The rising cost of living has pushed many Canadians to reassess their monthly expenditures, but a recent survey for TD Insurance reveals that home and auto insurance savings are not a priority for many insured individuals.
While Canadians have become adept at cutting costs on utilities and groceries, the TD Insurance poll conducted by Maru Public Opinion found that 75% of insured Canadians are more knowledgeable about saving on their phone bills than their insurance premiums (69%).
Despite the interest in cost-cutting, many Canadians do not fully understand their insurance policies enough to identify potential savings. The study found that only 40% of respondents feel confident in their understanding of their insurance policy, with 22% feeling overwhelmed, 20% finding it complicated, and 18% perceiving it as a fixed cost.
The survey also indicates that 70% of respondents are proactive in reducing grocery costs, 46% focus on lowering internet bills, and 42% look for clothing deals, but only 38% apply similar efforts to home and auto insurance savings.
“Canadians work hard, and we want to help them secure the best protection while keeping money in their pockets by making them aware of the possible ways they can save on their TD Insurance policies,” said Bruno Jauernig, vice president and executive journey product owner at TD Insurance.
He highlighted that TD Insurance offers various discounts, such as claims-free rewards for safe drivers and preferred rates for alumni and professionals, which can significantly impact savings.
The survey also revealed that 26% of Canadians adopt a set-it-and-forget-it approach to managing their home or auto insurance, potentially missing out on over 30 ways to save with TD Insurance, including discounts for bundling home and auto insurance or owning a hybrid or electric vehicle.
Jauernig added: “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. At TD Insurance, that starts by talking to a TD insurance advisor.
“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.”
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