- TD Insurance 2011 State of Insurance Report Part One also reveals B.C.
residents among the most likely in the country to put insurance at risk
by omitting important facts from applications -
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VANCOUVER, April 27 /CNW/ - B.C. residents are the most likely in the
country to go through their insurance policy with a fine-toothed comb,
with three quarters (77%) thoroughly reviewing or at least skimming the
fine print of their policies.
However, according to a report released by TD Insurance today, B.C.
residents are also among the most likely in the country to put their
family and finances at risk by purposely lying or omitting important
facts when filling out an insurance application (16%).
"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 B.C. 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 one-in-four B.C. residents (23%) aren't
sure about what their insurance policies actually cover. As one might
expect, B.C. residents who only file away their policy are more likely
to say they're not sure of everything they're covered for (44%) and
conversely, those who reviewed the details are more likely to say they
are confident or know exactly what is included (84%).
"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 also
found that B.C. residents who know exactly or are confident they know
what they are covered for (53%)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 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
Do B.C. residents have enough insurance?
Seventy percent of B.C. residents think they have the right amount of
coverage, but one-in-ten worry they don't have enough and 15% 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
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. B.C. residents are the least likely in the
country have ever used an online calculator to determine their
insurance needs (9% versus 22% nationally). 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 129 B.C. 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.
SOURCE TD Bank Group
For further information:
Karen Williams / Falan Hamilton
Paradigm Public Relations
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