Be a more informed consumer with these financial and insurance literacy tips

August 20th, 2015 by admin

Earlier this summer the federal government unveiled a new strategy to improve financial literacy. Dubbed "The National Strategy for Financial Literacy – Count me in, Canada," the plan aims to help Canadians better manage money and debt, plan and save for the future and prevent and protect against fraud and financial abuse.

While the federal strategy aims to help people develop their financial confidence for a variety of endeavors, we see financial literacy as especially important to being an informed consumer. According to Craig Stewart, the Insurance Bureau of Canada's Vice-President of Federal Affairs, this is a crucial part of shopping for home and auto insurance. "Consumers are best protected when they understand and access the tools and information to make sound financial decisions," says Stewart. "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."

To make sure you are making informed financial decisions both when shopping for insurance and as a user, keep in mind these tips to increase your literacy:

  • Don't be afraid to call an insurance representative to speak about your specific needs.
  • Shop around for a policy that is right for you. 
  • Review your policy at least once a year.
  • Look for ways to lower your premiums. 
  • Proactively protect your car or home by reducing the risk of avoidable accidents
  • Look closely and understand exactly what your policy covers.

If you have any questions about whether your insurance policy is right for you or to make sure you are getting the most out of your coverage, talk to one of our representatives today.