How To Save Money On Insurance

According to the annual TD Insurance State of Insurance Report, 42 per cent of Canadians are less likely to purchase a new policy or buy enough insurance because they're looking to save money.

Of the Canadians surveyed, 79 per cent said that insurance is an integral part of their financial planning but 39 per cent said they don't have any life insurance.

The report also found that some Canadians chose not to make claims to keep their premiums low or to avoid a high deductible; 21 per cent have cancelled or gone without insurance and 20 per cent aren't even sure what their policy covers in cases of emergency.

"Our report unveiled a serious disconnect between what Canadians think and what they do when it comes to insurance," says Dave Minor, Vice President, TD Insurance, in a release. "Canadians say they understand the importance of insurance, yet many admit they don't have enough insurance to protect their assets and loved ones, now and into the future?"

Minor says that Canadians are choosing their insurance. "It's a risk. People aren't cancelling car insurance because you need insurance to drive on the roads. Instead, they're not getting health or home insurance and are just hoping for the best."

When asked, Minor said that despite these findings, there are ways for Canadians to save money on insurance. He pointed out that getting insurance when you're younger does mean saving in the future as "premiums tend to go up as people get older and fall into higher risk groups."

Liked this article? Don't miss another one. Follow us on Twitter or Facebook.