Laya Laya - Save €200 by buying online instead of renewing. Is there a catch?

C

Complainer

Registered User
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So we got our Laya renewal, and after shopping around, I decided to go ahead and renew. As a final check before renewing, I checked the price for the same Laya package for a new customer, and it was about €200 cheaper than the renewal price.

I rang them up to query this and expecting to haggle over the difference, and they tell me that if I go through the motions of buying a new policy, and referencing my old policy during the transaction, I get the same cover for the cheaper price, with no break in coverage.

Is there a catch?
 
cashier said:
Get it in writing before you committ.
Click to expand...

Just to confirm that I went ahead with ordering a 'new' policy with Laya online, quoting my old policy number, and got a nice discount - more than the 10% online ordering discount mentioned elsewhere.
 
Just be aware that not all of their policies qualify for the online discount. However your cheaper to take out a new policy than renew the old one is very interesting and worth remembering when I have to renew.
 
Is their a new 6 month waiting period in effect, as it's a new policy. i.e. could you make a claim tomorrow?
Or maybe there is no waiting period with Laya, I'm not familiar with their policy's.
 
That's fairly common with a lot of insurance products, new customers get better deals to attract them in the first place with the hope that they'll be too complacent to switch once renewal time comes up when a higher premium is charged.
 
panindub said:
Is their a new 6 month waiting period in effect, as it's a new policy. i.e. could you make a claim tomorrow?
Or maybe there is no waiting period with Laya, I'm not familiar with their policy's.
Click to expand...

No, definitely no waiting period, confirmed by them in writing. Same as if I was transferring from another insurer.
 
Same as the OP, I've just been told by Laya that I can get a 10% discount by cancelling my current policy (instead of renewing) and sign-up online for a new policy (of the same type).

I've asked them to confirm that there is no issue with waiting periods / continuation of cover.

Why does Laya do this (give a 10% discount to people renewing, for nothing in return)?
What's in it for them?
 
Over seven years ago Complainer asked “where’s the catch”?

I might be wrong but....It appears to me now that when you renew online like this you are no longer part of a group scheme and not eligible for the recurring annual 10% discount.

Aj
 
I had the same issue this year. Checked renewal price online and it was about €200 cheaper. I called Laya and they advised me to go ahead with online renewal and call and advise them of my new policy number so they could link it to the old one. It was cheaper to do it this way than their quote which already included the group scheme discount.
 
Another thing to note is the policy prices online are at least €50 cheaper than the renewals quotes.
 
ajapale said:
Over seven years ago Complainer asked “where’s the catch”?

I might be wrong but....It appears to me now that when you renew online like this you are no longer part of a group scheme and not eligible for the recurring annual 10% discount.

Aj
Click to expand...

  • Renew as part of a group scheme and you continue to get the ten percent recurring discount every year going forward.
  • Renew on line and you get the promotional discount in that year only ..and .... you forgo the recurring group scheme discount.

aj
 
I think you should renew online and review annually. They seem to always be bringing out new plans to hook in new customers, which offer similar cover to existing plans but better pricing.
 
The original question posted by Complainer was back in 2012. At the time I didnt see the catch but in light of nearly seven years hindsight the "catch" dawned on me.

Toby, sticking to the renewal quote is almost always the worst option possible.

Nutso, yes you should review annually but check what plans are remain part of your group scheme discount before giving it up for a once off gain. Some employments off group scheme membership (and 10% discount) for more than one provider. Some group schemes offer the 10% discount on all or nearly all of their plans. Following review you should be prepared to rejoin the group scheme if that is the best option.

aj
 
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