More than one quarter of Canadians admit they never review their insurance policies
Toronto, ON (Jan. 17, 2019) – More than half of all Canadians would consider switching insurance providers for a savings of $150 or more, according to a new Kanetix.ca survey.
With car insurance rates on the rise, this may be the incentive Canadians require to take a closer look at their policies and compare rates for potential savings. The survey also found that while 57 per cent of Canadians review their insurance policy once per year, an astounding 27 per cent never review their policy, relying solely on their broker/agent.
“A lot can happen over the course of a year that can translate into significant savings on your existing insurance policies,” said Janine White, VP of marketplaces and strategy at Kanetix.ca. “For example, if you installed winter tires this season for the first time you could save up to 5 per cent off your auto insurance premium. This example also highlights why it’s so important to update your insurance company regularly because the savings can be realized as soon as you make the changes, instead of waiting until renewal time.”
Other common lifestyle activities that may help Canadians save money on home, automobile or life insurance premiums include changing your daily commute, upgrading or installing a home alarm system or anti-theft device (if your vehicle doesn’t already have one), paying off a mortgage, and even quitting smoking.
“Another way to save money is to bundle several insurance policies with one provider because it may make you eligible for the multi-line discount. Plus, you’ll be able to manage all your policies more easily with one point of contact,” said White. “And, of course, shopping around is likely the best way to save on your coverage. At minimum, you should be putting your current premiums to the test each year. It’s an easy way to potentially save hundreds of dollars in a matter of minutes.”
The survey also reveals:
- Only 13% of Canadians would be motivated to shop for a new policy driven by lifestyle changes (new car, moving or home renovations)
- The youngest respondents were more likely to switch or shop online for a savings of $50–$99 (59 per cent for 18-24, compared to 18 per cent for 25+)
- 1 in 2 Canadians said they would be comfortable purchasing their insurance online (52 per cent)
- Men (57 per cent) would feel much more comfortable transacting online vs women (46 per cent)
- Over half of all respondents said they review all or parts of their insurance policy coverage once a year (57 per cent)
The Kanetix.ca survey, was conducted by Forum Research between December 5 and December 7, 2018, and polled 812 respondents across Canada. The sample’s age ranged from 18 to 72+ years old. The survey results are considered accurate to within +/- 4%.
Kanetix.ca publishes rates from 50+ insurance providers – more than any other comparison platform in Canada – so that users can find the best insurance rates for them. Use our site to find the best rates on Auto, Home, Tenant, Travel and Commercial Insurance.