Canadians are working harder than ever to stretch their budgets – taking on side hustles, cutting back on small pleasures, even growing their own food – yet many are overlooking one of the simplest ways to save: reviewing their insurance coverage.
A new survey from TD Insurance shows only one in four Canadians (24%) reviewed their home or auto insurance policies this year to look for savings. And for many, the task ranks near the bottom of the to-do list.
According to the poll, 52% would rather assemble furniture, 57% would rather delete their favourite app or game, 43% would prefer doing their taxes, and 37% would rather sit in traffic. Nearly half (45%) said they would even prefer accidentally calling their boss “Mom”.
Younger Canadians were the most avoidant: 76% of Gen Z and 74% of Millennials skip reviewing their policies, compared to 57% of Canadians overall.
And when asked why they avoid contacting their insurer about possible savings, 93% of Gen Z admitted they hesitate – with one-third saying they simply dislike “adulting.”
This avoidance persists even as insurance has become more intertwined with nearly every major cost-of-living pressure Canadians face. Housing affordability, rising auto-theft rates, and higher repair costs have pushed premiums upward, yet many consumers don’t realize that reviewing coverage annually can actually help manage some of that pressure.
Discounts tied to home security, telematics, safe-driving programs, bundling, renovations, and life changes often go unclaimed simply because policyholders never ask.
TD Insurance says this gap between effort and outcome comes at a real cost.
“We know Canadians work hard and are feeling stretched financially. That's why we want to make them aware of the many ways they could save on their insurance,” said Bruno Jauernig (pictured), vice president and executive journey product wwner at TD Insurance, in the company’s announcement of the survey results.
In an interview with Insurance Business Canada, Jauernig emphasized that Canadians aren’t just disengaged – they’re intimidated.
“It really comes down to lack of confidence,” he said.
Only 39% of Canadians surveyed said they understand their insurance policies well.
“Insurance is complex,” Jauernig explained. “You don’t pay attention to it often – you have a renewal once a year, and it’s a bit of a set-it-and-forget-it. People feel intimidated, and that’s why it becomes easy to put it off.”
He said many Canadians assume potential savings are small or nonexistent, so they spend time on more familiar – or more exhausting – ways to save money. That avoidance is reinforced by the perception that insurance conversations are stressful or complicated.
“Either you don’t believe that savings could be available, or you feel intimidated,” he said. “And you’d rather go do something else – even some of the more unpleasant things that showed up in the survey.”
The same poll found Canadians are already making significant sacrifices:
• 43% have taken on side gigs
• 30% are selling unused belongings
• 27% are returning purchases
• 24% are growing their own food
• Nearly half (46%) would cut takeout if they had to find extra money
• 38% would skip their morning coffee
Yet reviewing an insurance policy – which could unlock discounts, bundling opportunities, adjustments in deductibles, or even coverage overlaps that can be removed – remains one of the least appealing tasks for most households.
More than half of respondents (58%) said the constant stress of budgeting has worn them down, making it easier to avoid tasks that feel complicated or time-consuming. The emotional fatigue of constant financial vigilance, Jauernig noted, often pushes people toward quick fixes rather than structural ones that could have a bigger long-term impact.
Still, he believes this mindset can shift.
“There’s often more room to save than people assume,” he said. “Being more informed about insurance options can help clients feel more financially resilient and protect what matters most – and discover new ways to save money.”
