Learn how the Insurance Bureau of Canada (IBC) is helping Canadians

I hope you have discovered a thing or two new about insurance over the last few months. Again, it is something we all require but know hardly anything about. We live in a world of risks. Homes burn down. Cars collide. Businesses are vandalized. Canadians understand the need to manage such risks through insurance. They and their families can enjoy the peace of mind that comes with knowing their most valuable possessions are protected. We do not know when an accident will happen, but chances are they will – to someone, at sometime. Make sure you are prepared.

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November was Financial Literacy Month and the Insurance Bureau of Canada (IBC) is helping Canadians “To Save and Protect”. Now is as good of time as any to educate yourself and be in the know.

I think of my 15 year old son who will be able to legally drive in just a few months. He is already looking for a car to buy. Something he can fix up and drive to sports, school and his friends. A part of me is relieved that he will be able to drive and be independent; yet another part is scared and nervous for him being a new driver. Most Canadians lack the knowledge needed to get the most value, best protection and smartest investments out of their insurance policies. As his parents, it is our job to help him learn and get the best info and make the right choices for his future.

If we start off with an informed youth, we can prevent poor insurance decisions from being made in the future. Insurance Bureau of Canada wants to inform youth and all Canadians.

A few things first time drivers should keep in mind are;

Shop around and compare rates. Ask about discounts for being a student, a parent or having taken a drivers course. Mention grades and extracurricular activities as this may help with savings.

Choose a vehicle that is safe and considered a low risk. This will help with your insurance costs.

All drivers requiring car insurance should have;

You will need to have the information regarding your vehicle, driving history and level of license. The insurance company providing you with a quote will also want to know what you will be using the vehicle for.

Having this information ahead of time will make the process a lot smoother. We have already looked into driving school for our son. It makes him a safer driver and gives us a discount on our insurance. A small investment for peace of mind.

Here are some things you can do today to inform yourself and make sure you have the best protection for your needs:

1. Take the Insurance Literacy Quiz and see what you may not know about insurance.

2. Learn more about insurance and include it in your budgeting plans. Insurance is mandatory if you drive a car, or need a mortgage to buy a home. Insurance brings you peace of mind and coverage from events/disasters that could otherwise destroy your financial future. Not having insurance is a huge risk that you don’t want to take.

3. Plan & ReviewSet 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 don’t have insurance because you don’t own a home or just started driving, IBC can help with that too. Their website has information for first time drivers and homeowners.

Disclosure: Although this post has been generously been sponsored by IBC, the opinions and language are all my own, and in no way do they reflect Insurance Bureau of Canada.

 

Comments

  1. This is great information, and it's so important for people to consider their options before choosing. The Insurance Literacy Quiz is a great idea, especially for those that aren't sure about what they know. The important thing to remember is to research and plan ahead 🙂

  2. I got 8/12 correct, I guess that means I need to work on increasing my insurance literacy even further!
    My recent post Financial Literacy Month #SaveNProtect

  3. kerriemendoza says

    I only got 8/12 too – I was sure that colour affected car insurance!
    My recent post What’s Best for My Boys’ Now? Choosing the Right Education

  4. Pearlene says

    Not all car insurance companies are allowed to file the form,
    so it would be necessary to get in touch with your state DMV (Department of Motor Vehicles) to get a list.
    You can create gaps in coverage easily by moving from one insurance carrier
    or policy to another one. re relieved to know the
    value your asset is protected, but on the other
    hand you.

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