Published on 11.28.18
Ontarians Feel They Are Paying Too Much for Insurance – Survey Results
Finding the right insurance can be a painful experience. According to a recent survey, Ontarians who do have an insurance policy feel that they are paying too much for their home, business and auto insurance. Based on a need for affordable insurance and an improved customer experience, we’ve created a sharing model and machine-learning platform for an efficient purchasing experience and shared savings for communities.
60 percent of respondents indicated that they feel they are paying too much for insurance.
67 percent of Ontarians indicated that they would switch their insurance mid-term if group savings were greater than the cancellation fee.
59 percent of survey respondents indicated that they would join an online community to increase their buying power and coverage while decreasing their costs, if they had the opportunity to do so.
Nearly nine in ten (89 percent) of Ontarians surveyed have some type of insurance with auto insurance being the most common followed by home insurance.
Almost one-quarter (24 percent) of Ontarians who have insurance say the top thing they do when renewing or changing their insurance is to review their coverage summary.
Ontarians who feel they are paying ‘too much’ for insurance are significantly more likely to review their coverage summary (51 percent) and shop around online (38 percent).
Read more about the findings and research methodology here.
If you’re looking for smarter home, business or auto insurance, join one of our many groups to benefit from group savings upfront, on your deductible and at renewal.