Financial literacy includes insurance literacy

HALIFAX, Nov. 5, 2013 /CNW/ - Half of Canadians want to better understand home and car insurance and how it fits into their financial plans and almost 90% think children should learn about home and car insurance at school, according to a Pollara survey commissioned by Insurance Bureau of Canada (IBC).

Financial Literacy Month aims to empower Canadians with the knowledge, skills and confidence to make responsible financial decisions in their lives.

"Understanding how insurance works and how it helps families manage risk is a very important part of financial literacy," says Amanda Dean, IBC's Vice-President, Atlantic region. "Financial Literacy Month in November is the perfect time to increase Canadians' knowledge about insurance," she added.

Take the time during Financial Literacy Month to find out about your policies. Ask your insurance representative these questions:

Home Insurance

  1. What does my policy cover?
  2. Is there a specific kind of insurance for the type of home I live in (e.g., house, condo or apartment)?
  3. Are there risks I can't buy insurance for?
  4. What optional coverage is available?
  5. Should I make a claim for every loss?

Car Insurance

  1. If I get into a collision tomorrow, what kind of coverage can I expect under my policy?
  2. What optional coverage is available?
  3. Should I purchase collision insurance on an older car?
  4. What kind of deductible is recommended?
  5. Does the distance I travel affect my premium?

Business Insurance

  1. What kind of insurance do I need?
  2. Are there risks I can't buy insurance for?
  3. If my business is home-based, do I need special coverages?
  4. What does errors and omissions or malpractice insurance cover?
  5. What can I do to keep my premium down?

Consumers who have general insurance questions can contact IBC's Atlantic Consumer Information Centre at 1-800-565-7189 X 228, Monday to Friday 8:30 a.m. - 4:30 p.m.

Visit ibc.ca to learn more. IBC shares insurance information with consumers online, through community tours, brochures, newspaper articles and television advertising. As a member of an advisory council to Financial Consumer Agency of Canada, IBC advocates for improving Canadians' insurance literacy as part of their financial literacy.

About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (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 $46 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 or 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

For further information:

To schedule an interview, please contact:

Helen Lialias 
Media Relations Officer
Insurance Bureau of Canada
416-362-2031 ext. 4312
hlialias@ibc.ca


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