Financial literacy is insurance literacy

IBC Top 10: Tips to help increase insurance literacy

TORONTO, Nov. 3, 2014 /CNW/ - November is Financial Literacy Month in Canada. The goal is to empower Canadians with the confidence, skills and knowledge they need to make responsible financial decisions. As such, Insurance Bureau of Canada (IBC) is offering 10 tips to help increase insurance literacy.

"The best consumer protection is financial literacy. Educated consumers make smarter decisions," said Ralph Palumbo, Vice-President, 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."

IBC's 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. We're here to help.
	·	You can reach IBC's Ontario Consumer Information Centre by phone at 1‑800‑387‑2880.

About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is pleased to celebrate 50 years as a valuable resource for insurance information. Since 1964, IBC has been working with governments across Canada to make our communities safer, championing issues that directly affect Canadians and the property and casualty (P&C) insurance industry. IBC is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the P&C insurance market in Canada. The P&C insurance industry employs over 118,600 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $48 billion.

To view media releases and other information, visit the media section of IBC's website at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_Ontario and like us on Facebook.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE: Insurance Bureau of Canada

To schedule an interview, please contact: Celyeste Power, Manager, Media Relations, Insurance Bureau of Canada, 416-362-2031 ext. 4312 (daytime), 647-384-9872 (after hours), [email protected]