Canadians say insurance should be taught in school

Wednesday, November 13, 2013

classroom environmentThough home and car insurance isn't something kids will experience until they grow older, the overwhelming majority of Canadians feel that this information ought to be introduced into children's scholastic curriculum, new polling data reveals.

The survey, which was conducted by Pollara on behalf of the Insurance Bureau of Canada, found that close to 90 percent of Canadian adults believe that car and home insurance should be taught in the classroom.

Bill Adams, vice president of the Western and Pacific divisions of IBC, indicated that it's not altogether surprising so many Alberta residents think insurance ought to take on a more substantial role in what kids learn about at school, given what they've experienced in recent months.

"Mother nature has been particularly tough on Alberta this year and many Albertans found they did not have appropriate insurance coverage," said Adams.

He added that Financial Literacy Month, which is the entire month of November, is the ideal time in which parents can learn more about insurance. The lessons discovered can then be passed on to their kids in a more basic form.

The poll also found that Canadian adults want to know for themselves how insurance fits into their overall financial plan, as slightly more than half indicated as such.

Managing household finances is an issue that just about every homeowners has to concern themselves with, particularly due to the fact that these responsibilities are often shared. In a separate poll, performed by the Chartered Professional Accountants of Canada, approximately 85 percent of respondents said that they and their significant other shared the task of purchasing something substantial, such as a new car or appliance. Additionally, close to 60 percent indicated that their spouse or partner both monitored their household budget.

With this in mind, IBC recommend that policyholders ask some of the following questions of their representative:

  • Should I submit a claim after every loss, no matter how big or small?
  • What specific things does my car and/or home insurance policy provide for?
  • What isn't included in a home insurance policy?
  • What optional coverages are available and are they worthwhile?
  • What impact does age of a house or car have on insurance?

Other questions to ask regarding auto insurance specifically might include how to keep premiums affordable, what impact driving distance has on rates and the type of deductible that's most recommended.