New National Financial Literacy Strategy is a reminder to keep informed

OTTAWA, June 9, 2015 /CNW/ - Insurance Bureau of Canada (IBC) congratulated the federal government on the launch of Canada's national financial literacy strategy today.

Minister of State (Finance) Kevin Sorenson and Financial Literacy Leader Jane Rooney unveiled the strategy in Toronto, calling on Canadians to gain the knowledge, skills and confidence they need to make better financial decisions and improve their financial well-being.

Craig Stewart, IBC's Vice-President of Federal Affairs, commented on the launch: "Consumers are best protected when they understand and access the tools and information to make sound financial decisions."    

Stewart also reminded consumers that ibc.ca is a great first stop in their efforts to improve their financial literacy about their home, auto and business insurance. "Whether you are buying insurance for the first time or are committed to becoming more familiar with the insurance you already have, you should make the time necessary to read and understand your policies. Never be afraid to call your insurance company and ask questions about anything you're unclear on."

Some key questions to ask yourself:

Did you shop around?

With more than 200 insurers operating in Canada, you have many companies to choose from. Shop around. Talk to several brokers and agents in your area and check with companies that sell directly on the internet or over the phone. Also, there are websites that can help you comparison shop; do a web search of "insurance quotes" to find them. You can also talk to friends and colleagues for referrals.

Are you getting the most bang for your buck?

In Ontario alone, 5% of the average household budget goes to auto insurance.  It's an expense, but it doesn't have to break the bank. Ask about discounts including whether you're eligible for a discount if you bundle together two or more insurance products such as home and auto insurance. Also, consider increasing deductibles to reduce costs.

Do you review your policy once a year?

Review your policy upon renewal every year to ensure your coverage reflects your current circumstances.  Too many of us "get it and forget it."  It's a good idea to check in with your insurer every year, to make sure you're both on the same page and you have the right coverage. 

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 1-844-2-ASK-IBC.

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: Celyeste Power, Manager, Media Relations, 416-362-2031 ext. 4312, 647-384-9872, cpower@ibc.ca

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