- Part one of TD Insurance 2011 State of Insurance Report also reveals
82% of Ontarians don't take the time to properly read their insurance
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TORONTO, 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, the report found one-quarter of Ontarians aren't sure what
their insurance policies actually cover. In fact, more than half (54%)
of Ontarians admit they only skim the fine print of their policies and
28% don't read the fine print and file their policy away in case they
need it. As one might expect, those who only file away their policy
are more likely to say they're not sure of everything they're covered
for (43%) and conversely, those who reviewed the details are more
likely to say they know exactly what is included (17%). Of those who
have filed a claim, 52% of Ontarians were surprised by the results.
"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.
Moreover, when it comes to learning the outcome of their claim, the
report also found that Ontarians who know exactly what they are covered
for (60%) and those who are confident in what they are covered for
(61%) are more likely to say they were not surprised by anything
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
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%).
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.
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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