There is no better source for insurance advice than a broker – but it may come as a surprise that most Canadians are asking these people first before making their purchase decision.
A new Leger survey shows that more than half of respondents seek advice from family, friends or coworkers when researching insurance options.
“For many Canadians, family still comes first – at least when it comes to choosing insurance,” said Kathy Buckworth, author and chief family advisor for President's Choice Financial. “While family and friends have your best interests at heart, insurance brokers offer the professional expertise and knowledge to help you make the best decision based on your individual needs.”
Even more surprising is where brokers place on the ‘go to first’ survey, with 35 per cent saying they would do their own research, followed by only 30 per cent who would use an insurance broker to find the best coverage for their needs.
That disparity is even larger for young Canadians who are especially dependent on family when making insurance decisions, with 59 per cent of respondents between the ages of 18 and 34 indicating that they would turn to their parents for advice.
"Insurance brokers do the work of searching for the best and most affordable coverage they can find,” said Buckworth, “from among up to nine different insurance companies."
The survey also uncovered Canadians' top concerns about insurance coverage, and found that when it comes to home and auto insurance, price is the number one concern. (continued.)
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Nearly two-thirds (62 per cent) of Canadians surveyed are more concerned about paying too much for insurance, than they are about not having enough coverage (37 per cent). Meanwhile, 39 per cent are most worried about having their rates go up after making a claim.
The survey of 1,500 Canadians was conducted for PC Financial Insurance Broker Inc. between July 25 and July 31, 2014 using Leger's online panel LegerWeb. A probability sample of the same size would yield a margin of error of +/- 2.5 per cent, 19 times out of 20.
