When making insurance-related decisions, a new survey indicates that the majority of Canadians consult with sources other than trained insurance professionals for assistance.
The poll, conducted on behalf of TD Insurance, found that 63 per cent of Ontario residents ask their friends, family members, search the internet or "go with their gut" about whether a policy choice is right for them.
Henry Blumenthal, vice president of TD Insurance, said this may lead policyholders to make choices based on inaccurate information.
"If you rely solely on these sources then you may encounter some issues down the track," said Blumenthal. "A reliable source can clarify any mistruths and ensure you understand your coverage to avoid any costly headaches in the event that something unexpected happens."
The study also detailed some of Canadians' most common misperceptions about insurance coverage. For instance, in regards to travel insurance, nearly 30 per cent said they thought they only needed coverage if they were travelling outside of Canada.
Those unsure what their insurance covers should review them closely or ask a reputable expert about their coverage.