John Colletti discussed the importance of understanding insurance as part of financial literacy when comparing auto insurance companies
Between choosing your insurance company provider, coverage amounts and meeting state requirements, purchasing appropriate coverage for your vehicle is important and possibly even overwhelming. Each driver has unique preferences to consider when choosing the best car insurance provider. Factors such as your vehicle type, ages of the drivers on your policy, availability of insurer discounts and a company’s financial strength and customer service ratings will all be part of the decision-making process.
John Colletti, adjunct assistant professor of finance at North Central College, was quoted on Bankrate.com, where he provided an expert opinion on the best time to introduce children to the concepts of insurance as part of financial literacy.
“As families discuss a child’s registration to driver education class, include a talk explaining monetary considerations and important terms to improve financial literacy [to] help in grasping concepts [of] vehicle ownership,” said Colletti. “Given the significant costs of typical vehicle and home insurance products I recommend instructional driving institutions encompass the relevant terms as part of student driving courses. Additionally, state driver licensing examinations could easily add basic questions to written tests to ensure new drivers understand applicable and relevant terms.”