TORONTO, April 8 2011 – Kanetix® (www.kanetix.ca) announced today the Ontario, Quebec and Alberta results of its quarterly year-over-year review of auto insurance rates and trends for Q1 2011 compared to Q1 2010:
- Ontario auto insurance was 6.7 per cent higher. Following the 9.5 per cent increase in Q4 2010, this result suggests that last year’s reforms are stabilizing prices as intended.
- Quebec saw a 1.8 per cent increase. Growth in multiple driver and multiple vehicle policies sought by auto insurance shoppers are two driving factors behind the increase, rising by 3.6 per cent and 2.4 per cent respectively.
- Alberta rates increased 0.4 per cent. Although relatively stable, the percentage of auto insurance consumers with less than 5 years driving experience grew by 7.1 per cent, steering rates slightly higher.
When rates are rising, shopping for insurance is more important than ever. As an online auto insurance quote comparison service that provides real-time quotes from many well-known competing insurers, Kanetix is in a unique position to empower car insurance consumers with choices.
“It’s important for all auto insurance consumers to know they have options,” said George Small, Co-founder of Kanetix Ltd. “No two companies are the same and the company with the lowest rate when the policy was first purchased, may not be the company with the lowest rate now.”
Mr. Small continued, “The more quotes a driver gets, the more choices they’ll have; that’s how Kanetix.ca could help auto insurance consumers realize substantial savings, by helping them comparison shop.”
When shopping for auto insurance, Kanetix.ca offers the following money-saving tips:
- Policyholders should explore discounts; for each discount they are eligible to receive they can typically save anywhere from 5 to 15 per cent per discount. This can really add up too. If a policyholder changes their tires seasonally, are willing to bundle their home and auto policies or have roadside assistance, they may qualify for discounts that cumulatively can really help them lower their auto insurance rates.
- Modify the policy’s deductibles to see how this affects their rate. Policies with deductibles set to $500 could save up to 5 per cent by raising them to $1,000. Keep the deductibles affordable though because this is how much the policyholder could have to cover.
About the quarterly review
Kanetix’s quarterly review of auto insurance is intended as a tool to spot and highlight the pricing trends of car insurance. Kanetix is of the opinion that this is an accurate reflection of what consumers are seeing when they get their renewal notice, and what they see when they shop around. The study includes all shoppers who, regardless of their driving or insurance history, found a quote and took the next step to purchase. An average is taken, from these quotes, no matter which company provided the quoted rate (e.g. direct writing companies or broker-based insurers).
These drivers are doing more than just kicking the tires, they are in the market for auto insurance at the time they are comparison shopping.
The results, and interpretations, are based on the information as entered by the shopper and may not represent their accurate driving profile or vehicle data. As such, Kanetix can make no representation or warranty, either expressed or implied, as to the accuracy of this information.
Launched in October 1999, Kanetix was Canada’s first online insurance marketplace. The Kanetix marketplace has since grown to encompass mortgage rate and credit card comparisons as well, making it Canada’s online insurance, mortgage and credit card comparison service.
The Kanetix comparison shopping service brings together insurance, mortgage and credit card providers in a one-stop shopping environment for consumers looking to save money. Each day, thousands of consumers visit the Kanetix website at www.kanetix.ca to compare insurance quotes, mortgage rates and credit cards from a variety of Canadian financial product suppliers. Users select the product of their choice, obtain a quotation and complete an online application or, with the help of Kanetix, connect with the provider to purchase or apply for the product over the phone. www.kanetix.ca