The Insurance Bureau of Canada’s 10 tips for increasing insurance literacy

November 5th, 2014 by admin

November is Financial Literacy Month, and in that spirit, the Insurance Bureau of Canada (IBC) is encouraging Canadians to increase their insurance literacy. The key to insurance literacy lies in expanding your financial literacy, the Bureau affirms. 

"Financial Literacy Month helps empower Canadians with the knowledge, skills and confidence they need to make responsible financial decisions," said Bill Adams, Vice-President, Western and Pacific, IBC. "When it comes to mitigating and managing risks, insurance literacy is the best form of consumer protection. Educated consumers make smarter decisions."

The Bureau makes the following 10 suggestions to improve your insurance literacy:

  • Speak to an insurance representative about your unique insurance needs.
  • Search for the right policy to fit your needs and lifestyle.
  • Review your policy regularly, at least once a year.
  • Make sure that you understand your policy.
  • Ask questions about your policy, and be proactive if you notice any issues.
  • Look for discounts that can lower your premiums. Speak with your insurance provider to determine the discounts for which you may be eligible—typically these are steps you can take to reduce risk.
  • Take measures to protect your home and car's safety and ability to withstand severe weather events. In addition, try to reduce avoidable accidents over which you have control.
  • Refer to your provider's website and speak with an insurance broker to learn more about your options.
  • Have insurance conversations with friends, family and neighbors.
  • Refer to the IBC's Consumer Information Centre for other tips. 

For all of your home and auto insurance needs, contact Fundy Mutual. Located in Sussex, New Brunswick, we know our communities well and offer competitive insurance prices