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

HALIFAX, Nov. 12, 2015 /CNW/ - Financial Literacy Month takes place during November with the goal of empowering Canadians with the knowledge, skills and confidence they need to make responsible decisions. Insurance Bureau of Canada (IBC) reminds Canadians that financial literacy is, among other things, insurance literacy. 

"If you are uncertain about the details of your home, car or business insurance policies, it's important to increase your knowledge by asking questions," said Amanda Dean, Vice-President, Atlantic, IBC. "We want to help consumers to become more insurance savvy by addressing these knowledge gaps to ensure the peace of mind that an insurance policy provides."

To mark Financial Literacy Month 2015, IBC offers the following top 10 tips to help increase insurance literacy:

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_C7321_PHOTO_EN_543921.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]