One-third of Canadians would cut insurance to save money, TD survey shows

A TD Bank survey found that 33% of Canadians say they would consider reducing their insurance coverage to save money as everyday costs rise. More than half (56%) worry that an unexpected expense could force difficult financial choices, and 71% say a single surprise could erase months of savings progress.

The insurance gap is most pronounced among younger adults: 55% of Gen Z respondents say they are likely to cut back on insurance, while 58% have policies they are postponing reviewing and 44% find insurance confusing. Overall, 84% of respondents do not fully understand what their insurance covers, and 62% lack confidence that their coverage would protect them in an unexpected situation.

Kristen Gill, vice‑president of general insurance at TD Insurance, said rising costs are prompting Canadians to scrutinise household expenses. Brett Weltman, spokesperson for the Insurance Bureau of Canada, warned that lacking insurance could jeopardise home financing and other assets.