Canadians looking to save money aren't eying home and auto insurance: Survey

Article content

Money-conscious Canadians are leaving behind potential savings on their home and auto insurance, a Maru Public Opinion survey done for TD Insurance says.

In fact, the poll found that 75% of insured Canadians are more aware of how to save on their phone bill versus their insurance bill (69%).

Of those surveyed, 70% said they dedicate time to reducing grocery costs, 46% to decreasing their internet bill and 42% to reducing spending or finding deals on clothing, but only 38% look at saving on their home and auto insurance.

According to the survey, only 40% feel confident about understanding their insurance policy because it feels overwhelming (22%), complicated (20%) or they think it’s a cost that won’t change (18%).

And while insurance is necessary for most Canadians (86% own home or auto insurance), insured Canadians feel more knowledgeable about what’s in their phone plan (79%) and what’s on sale at the grocers (75%) than they do about their insurance premiums (37%).

The poll also found more than a quarter (26%) of Canadians buy and manage their home or auto insurance policy without much thought and could be missing out on savings.

“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,” said Bruno Jauernig, v-p Executive Journey Product Owner, TD Insurance, in a statement.

“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,” he added.

The survey was done April 12-15 with 1,372 randomly selected Canadian adults with home, renters or vehicle insurance with an estimated margin of error of +/- 2.6%, 19 times out of 20.