Financial literacy is insurance literacy

IBC Top 10: Tips to help increase insurance literacy

HALIFAX, Nov. 3, 2014 /CNW/ - Financial Literacy Month aims to empower Canadians with the knowledge, skills and confidence they need to make responsible decisions. Insurance Bureau of Canada (IBC) would like to remind Canadians that financial literacy is, among other things, insurance literacy.  

"The best form of consumer protection is financial literacy," said Amanda Dean, Vice-President, Atlantic, IBC. "This Financial Literacy Month we encourage you to use IBC's tips to increase your insurance literacy. Knowing the details of your insurance coverage can help you make better financial decisions."

To celebrate Financial Literacy Month 2014, IBC offers its 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 Atlantic Consumer Information Centre by phone at 1‑800‑565‑7189 ext. 228.

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_Atlantic 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]