TD Insurance study finds majority of Canadians would rather avoid insurance decisions
TORONTO, May 6, 2014 /CNW/ - When it comes to thinking about insurance, new research has found that there are a lot of unpleasant tasks Canadians would rather do in place of researching coverage options. A recent survey commissioned by TD Insurance found that 62 per cent of respondents would prefer to shovel snow, spend a Saturday doing laundry, go to the dentist, or even wait in an airport security line rather than think or talk about insurance coverage.
The national survey also explored Canadians' ability to estimate risks and the likelihood of certain events. The findings indicate that as a group, Canadians generally underestimate risks. For example, the survey found that 81 per cent of participants underestimated the likelihood of a home break-in, which is about 1 in 200 according to Statistics Canada. Furthermore, two thirds (67 per cent) of those surveyed reported seeing themselves as more safety conscious than the rest of the population, even though statistically this can't be the case.
"When the probability of risks are not well-known it can be difficult to seek out insurance coverage that offers the right protection," said Craig Richardson, Vice President at TD Insurance. "We encourage customers to talk to their insurance providers to better understand their coverage. We strive to help customers weigh options against risks and factor in the necessary considerations to choose coverage that best reflects their needs."The survey found that respondents were as likely to overestimate potential risks as they were to underestimate them. Asked to predict the chances of being injured, even slightly, in an auto accident in a typical year, 36 per cent underestimated the likelihood but 30 per cent overestimated. According to Transport Canada statistics the odds are approximately 1 in 130.