How much of a cost decrease will get your clients to switch carriers?

More than half (56%) of polled Canadians would switch insurance providers for a savings of $150 or more, according to a new survey from Kanetix.ca, an online comparison site for insurance rates.

Almost the same percentage (57%) of the 812 polled respondents who were over the age of 18 reported reviewing their insurance policy once a year. “An astounding 27% never review their policy, relying solely on their broker/agent,” Kanetix said in a press release Thursday.

“A lot can happen over the course of a year that can translate into significant savings on your existing insurance policies,” said Janine White, vice president of marketplaces and strategy at Kanetix. For example, consumers who installed winter tires this season for the first time could save up to 5% off their auto insurance premium. “This example also highlights why it’s so important to update your insurance company regularly, because the savings can be realized as soon as you make the changes, instead of waiting until renewal time.”

Another way to save money is to bundle several policies with one carrier because it may make consumers eligible for a multi-line discount, White recommended. “Plus, you’ll be able to manage all your policies more easily with one point of contact. And, of course, shopping around is likely the best way to save on your coverage. At minimum, you should be putting your current premiums to the test each year. It’s an easy way to potentially save hundreds of dollars in a matter of minutes.”

Other survey results:

• Only 13% of Canadians would be motivated to shop for a new policy because of lifestyle changes (such as a new car, moving or home renovations)
• The youngest respondents were more likely to switch or shop online for a savings of $50-$99 (59% for those aged 18-24, compared to 18% for 25+)
• One in two Canadians said they would be comfortable purchasing their insurance online (52%)
• Men (57%) feel much more comfortable transacting online compared to women (46%).