Financial literacy month: IBC encourages consumers to review their policies and know what's covered

TORONTO, Nov. 8, 2016 /CNW/ - November is Financial Literacy Month, and Insurance Bureau of Canada (IBC) wants to help Canadians with the knowledge and resources they need to make informed financial decisions. 

"Informed consumers make smarter decisions," said Don Forgeron, President and CEO, IBC. "By strengthening insurance literacy, consumers can understand how to adequately protect their homes, cars, and businesses while knowing what's covered if they ever need to file a claim."

It is important for consumers to understand their 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? IBC encourages consumers to talk to their insurance representatives with any questions they may have and shop for policies that best suit their needs.

To celebrate Financial Literacy Month, IBC offers these 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 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 steps 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 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 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.

If you require more information, IBC spokespeople are available to discuss the details in this media release. To schedule an interview, please contact:

SOURCE Insurance Bureau of Canada

Andrew McGrath, Manager, Media Relations, Insurance Bureau of Canada, 416-362-2031 ext. 4312, [email protected]