Canadians would rather shovel snow, see the dentist than discuss insurance coverage: TD

Canadians are generally underestimating certain risks related to their personal insurance, and many would rather take doing boring or unpleasant tasks over thinking about their coverage, notes a new survey from TD Insurance.

In its commissioned online survey of 1,000 Canadians 18 and older, 62% said they would rather shovel snow, spend a Saturday doing laundry, go to the dentist, or wait in an airport security line rather than think or talk about insurance coverage.

Many Canadians are also underestimating risks, TD suggests. In its survey, 81% underestimated the likelihood of a home break-in, which TD says is roughly one in 200, based on Statistics Canada data.

Additionally, 67% said they’re more safety-conscious than the rest of the population. Men were more likely than women to view themselves as above average in safety consciousness and health (72% of men, versus 62% of women).

“When the probability of risks are not well-known it can be difficult to seek out insurance coverage that offers the right protection,” Craig Richardson, vice president at TD Insurance said in a statement on the survey results.

However, some are also overestimating risks, with 30% overestimating the likelihood of being injured, even slightly, in an auto collision in a typical year, TD said. In that scenario, 36% underestimated the odds, which are about one in 130, based on Transport Canada data, according to TD.

“Studies have shown that many people prefer to avoid thinking about negative situations, even if they believe those situations are likely to happen,” Dr. Edwin Weinstein, a psychologist and president of the Brondesbury Group, which advised TD on its research for this initiative, noted in TD’s statement.

“Shopping for insurance is one of those times in life where you’re forced to think about situations you would rather avoid. It’s not surprising that people would choose to shovel snow than consider the possibility that unpleasant things can happen.”