Follow up in case anyone is interested.
I proceeded to cancel the Tire&Wheel protection directly with the insurance provider. The cancellation was promptly acknowledged and a refund processed by the dealer a couple of weeks later. The refund was the full $428 and ended up in my Hyundai finance account.
Just got off the phone with Hyundai customer support who will now finalize the refund by sending me a check of $428.
A bit of a tedious process but in the end it takes my one-pay lease down to $3472 and still includes the excessive wear and tear protection. Monthly cost $267 which I’m very happy with.
Loving the car so far and might have to spend the full refund on overage miles 