According to a national survey conducted by Belairdirect, nearly a quarter of Canadians have not read their home (23%) or car (25%) insurance policies.

Despite this, the main worries that keep them up at night about insurance are what their policies cover and how much they cost.

Three-in-ten Canadians told Belairdirect that understanding their insurance is like a daily commute; tedious, but necessary.

Another 16% feel it’s like watching a boring movie, you want to turn it off, but you want to know how it ends.

“Canadians are becoming savvier when it comes to an understanding of their insurance policies, but we know that they still have questions. Insurance is complex, and we are committed to simplifying that experience to help educate consumers,” said Anne Fortin, the Senior Vice President, of Direct Distribution and Chief Marketing Officer. “Having proper coverage is key to protecting the things that you care about, and our goal is to ensure Canadians understand what they need for home and auto insurance.”

The survey also revealed some other interesting facts, such as:

  • 31% of Canadians with home insurance never take inventory of their property.
  • Nearly one-in-ten Canadians wonder if they are covered by animal damage – either by rodents to their home (8%) or large animals, like a moose, to their car (10%).
  • Four-in-ten Canadians with home insurance believe their policies automatically protect all of their valuables, while only 36% think they’re covered for a sewer back-up.
  • 39% of Canadians think they are covered for their golf bag if it’s in their car when stolen,  and 38% think they are covered if a drone crashes into their car windshield.

Most home or tenant insurance policies cover the most important items people care about. The only exceptions may be for specific items, such as jewellery, bicycles, collections, boats, or money, which vary by policy.

Personal belongings are worth more than you may think. It is recommended to create a complete inventory of your possessions and share it with your insurance provider. The agent can help tell you if you own the coverage that fits your needs, including adding special protections as necessary.

Nearly all Canadians with car insurance (98%) know at least one thing that affects their insurance premiums. The most common include:

  • Driving records (87%)
  • History of claims (85%)
  • Driving experience (77%)
  • How often you drive
  • Location and the risk of theft

Only 47% of Canadians with car insurance believe if someone borrows their car, they are covered by their insurance.

In reality, when you lend your car, you share your insurance as well.

Lots of people with a home or car insurance plan understand its importance, but many (52% and 48% respectively) find it challenging to understand their policy.

The best advice for anyone who doesn’t understand their policy is to speak to their insurance providers.

They may also visit a client centre online to review their policies.

Do you know what your insurance policies cover in Brampton?

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