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Nearly half of canadians lack knowledge of their insurance contracts, according to a survey



May 22, 2018 09:45

Photo : Freepik

A survey conducted by the firm Léger for the account of the Chamber of damage insurance and of the Chamber of financial security shows that nearly half of Quebecers are unaware of their insurance contracts. What’s more, 80 % of them do not read or only a portion of their insurance contracts. A situation that the Rooms qualify as » special concern «.

«This new survey reminds us of the great complexity of our sector and the need for support of the Quebecers to make informed choices «, underlines Maya Raic, president and ceo of the Chamber of damage insurance.

Exclusions unknown

Also, the Rooms say that a large proportion of the people surveyed can’t identify what is or is not an exclusion. The study reveals that 47 % of the respondents are unaware of all the exclusions of its insurance contracts. In fact, 19 % of respondents say they know that sewer backups are not included in the basic coverage of home insurance policies.

«Understanding exclusion techniques and their impacts may not rest solely on the shoulders of consumers, who have to rely on insurance representatives certified to guide in the process of buying life insurance,» explains Marie Elaine Farley, president and chief executive officer of the Chambre de la sécurité financière.

Responsibility of the consumer

Nearly two-thirds (61 %) of consumers have not notified their representative in damage insurance of major changes in their residence, supports the survey. The Rooms remind us that the brokers and representatives have the obligation to take the means necessary for the police to respond to the needs of customers.

The survey also reveals that 72 % of consumers prefer to get advice from a certified professional rather than a robot using artificial intelligence (2 %), or an agent of télémarkéting (1 %).

The Rooms use these data to support their point of view about the bill 141. They see in the bill many dangers for the protection of consumers.

The survey was conducted on the Web with 1 035 Quebec.

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