Financial Literacy is Insurance Literacy
Toronto, ON (Nov. 13, 2015) – November is Financial Literacy Month in Canada, and Insurance Bureau of Canada (IBC) wants to help empower Canadians with the confidence, skills and knowledge they need to make responsible financial decisions.
IBC points out that it’s important to understand your car, home and business insurance policies at all times. When buying or renewing insurance, many questions can arise: What does my home insurance policy cover? If I get into a collision tomorrow, what kind of coverage can I expect under my automobile insurance policy? Does the distance I travel affect my premium? If my business is home-based, do I need special coverage?
“Informed consumers make smarter decisions,” said Doug DeRabbie, Director, Government Relations, Ontario, IBC. “By strengthening your insurance literacy, you can better understand how to adequately protect your home, car and business while making certain you are paying a premium that fairly reflects the coverage you are seeking. The best consumer protection is financial literacy.”
To celebrate Financial Literacy Month, IBC offers these top 10 tips to help increase insurance literacy:
- Speak to an insurance representative about your specific insurance needs.
- Shop around to find the right policy to fit your unique situation.
- Review your policy at least once a year.
- Understand your policy.
- Ask questions about your policy.
- Look for ways to lower your premiums: Some insurers offer discounts if you take steps to reduce risk. Ask your insurance representative about what you can do to lower your premiums.
- Take measures to protect your home and car and reduce avoidable accidents.
- Check online resources like ibc.ca to learn more about insurance.
- Pass along these tips to your friends, family and neighbours.
- For further information on home, auto and business insurance, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC. We’re here to help.
About Insurance Bureau of Canada
IBC is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.
For more information, visit www.ibc.ca.
Source: Insurance Bureau of Canada