Do Ontarians have all the facts on insurance? Over half wouldn't clarify details of their policies
6 minute read
6 minute read
-- The TD Annual State of Insurance Report reveals Ontarians' knowledge of their insurance policies --
TORONTO, June 19, 2013 /CNW/ - From premiums to exclusions, do you understand all the details of your insurance coverage? While the majority of Ontarians (54%) review their insurance policies at least once a year, new research from TD Insurance has found that not everyone takes the time to ensure they are properly insured.
According to the State of Insurance Report, an annual report commissioned by TD Insurance to understand Canadians' habits, attitudes and knowledge about insurance, over half of Ontarians (56%) wouldn't ask their insurance provider to clarify details they don't understand in their policy. They wouldn't clarify their policy because they think it is too complicated (33%), don't have time (31%), are embarrassed of their lack of knowledge (24%) or are simply uninterested (18%).
But Dave Minor, a vice president at TD Insurance, says it is important to understand what protection your insurance offers in case the unexpected occurs.
"If you come across terms or conditions you are unfamiliar with in your policy, there is no need to feel embarrassed or daunted to seek help," he says. "Speak with your insurance provider whose job it is to clarify any questions you have about your policy to ensure you thoroughly understand your coverage, rights and responsibilities as a policyholder."
Thirty-seven percent of Ontarians admit they didn't bother to review, or even skim, the fine print on their insurance policies. As a result, 26% have been upset to learn that they weren't covered for something they thought was covered, and 12% have been pleasantly surprised to find they had more coverage than they thought.
"When you renew your insurance or reach a milestone in life like buying a new car, a home or completing renovations, spend some time reviewing your coverage," says Minor. "Your insurance needs may change from one year to the next and your coverage could have changed, too. Call your insurance provider if you have any questions about adjustments or if your coverage no longer reflects your lifestyle."
Minor provides three scenarios to educate Ontarians on common home, auto and life insurance questions:
"At the end of the day, insurance should give you peace of mind," Minor said. "If you feel uncertain or have questions about the terms or conditions within your policy, ask your insurance provider for clarification before you sign on the dotted line."
About the TD Insurance State of Insurance Report
TD Insurance commissioned Environics Research Group to conduct an online custom survey of 2,583 Canadians aged 18 and older, including 905 Ontarians. Responses were collected from February 7 to 18, 2013.
About TD Insurance
TD Insurance offers a wide range of products to help protect clients from the 'accidents of life' including credit protection, auto, home, health, life, and travel insurance. With more than 3 million clients, TD Insurance authorized products and services are available through a network of more than 1,150 TD Canada Trust branches, the Internet and telephone. For more information, visit www.tdinsurance.com
SOURCE: TD Insurance