Manitoba & Saskatchewan residents most likely to put insurance at risk by omitting facts
5 minute read
- Part one of TD Insurance 2011 State of Insurance Report also reveals 34% of Manitoba and Saskatchewan residents aren't sure what their insurance policies actually cover -
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TORONTO, April 27 /CNW/ - Manitoba and Saskatchewan residents may be among the most insured in the country, but they are also the least likely to think honesty is the best policy when it comes to applying for insurance coverage.
According to a report released by TD Insurance today, Manitoba and Saskatchewan residents are among the most likely in the country to own auto (91% versus 88% nationally), home (79% versus 76% nationally), life (72% versus 68% nationally) and critical illness (34% versus 30% nationally) insurance, but they are also the most likely to admit they have purposely lied or omitted important facts when filling out an insurance application (17% versus 13% nationally).
"Our poll uncovered some really eye-opening information. Whether intentional or not, failing to disclose important information to your insurance provider can put your insurance coverage at risk," says TD Insurance Vice President and Chief Underwriter Henry Blumenthal. "It's great to see that so many Manitoba and Saskatchewan residents recognize the value of investing in insurance, but it's very important to be honest about your needs and personal circumstances so that your insurer can recommend the best policy for you. At the end of the day, insurance should give you peace of mind. If you feel uncertain or have questions, it's always best to check with your insurer."
In addition, the report found 34% of Manitoba and Saskatchewan residents aren't sure about what their insurance policies actually cover. In fact, 56% admit they only skim the fine print of their policies and 27% haven't read them at all. As one might expect, those in Manitoba and Saskatchewan who only file away their policy are more likely to say they're not sure of everything they're covered for (50%) and conversely, those who reviewed the details are more likely to say they know exactly or are confident they know what is included (73%).
"While it's unrealistic to know your policy line by line, the basics of your coverage shouldn't be a mystery," says Blumenthal. "Just like you wouldn't buy a car without knowing what features you paid for, it's important to understand what's covered by your insurance. It can save you from costly headaches in the event that something unexpected happens." TD Insurance goes through coverage options and policy details with customers when they purchase or modify their policy and this information is also outlined in the certificate of insurance that comes with the policy. "It's also worth taking a few minutes when you receive your policy to review it again to make sure that you understand everything. Knowing what your insurance covers not only gives you peace of mind, it can help you to better understand how to take care of your home and avoid problems altogether," adds Blumenthal.
When it comes to learning the outcome of their claim, the report found those in Manitoba and Saskatchewan who know what they are covered for (60%) are more likely to say they were not surprised by anything unexpected.
These findings are from part one of a two part series called the TD Insurance 2011 State of Insurance Report, which was commissioned by TD Insurance to identify Canadians' understanding of, and attitudes towards insurance. Part two, which will delve into Canadians' habits and knowledge of specific insurance products will be released in the third quarter of 2011.
Do Manitoba and Saskatchewan residents have enough insurance?
Sixty-one percent of Manitoba and Saskatchewan residents think they have the right amount of coverage, but one-in-ten worry they don't have enough and 27% aren't sure whether they have too much or too little.
"It's always best to call your insurer if you have questions about your coverage," says Dave Minor, TD Insurance Vice President, Life and Health. "Insurance needs change over time and if you haven't looked at your coverage recently, it might be time to revisit your policy to make sure it reflects your needs. This is especially important after certain key milestones like buying a house or starting a family. Insurance shouldn't be something that you think about once and then tuck away in a drawer."
TD Insurance also has an online calculator to help customers learn about how much life insurance coverage they need. "It's a great first step towards gaining a better understanding of insurance and it only takes a few minutes," adds Minor. Only 15% of Manitoba and Saskatchewan residents surveyed have ever used an online calculator to determine their insurance needs. Those Canadians who aren't sure if they have the right amount of coverage are more likely to say that they have not used an online insurance calculator (87%).
About the TD Insurance 2011 State of Insurance Report
TD Insurance commissioned Environics Research Group to conduct a custom online survey of 1,000 Canadian adults, including 130 Manitoba and Saskatchewan residents. Results were collected between March 5 - 13th, 2011.
About TD Insurance
TD Bank Group's insurance companies and operations carry on business under the TD Insurance brand. TD Insurance offers a wide range of products to help protect clients from the 'accidents of life' including credit protection, life, health, travel, home and auto insurance. With more than three million clients, TD Insurance authorized products and services are available through a network of more than 1,000 TD Canada Trust branches, the Internet and telephone. The TD Insurance brands include TD Insurance Credit Protection and TD Insurance Life and Health, which are the number one provider of critical illness insurance and direct life and health premium origination in Canada. And through its TD Insurance Meloche Monnex and TD Insurance Home and Auto brands, TD Insurance is the largest direct-response insurance group in the country. For more information, visit www.tdinsurance.com.