Canadians need broker guidance to save on policies, survey says

Canadians don’t prioritize saving money on their P&C insurance bills, according to a new survey by TD Insurance. And that’s where seeking advice can be critical.  

“75 per cent of insured Canadians surveyed are more aware of how to save on their phone bill versus their insurance bill (69%),” finds the TD Insurance Survey conducted by Maru Public Opinion. 

Another 70% of insureds dedicate time to reducing grocery costs, 46% to decreasing their internet bills and 42% to trimming spending or finding deals on clothing. Yet only about 38% extend this habit to their home and auto insurance. 

“It’s clear from the survey that Canadians polled are keen to give things up to save money,” the survey results read. “Canadians polled are finding ways to reduce spending – but they aren’t considering ways to save on insurance premiums as an option for cutting monthly expenses.” 

And that’s because most consumers don’t know there are ways to save on their policies. 

Less than half (40%) of Canadians surveyed feel confident they understand their insurance policies. The top reasons for this lack of confidence include: feeling overwhelmed (22%), feeling it’s too complicated (20%), or believing it’s a fixed cost that doesn’t change (18%).  

On the other hand, surveyed policyholders say they’re more knowledgeable about what’s in their phone plan (79%) and what’s on sale at the grocers (75%) than they are about their insurance premiums (37%). 

Further to that, more than a quarter (26%) of Canadians have a ‘set-it-and-forget-it’ mindset when it comes to managing their P&C insurance policies.  

“The best way for Canadians to help protect what they own and also see if they can save money on their insurance is to take a more active role in understanding their insurance policies and how premiums are calculated,” the TD release reads.  

Feature image by iStock.com/Paperkites