In celebration of Financial Literacy Month this November, the Insurance Bureau of Canada (IBC) has issued a release calling for consumers to carefully read and understand their policies.
“Informed consumers make smarter decisions,” said IBC president and CEO Don Forgeron. “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.”
The agency is strongly suggesting consumers approach their insurance representatives with any questions they might have about their policies, in order to get a better grasp of how they work. IBC is also recommending that consumers should shop only for policies that best suit their specific needs.
Other tips the agency suggested in its release include:
- Consumers must review their policies at least once a year.
- They should make an effort to fully understand their policies as well.
- Customers are encouraged to ask questions about their policies, especially if something confuses them.
- Consumers are urged to find creative ways to lower their premiums—some insurers offer discounts to those who take steps to reduce their risk.
- Homeowners and car owners should take the necessary steps to protect their properties and reduce avoidable accidents.
- Online resources, such as those on IBC’s website, are free for consumers to refer to for insurance information.
IBC said that its Consumer Information Centre is open to consumer calls, and is willing to answer any inquiries related to home, auto and business insurance.
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