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Canadians Overlook Savings on P&C Insurance: A Wake-Up Call

By June 12, 2024June 25th, 2024Personal Insurance
A typical Canadian suburban home with a modern car parked in the driveway, surrounded by icons representing financial savings like a dollar sign, piggy bank, and checklist, symbolizing the benefits of saving on home and auto insurance.

Home » Blog » Canadians Overlook Savings on P&C Insurance: A Wake-Up Call

A recent survey by TD reveals a surprising trend: Canadians are not prioritizing saving money on their property and casualty (P&C) insurance bills. This is a critical area where seeking expert advice can make a significant difference.

According to the TD survey conducted by Maru Public Opinion, 75% of insured Canadians are more aware of how to save on their phone bills compared to their insurance bills, which stands at 69%. The survey also highlights that 70% of insureds dedicate time to reducing grocery costs, 46% to decreasing their internet bills, and 42% to finding deals on clothing. However, only about 38% extend this habit to their home insurance and auto insurance.

The survey findings state, “Canadians are keen to give things up to save money and are finding ways to reduce spending, but they aren’t considering ways to save on insurance premiums as an option for cutting monthly expenses.”

One key reason for this is the need for more awareness about the potential savings on insurance policies. Less than half (40%) of Canadians surveyed feel confident in their understanding of their insurance policies. The top reasons for this lack of confidence include feeling overwhelmed (22%), finding it too complicated (20%), or believing it’s a fixed cost that stays the same (18%).

In contrast, policyholders feel more knowledgeable about their phone plans (79%) and grocery sales (75%) than their insurance premiums (37%). Additionally, over a quarter (26%) of Canadians adopt a ‘set-it-and-forget-it’ mindset when managing their P&C insurance policies.

To address this issue, TD emphasizes, “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 Wedgwood, we encourage our clients to seek professional advice and actively manage their insurance. Understanding your policy and exploring potential savings can significantly reduce your monthly expenses.

Bundle & Save with Home & Auto Insurance

Some things in life just go well together: peanut butter & jam, bacon & eggs, Oreos & a glass of milk (jeez, maybe we should’ve had breakfast this morning…), but add to this list of classic duos a new entry: a home & auto insurance bundle.

Seriously? Yes.

While not as ubiquitous as Batman & Robin, a home & auto insurance bundle can be a smart move and pack a big punch to save time and money. POW!

Most insurers offer a bundling discount for multiple policies, often revolving around your home & auto insurance, but may also include a seasonal residence, motorhome, or boat insurance. Saving money is an obvious advantage for most, but having only one insurer to deal with also streamlines your communication, simplifying your interactions for renewals, claims, and questions.

Is Bundling Right for You?

In 99% of cases, bundling makes sense for most people. Sometimes referred to as a combined multipolicy, multiline, or multiproduct discount, bundling your home and auto insurance together better fits your insurance needs. Still trying to figure it out? That’s what we’re here for! As a broker, we represent Canada’s largest and most stable insurance companies. We are your best resource for individually designed plans to meet your needs.

Other Ways to Save on Insurance

Beyond a home & auto insurance bundle, consider these tips for saving money:

  • Right-Size Your Deductible: A higher deductible can translate into lower insurance premiums, saving you money if you are comfortable doing so.
  • Use Your Insurance for Large Losses: Consider only using your insurance to cover significant losses and cover smaller ones yourself.
  • Install Fire or Security Alarms: Did you know that having a centrally monitored fire or security alarm or a sewer backup valve can save you money? It’s true. Talk to us about what options are available for you.

Expert Advice for Your Home & Auto Insurance

There’s more to insurance than the price of the policy, and Wedgwood goes above and beyond for our clients with expert advice you can trust. But don’t take our word for it! There’s a reason we’re Newfoundland & Labrador’s most trusted insurance broker. Contact us today to learn how we can help you save on your P&C insurance premiums.

About Wedgwood Insurance

Wedgwood Insurance has offices in St. John’s & Corner Brook and is Newfoundland & Labrador’s largest independent insurance broker. We provide straightforward home, auto & business insurance advice.

With over 270 Google My Business reviews, experience the Wedgwood difference with expert advice from our dedicated team. We ensure that every client has the coverage that best suits their needs through upfront complimentary consultations and midterm reviews.

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Author Jamie Ross

Jamie Ross leads the Marketing and Communications team at Wedgwood Insurance, renowned as one of Atlantic Canada’s premier independent insurance brokers. Bringing a wealth of experience amassed over many years at some of Canada's most esteemed advertising agencies, Jamie transitioned to the insurance industry in 2017. This pivotal move has marked a period of significant professional growth and contribution to the field. A native Nova Scotian, Jamie has been a resident of St. John's, NL, since 2011, where he has become an integral part of the local community. Learn more about Jamie.

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