September 14, 2017 by Canadian Underwriter
The Insurance Bureau of Canada (IBC) has launched ‘Know Your Policy,’ an online campaign designed to promote insurance literacy among Canadian consumers.
“A car collision, a home damaged by wind or hail and a business interrupted by vandalism or floods are risks that people face each day,” Sally Turney, vice president of communications with IBC, said in a press release on Wednesday. “After a loss happens, everyday life can change in many different ways. Now is the time to know your policy and better protect yourself.”
In a series of online tips and videos across Facebook, YouTube, Twitter and Instagram, IBC will educate consumers on the importance of insurance, how to start a claim, how to buy insurance and where they can go with insurance-related questions. This campaign will also help make sense of coverage limits, deductibles, and other complex policy items that all consumers should be familiar with, the release said.
“As consumers, we often invest a significant amount of time researching purchases for household or personal items than we do researching our insurance products,” Turney suggested. “For those who have insurance, this campaign is designed to help consumers better understand why they should know what their policy covers. If you don’t have insurance for your car, home or business, now is the time to ask questions and protect your most-valuable assets.”
IBC’s Know Your Policy webpage provides information on how to read an insurance policy, including the four sections that a consumer can expect to see in a policy:
The Know Your Policy webpage also includes information on insurance basics; how to buy insurance; buying tips; a policy checklist; public versus private auto insurance; critters; and financial literacy.
Consumers should contact their insurance representatives to review existing policies, or to start new ones, IBC advised in the release. Consumers should also talk to their insurers about any questions they might have and to make sure they are properly covered. In addition, they can also contact IBC’s consumer information centres across Canada by calling 1-844-2ASK-IBC.