TORONTO, April 16, 2008 – kanetix (www.kanetix.ca), Canada’s insurance shopping marketplace, recently released the results of its quarterly auto insurance premium study. The study, designed to spot and highlight the pricing trends of car insurance, identified a 5.5% increase in the average of the lowest premiums quoted for auto insurance in Q1 2008 compared to the same in Q1 2007.
The increase can be attributed to rate increases on the part of insurers, as well as consumers who are shopping for insurance for newer vehicles, compared to the previous year’s first quarter. This may be a reflection of the strong Canadian economy.
“For the third consecutive quarter, the kanetix quarterly rate study has shown an increase, suggesting that even with the slight shift in consumer behaviour, these increases are becoming a trend and are not simply an anomaly,” explains Gregory Ellis, co-founder of Kanetix Ltd. “The industry is in transition; it’s moving from a soft to a harder market where increases in premiums will not be uncommon. It’s during these times when auto insurance consumers should: watch their renewal notices closely; and secondly, know that if they see an increase, they have options because premiums across insurance companies are not the same. In fact, it is safe to say that no two are alike.”
As an online auto insurance shopping service that provides real-time quotes from a variety of well-known competing insurers, kanetix can empower insurance consumers with the tools needed to not only anticipate car insurance trends, but also to compare insurance quotes to find the best rate for the car insurance coverage they need.
About the study
Intended as a tool to spot, and highlight, the pricing trends of car insurance, the kanetix study is released quarterly. kanetix believes this study to be an accurate reflection of what auto insurance consumers are seeing when they get their renewal notice from their current insurer, as well as when they shop around for coverage. The study includes all drivers, no matter their driving or insurance history, and includes the lowest rate quoted, no matter which company provided it (direct writers or broker-based insurers.)
The results of the study are determined by comparing the average of the lowest auto insurance premiums quoted online for Ontario shoppers through www.kanetix.ca/auto-insurance in Q1 2008 — January, February and March — with the average from the same period in 2007.
Launched in October 1999, kanetix is a national online insurance marketplace. The kanetix insurance information and shopping service brings consumers and insurance companies together in a one-stop shopping environment. Each day, thousands of consumers visit the kanetix website to compare insurance quotes from a variety of Canadian insurance companies. kanetix visitors can select the insurance quote of their choice and, where available, choose to complete the application for coverage online or purchase their policy over the phone.
In addition to the insurance marketplace, kanetix is a leading provider of online insurance quotation technology, and develops online quotation systems and websites for some of Canada’s leading insurance providers.