Many Canadians could be eligible for discounts or savings on their home and auto policies, yet most never review their coverage
Canadian households are turning to side hustles, selling belongings, and growing food to manage tight budgets, but many overlook the simple step of reviewing their home and auto insurance policies for potential savings.
According to a TD Insurance survey, just over half of Canadians (58 percent) admit they're exhausted from worrying about budgeting and feel that finding ways to save demands too much time.
The response has been telling.
In an effort to offset costs, 43 percent of households have taken on side hustles to supplement income, 30 percent are selling unused clothes or belongings, and 27 percent are returning purchases they don't need.
One-in-four (24 percent) are growing their own food to offset grocery costs.
When asked how they'd save extra money monthly, 46 percent said they'd cut back on dinner delivery or takeout, and 38 percent would skip their morning matcha or daily coffee.
The blind spot, however, is stark.
Only one-in-four Canadians (24 percent) reviewed their home and auto insurance policies this year for potential savings, despite many qualifying for discounts.
The reluctance runs deep.
More than half of respondents (52 percent) would rather assemble furniture than review their policies.
Even more striking: 57 percent said they'd sooner delete their favourite social app or mobile game, 45 percent would call their boss "Mom," 43 percent would do their taxes, and 37 percent would sit in traffic—all before tackling policy reviews.
Younger workers pose a particular concern.
Three-quarters of Gen Z (76 percent) and Millennials (74 percent) actively avoid reviewing their home or auto policies, compared to 57 percent across the general population.
Nearly all Gen Z respondents (93 percent) hesitate to contact their insurance provider about savings, far exceeding the broader population at 77 percent.
Among those avoiding contact, 34 percent cite a simple reason: they dislike "adulting".
Bruno Jauernig, vice president and executive journey product owner at TD Insurance, said the opportunity remains significant.
He stated that being more informed about insurance options can help clients feel more financially resilient, protect what matters most, and find new ways to save money.
