DCBS Media Release

January 12, 2004
For More Information:
John Piper, 503-947-7213

Oregonians encouraged to "Get Smart About Insurance" in the new year

Losing weight, getting organized or quitting smoking are common New Year's resolutions. The Oregon Insurance Division suggests that consumers add another resolution to their list: "Getting Smart About Insurance."

Although most Americans feel they have about the right amount of insurance coverage (72 percent), only 33 percent say they understand the details of those policies "very well," according to a recent survey by the National Association of Insurance Commissioners (NAIC).

When it comes to insurance, knowledge is your best policy. That's why the Oregon Insurance Division is encouraging consumers to review their coverage during the third annual Get Smart About Insurance Week, January 19-23.

"Get Smart Week is about making sure your family is properly covered," says Oregon Insurance Administrator Joel Ario. "The Insurance Division is a great resource for insurance-related questions and concerns."

Oregonians may visit the Insurance Division's Web site (oregoninsurance.org) or contact the division toll-free (1-888-877-4894) to request free consumer publications. Also available on the division's Web site is an interactive quiz allowing consumers to test their insurance knowledge.

Survey finds room for improvement

To gauge Americans' understanding and perceptions of their insurance coverage, the NAIC, a voluntary association of state insurance regulators, commissioned a telephone survey of 1,009 adults last year.

The number of people who think they have the right amount of insurance has increased since a year ago (72 percent versus 67 percent, respectively). However, the number of consumers who say they understand the details of their coverage "very well" has remained about the same (33-34 percent).

The youngest adults (ages 18-24) are the least likely to understand insurance details very well (20 percent). Understanding increases with age, as almost half of the participants 65 and older claim they know their insurance details very well (45 percent).

"Young adults especially need to learn more about the nature of insurance coverage, given their limited life experience and pending lifestyle changes as they begin family responsibilities," Ario says.

"Get Smart" tips for consumers

Here are some recommendations from the Oregon Insurance Division:

• Call the Insurance Division (1-888-877-4894) or visit its Web site (oregoninsurance.org) for free tips and up-to-date information before purchasing insurance.
• Schedule a routine check-up with your insurance agent or company at least once a year.
• Inquire about the cost benefits of choosing higher deductibles.
• Ask specifically about discounts for good driving records, good health, good grades, special education, or training.
• Shop around for similar products and services. Not every insurance company charges the same rates.
• Remember an insurance policy is a legal document. Read it carefully.

"The Oregon Insurance Division is a terrific source of unbiased information," Ario says. " No matter what your situation is, we are here to help you get smart about your insurance."