What Canadians would rather do than look at their insurance policies 

Canadians would rather sit in traffic than look at their insurance policy. 

That’s not an exaggeration. A new survey from TD Insurance asked Canadians what they’d prefer to do instead of reviewing their home and auto insurance policies for potential savings.  

More than half (57%) said they’d rather delete their favourite social media or phone app; 52% said they’d rather assemble kit furniture, 45% would rather call their boss ‘mom,’ 43% would rather do their taxes, and 37% would rather sit in traffic. 

Younger Canadians are even more likely to avoid reviewing their coverage — 76% of Gen-Z and 74% of Millennials — compared to the general population (57%).  

Nearly all Gen-Zs (93%) said they’d hesitate to contact their insurance provider about savings, compared to the general population (77%). When asked why, 34% cent say they just dislike the responsibility.  

This survey of 1,527 respondents comes at a time when many are feeling financial pressures from the rising costs of living. Yet Canadians are finding other ways to cut back on spending, even though they might be eligible for insurance discounts.  

More than half (58%) of Canadians say they’re tired of worrying about budgeting. And when asked how they save extra money each month, 46% say they cut back on dinner delivery or takeout. Another 38% say they skip their morning matcha or daily coffee.    

An additional 43% have taken on a side hustle, 30% sell their unused clothes and belongings, 27% return purchases they don’t need. And 24% are even growing food to cut back on grocery costs.  

Yet only one-in-four have reviewed their home and auto insurance policies for potential savings this year. 

“We know Canadians work hard and are feeling stretched financially. That’s why we want to make them aware of the many ways they could save on their insurance,” said Bruno Jauernig, TD Insurance’s vice president, executive journey product owner.  

“Being more informed about insurance options can help our clients feel more financially resilient, protect what matters most and discover new ways to save money.”  

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Brokers, insurers, and industry pros generally may consider speaking with their customers about ways they can save on their policies. Methods could include bundled policies for discounts, shopping around on their insurance, and reviewing coverage for possible areas of saving.  

Alyssa DiSabatino

Alyssa Di Sabatino has been a reporter for Canadian Underwriter since 2021, covering industry trends, market developments, and emerging risks.