One-third of B.C. residents may cut insurance as costs rise: TD survey

A TD survey found that 33 per cent of British Columbia residents would consider reducing their insurance coverage when household budgets are tight.

TD Insurance vice-president of general insurance Kristen Gill said people should understand what is and is not covered before cutting protection, warning that gaps can create costly surprises after an unexpected event.

The survey found 67 per cent of B.C. residents expect everyday costs to pressure their budgets before the end of 2026. Groceries were the leading concern at 54 per cent, followed by fuel at 39 per cent, vehicle maintenance or winter tires at 29 per cent, and heating and utility bills at 26 per cent.

Only 45 per cent of B.C. respondents said they had reviewed their policy in the past year. Nearly two-thirds were not confident their insurance would fully protect them in an unexpected situation, while about 90 per cent said they did not understand their home or vehicle coverage. Nationally, Gen Z respondents were the most likely to consider cutting insurance, at 55 per cent.

The findings align with other reported financial-pressure indicators: MNP said about 58 per cent of B.C. residents have committed at least half their income before payday, while an RBC report found 42 per cent felt one major unexpected expense could push them financially over the edge.