- Part one of TD Insurance 2011 State of Insurance Report also reveals
14% of Hamilton and Niagara residents are not sure what their insurance
policies actually cover -
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HAMILTON, April 27 /CNW/ - More than one-in-ten Ontarians (14%) admit
they didn't reveal some important facts when completing an insurance
application, according to a report released today by TD Insurance.
"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 Ontarians 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, although the report revealed that four-in-ten Hamilton and
Niagara residents say they know exactly or are confident they know what
their insurance covers (43%), some may be putting themselves at an
unnecessary risk by not owning any. Fifteen percent of Hamilton
residents admit they don't own insurance, 11% of St. Catharines
residents say they don't have insurance, and 10% of those in Niagara
Falls do not own insurance. The report also revealed that one-in-ten
Hamilton and Niagara Region residents (14%) aren't sure what their
insurance policies actually cover.
"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
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.
Do Ontarians have enough insurance?
Sixty-seven percent of Ontarians claim they have the right amount of
coverage. Ten percent say they don't have enough insurance, and
another 18% aren't sure whether they have the right amount.
"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. Ontarians are the most likely in the country
to use an online calculator to determine their insurance needs, with
30% saying they've used this tool. Furthermore, those 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 (81%).
These results 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
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 250 from Ontario.
Results were collected between March 5 - 13th, 2011.
Results for the Hamilton-Niagara region were collected through a custom
online survey conducted by Environics Research. A total of 400
completed surveys from the Hamilton-Niagara region were collected from
March 14 to April 14th, 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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