Posthaste: Most Canadians are missing out on ways to save money on their insurance bills
Canadians are finding savvy ways to cut down on monthly expenses to combat the rising cost of living, but most of them are missing out on additional savings through their home and auto insurance, according to a new report by TD Insurance.
The study, which interviewed 1,372 Canadians with home, renters or vehicle insurance, found that three-quarters are more aware of how to save money on their phone bill than their insurance bill.
What’s more is that despite it being a necessity for most (86 per cent own home or auto insurance), more than a quarter (26 per cent) take a set-it-and-forget-it approach to purchasing and managing their home or auto insurance policy.
A big reason is that only 40 per cent of insured Canadians feel confident that they understand their insurance policy. In fact, most of them feel more knowledgeable about what’s in their phone plan (79 per cent) or what’s on sale at the grocery store (75 per cent) than they do about their insurance premiums (37 per cent).
Their reasons include finding it overwhelming (22 per cent), complicated (20 per cent) or believing that it’s a fixed cost that won’t change (18 per cent).
“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,” Bruno Jauernig, vice-president and executive journey product owner at TD Insurance, said in a press release. “Being more informed about insurance can help Canadians be more financially resilient, better safeguard the things they’ve worked so hard for and discover more ways to save money.”
Only 38 per cent of those surveyed take the time to search for possible ways to save on
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