How much do you know about your home and auto insurance?

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IBC launches online quiz to help meet financial literacy needs of Canadians

TORONTO, Nov. 29, 2011 – As Financial Literacy Month draws to an end, don’t let insurance be an afterthought. Today, Insurance Bureau of Canada (IBC) launched an online quiz to help Canadians learn more about home and auto insurance and its importance to good financial planning.

“Understanding the truths and myths about your insurance could save you a few dollars, while ensuring that you have sufficient insurance coverage and are well served by your insurance providers,” says Mary Lou O’Reilly, Senior Vice-President, Issues Management and Communications, IBC. “IBC’s quiz is a fun way to learn more about insurance.”

Some of the questions include:

  • Does the colour of my car affect the cost of my insurance?
  • Am I covered for water damage to my basement in the event of a sewer backup?

To find out the answers to these questions and more, take the quiz at www.ibc.ca and see how you stack up.

This initiative recognizes Financial Literacy Month and also responds to a 2011 Pollara poll. In that survey, more than fifty per cent of Canadians said they would be interested in learning more about home and car insurance and how it fits into their financial plans. The vast majority of respondents (71 per cent for auto, 76 per cent for home) said that such insurance is, for them, a “peace of mind” purchase.

The Pollara survey indicated that the majority of Canadians want their information about property and casualty insurance from the industry. IBC is already very active in such education, through traditional and social media, and business and community outreach.

About Insurance Bureau of Canada

Insurance Bureau of Canada is the national industry association representing Canada’s home, car and business insurers. Its member companies represent 90% of the private property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion.

To view media releases and information, visit the Media Centre of IBC’s website at www.ibc.ca.