Financial Literacy is Insurance Literacy - IBC Top 10: Tips to help increase insurance literacy

EDMONTON, Nov. 12, 2015 /CNW/ - What does my home insurance policy cover/not cover? If I get into a collision tomorrow, what kind of coverage can I expect under my auto insurance policy? Does the distance I travel affect my auto insurance premium? If my business is home-based, do I need special coverage? These are only a few of the many questions to consider when buying or renewing insurance.

November is Financial Literacy Month in Canada, and Insurance Bureau of Canada (IBC) is encouraging Canadians to invest a little time to increase their insurance literacy so they better  understand their home, car and business insurance policies.

"Financial Literacy Month helps to empower Canadians with the knowledge, skills and confidence they need to make responsible financial decisions," said Bill Adams, Vice-President, Western and Pacific, IBC. "Educated consumers make smarter decisions. When it comes to protecting your family and belongings, insurance literacy is one of the best forms of consumer protection."

To help increase Canadians' insurance literacy, IBC offers the following top 10 tips:

1. Speak to an insurance representative about your specific insurance needs.
2. Shop around to find the right policy to fit your unique situation.
3. Review your policy at least once a year.
4. Understand your policy.
5. Ask questions about your policy.
6. 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.
7. Take measures to protect your home and car and reduce avoidable accidents.
8. Check online resources like ibc.ca to learn more about insurance.
9. Pass along these tips to your friends, family and neighbours.
10. 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

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 media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.

SOURCE Insurance Bureau of Canada

Image with caption: "IBC Top 10: Tips to help to increase insurance literacy (CNW Group/Insurance Bureau of Canada)". Image available at: http://photos.newswire.ca/images/download/20151112_C5879_PHOTO_EN_543914.jpg

If you require more information, IBC spokespeople are available to discuss the details in this media release. To schedule an interview, please contact: Celyeste Power, Manager, Media Relations, IBC, 416-362-2031 ext. 4312 (office), 647-384-9872 (after hours), [email protected]