Canadians know all the ways to save on their monthly expenses, but not on insurance

Toronto, ON (Jun. 4, 2024) – The rising cost of living has forced many Canadians to take a closer look at their monthly expenses. While many have gotten savvy at saving money on their phone bills, utilities, and groceries, a recent survey conducted for TD Insurance shows that saving on home and auto insurance isn’t top-of-mind for insured Canadians polled.

The reality is, there are many ways to save on home and auto insurance, but Canadians aren’t aware of them. In fact, a TD Insurance Survey conducted by Maru Public Opinion found that 75 per cent of insured Canadians surveyed are more aware of how to save on their phone bill versus their insurance bill (69 per cent). The survey also found that 70 per cent of insured Canadians surveyed dedicate time to reducing grocery costs, 46 per cent to decreasing their internet bill and 42 per cent to reducing spending or finding deals on clothing – a habit not many extend to home and auto insurance (38 per cent). It’s clear from the survey that Canadians polled are keen to give things up to save money. From couples opting to DIY their home upgrades, to university students foregoing new clothing purchases, to families cancelling streaming services, Canadians polled are finding ways to reduce spending – but they aren’t considering ways to save on insurance premiums as an option for cutting monthly expenses.

“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, Executive Journey Product Owner, TD Insurance. “From claims-free rewards for safe drivers, to preferred rates for alumni and professionals, TD Insurance policy discounts and savings could really add up, which could make a huge difference for Canadians, especially in today’s economy.”

While Canadians are keen to save, do they understand their insurance policies well enough to identify additional savings they may be missing out on? The TD Insurance survey found that only 40 per cent of Canadians surveyed feel confident they understand their insurance policy because it feels overwhelming (22 per cent), complicated (20 per cent) or they think it is simply a fixed cost that won’t change (18 per cent). Likewise, while insurance is necessary for most Canadians, (86 per cent own home or auto insurance), insured Canadians surveyed feel more knowledgeable about what’s in their phone plan (79 per cent) and what’s on sale at the grocers (75 per cent) than they do about their insurance premiums (37 per cent). The reality is, more than a quarter (26 per cent) of Canadians surveyed take a set-it-and-forget-it approach to purchasing and managing their home or auto insurance policy and could be missing out on over 30 ways to save on their insurance with TD Insurance.

“Insurance can protect the things we cherish most – from the couple who forfeited trips and nights out for a home to call their own, to the teen who worked two jobs to buy their first car – we want to protect our valuable belongings because life can be unpredictable,” adds Jauernig. “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.”

With TD insurance, there are over 30 ways Canadians can save on home and car insurance, including discounts for bundling home and auto insurance or having a hybrid or electric vehicle. No matter what your insurance needs are, you can also save 10 per cent for simply quoting and buying your home or auto insurance policy online. To learn more about different insurance policies available at TD Insurance and uncover possible savings, visit TDInsurance.com/waystosave for more information.

About the Survey 

The survey, commissioned by Maru Public Opinion, was sourced from 1,372 randomly selected Canadian adults with home, renters or vehicle insurance. The online panelists were surveyed from April 12 to April 15, 2024, and have been weighted by education, age, gender and region (and in Quebec, language) to match the population with an estimated margin of error of +/- 2.6%, 19 times out of 20.

About TD Bank Group 

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America’s Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world’s leading online financial services firms, with more than 17 million active online and mobile customers. TD had $1.97 trillion in assets on April 30, 2024. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges. For more information, please visit www.td.com.

SOURCE: TD Insurance

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