be your next step. Getting compensation that way is a possibility with the right lawyer.
Understanding your rights as a driver and car owner is important and can help you get money owed. The best way to do this is to stay informed about the latest news and updates relating to your vehicle. This can help you stay aware of any related issues and improve chances for compensation.
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