How well do people know their insurance policy


06A recent RSA Canada Automobile Insurance survey using Leger Marketing’s web panel was commissioned by leading car, home and business insurers revealed that most Canadians do not entirely understand their insurance policy.

The said survey which also revealed purchasing habits and general knowledge of auto insurance among Canadians showed that only 15 percent of the surveyed population really knows what their policy is covering and not.

Auto insurance fine prints are important statement that has to be read moreover understood by consumers. There are several issues in auto insurance policies that consumers need to be fully aware of. With this Canadian drivers need to pull some extra efforts to hone their knowledge about their own insurance policies.

According to the Vice President of Claims and Corporate Services at RSA it is highly important for drivers to understand what they are insured for. This way they can make certain that their auto insurance policy covers and fits their needs. 

There are many ways on how people can widen their horizon of understanding auto insurance policies. One of these ways is through researching by your own. Reliable information can be found in the internet which is the fastest way to get information. Another is through their insurance brokers. By consulting insurance brokers, consumers can be guided about how much coverage to avail and what kind of coverage to get. In addition to this brokers can also guide consumers about the proper ways on how they can reduce the price they are to pay for their auto insurance policies.

Understanding insurance policy is one way to protect consumers’ investments. Insurance is one major way that can help people bring their life back to normal after any unfortunate incident on the road thus consumers need to take time to understand auto insurance policies. With the survey results everyone not just Canadian drivers must start filling in the gaps of their knowledge about their auto insurance coverage.

To help people get to know their insurance better RSA shares some of the basic knowledge drivers should know about auto insurance policies. First increasing deductibles can help reduce consumers’ insurance premiums. Deductibles are the amount consumers pay for a covered loss. Second if your annual mileage is low you may be given lower premium rates since the lesser you drive the lesser is the chance for you to get involved in accidents. Third insuring more than one vehicle in the same insurance company can earn consumers some discounts.