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In a recent insurance spending study based on Canadian consumer experience, InsurEye found that an average Canadian consumer spends $3,100 annually on insurance (it includes three major insurance types such a Home, Auto and Life insurance but does not include other smaller insurance policies such as e.g. insurance for funeral expenses). This amount is approximately the average monthly net income in Canada and 80% of consumers think this is too much!
But what does this number really mean?
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We thought it might be helpful for you to visualize it. To give you perspective, we’ve compared insurance expenses to our regular purchases and costs.
Considering the fact that insurance quotes variance can be as high as 200% for some consumers, it might be time for you to compare your insurance spending with other people. You could save a lot of money for other important things in your life such as your hobbies, vacationing, etc. Check out our Insurance Price Comparison tool to find out how much you could potentially save on insurance. Also, do not forget to check out Insurance Consumer Experience tool for useful, independent consumer reviews next time you buy insurance!