Did you know November was Financial Literacy Month? Financial literacy means having the knowledge and skills to make solid financial decisions. Knowing that knowledge and access to information is the true key to financial literacy, Insurance Bureau of Canada wants to help Canadians To Save and Protect. The goal is to help you SAVE money by better understanding your home, auto and business insurance and to PROTECT your valuable assets with the right policies.
Many Canadians lack the know-how needed to get the most out of their insurance policies, and 50% of Canadians say that want to know more about home and auto insurance and how it fits into their financial plans. Do you agree?
The key to financial literacy is information. To understand insurance you need to educate yourself about what insurers need to know about you and your family. For example, hereís a list of some of the information collected by your car insurance and how they apply it. All of these factorís help to determine your insurance rates:
Need to know: Where you live.
Because: If you live in a city, auto theft and accidents are more likely.
Need to know: Your age and gender.
Because: You will be grouped together with other drivers of the same age and gender, with similar driving records.
Need to know: Your driving history and level of driverís license.
Because: Your driving experience helps to predict the likelihood of you getting in an accident.
Again, the more you know about insurance, the more you can rest assure you are covered in the event of an unforeseen accident.
Here are some simple steps you can do today to make sure you have the best protection for your needs.
ï Learn more about insurance. The types of insurance, liabilities, plans/coverage to ensure you have the insurance that is right for you. Something as simple as shopping around, can help save you money.
ï Plan & Review. Set a date to call your insurance provider and review your current insurance plan(s) to make certain your coverage mitigates your risks in case of accidents. If you currently donít have insurance because you donít own a home or just started driving, IBC can help with that too. Their website has information for first time drivers and homeowners.
ï Add insurance to your household budget. IBC has some great information on how to save money on your home and auto insurance. The risks of not securing your home, auto or business is too high for you not to secure your familyís financial future.
And thatís just the tip of the iceberg. When it comes to insurance there is so much to learn, and learning about it cannot just save you money, but also make sure that you and your assets are properly protected.
How do you rate? Take IBCís Insurance Literacy Quiz and see how well you know insurance.
Get in the Know. Visit the IBC website to learn more about how home and auto insurance work.
Disclosure: Although this post has been generously sponsored by IBC, the opinions and language are all my own, and in no way do they reflect Insurance Bureau of Canada.