Health Insurance Can you renew early to secure cheaper rates
- Thread starter Maesus114
- Start date
If you have a read of this previous AAM thread (especially post 3) it would lead one to believe that the presently held policy must run out before purchasing a new one online. When you think it through you would be causing problems by insuring twice with the same company even if it is only for an overlap of a day.
3 years ago I renewed with Laya on 31 December 2020 to avoid the increased rate on 1 Jan 2021. The renewal ran for 11 months (cost was pro rata), and since then my annual renewal date has been 1 December.
I discussed this in detail with Laya on the phone before it went ahead. I can't say they were very enthusiastic but there was no actual problem with it. There's no issue of being doubly insured (for a day) as they are simply renewing your policy a day early.
I discussed this in detail with Laya on the phone before it went ahead. I can't say they were very enthusiastic but there was no actual problem with it. There's no issue of being doubly insured (for a day) as they are simply renewing your policy a day early.
I did exactly the same with Laya. No issue at all, other than I was given a new membership number.
Why not just take the new policy out online?
BrokeBroker
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Thanks to Sue for the link to this conversation.
So, my plan is due to renew on the 1st of April, where the premium will increase substantially.
If it renews one day prior on the 31st of March however, I can save about 180 euro on 12 months.
So, do I want to call Laya and tell them not to renew my current plan, and simply buy the plan their website, beginning on the 31st of March, one day before my renewal?
Will that work out?
So, my plan is due to renew on the 1st of April, where the premium will increase substantially.
If it renews one day prior on the 31st of March however, I can save about 180 euro on 12 months.
So, do I want to call Laya and tell them not to renew my current plan, and simply buy the plan their website, beginning on the 31st of March, one day before my renewal?
Will that work out?
Sorry I can't give you any advice as I'm not insured with Laya so don't understand/know how their policies work. The advice above in this thread should help.
BrokeBroker
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No I meant thanks for re-directing me to this thread.
It showed me all I have to do is cancel my current plan and take out an new plan a day earlier to make the saving.
grenzgebiet
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I renew with Laya every year Online to avail of the lower price.
Then I write them an e-mail, ([email protected]), to say I have bought a new Laya policy Online and will not be renewing the old one.
Works no problem, and you can save yourself a few hundred euro, especially if renewing for more than one person.
When you get your new Policy number, just go into your old Members area, click on : settings, edit policy number - put in the new number and you have all your data.
Easier than renewing for shorter term, I think.
Then I write them an e-mail, ([email protected]), to say I have bought a new Laya policy Online and will not be renewing the old one.
Works no problem, and you can save yourself a few hundred euro, especially if renewing for more than one person.
When you get your new Policy number, just go into your old Members area, click on : settings, edit policy number - put in the new number and you have all your data.
Easier than renewing for shorter term, I think.
When you say you do this every year is it in a year when there has been a price increase or otherwise how would it work out cheaper each year?
Don't understand the meaning or logic of this?
grenzgebiet
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Sue Ellen - every year for the last few years
If you're already a Laya customer, the price they quote you for a policy renewal is always higher than the on-line price available on the website, for exactly the same conditions. This year my quoted renewal price was ca €120 more than the price I paid by buying a new policy on-line.
'easier than renewing for a shorter term' - maybe just me, but I think when your policy is due for renewal at the same time every year, there's less chance of forgetting and being pressurised into just renewing in a hurry without doing a bit of research. (eg mct1 above renewed for eleven months)
If you're already a Laya customer, the price they quote you for a policy renewal is always higher than the on-line price available on the website, for exactly the same conditions. This year my quoted renewal price was ca €120 more than the price I paid by buying a new policy on-line.
'easier than renewing for a shorter term' - maybe just me, but I think when your policy is due for renewal at the same time every year, there's less chance of forgetting and being pressurised into just renewing in a hurry without doing a bit of research. (eg mct1 above renewed for eleven months)
Laya will only allow you to take out cover from the 1st of the month; unlike Irish Life who will allow you to take out cover any day in the month. I had this issue when trying to switch over from IL to Laya; if you renew/take out a policy on 31st of the month they will charge you a full month fee for that one day and your insurance will expire on 1st March.
The usual nonsense of things being cheaper for new customers rather than existing ones who have remained loyal to a company
Don't think VHI allow anything like this these days.As @Harvard mentions above VHI did have a one-off situation some years ago where there was a large increase coming and they allowed people to renew early. I think its the main reason for so many renewals falling due in mid January for VHI and as far as I can recall it involved a lot of group schemes.