Many Canadians Consider Cutting Insurance to Save Money

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Canadians are feeling the effects of higher costs and may cut back on insurance, a TD Bank survey shows.

One-third of Canadians would consider reducing insurance to save money, the survey says.

The high cost of living is causing budget strain, says Kristen Gill of TD Insurance.

With everyday costs rising, Canadians are looking at their expenses, Gill said.

When budgets are tight, people look for ways to save, she added.

Many Canadians worry about unexpected expenses. Most say one surprise expense could hurt their savings goals.

Younger Canadians are more likely to cut back on insurance, the survey found.

Many Gen Z respondents have insurance but don't review it, and some find it confusing.

Most respondents don't fully understand their insurance coverage.

Many aren't confident their insurance would protect them in unexpected situations.

Skipping insurance can be risky, says Gill, as it protects what you own and helps with unexpected events.

Without insurance, an unexpected event could mean using savings for other goals, Gill said.

Homeowners without insurance could face serious consequences, said Brett Weltman.

No insurance could mean losing your home's financing, Weltman said.

Without insurance, homeowners are responsible for all damage costs, he said.

Insurance costs in Canada are rising. Homeowners paid more for insurance in June than a year ago.

To keep insurance costs low, shop around, the Insurance Bureau of Canada says.

Ask about discounts and bundle policies to save money, the bureau advises.

Paying your premium annually can also save you money, the website says.

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