Consumers can take advantage of more discounts than they do today
TORONTO, July 5, 2011 – Online insurance quote comparison service, Kanetix® (www.kanetix.ca), announces their quarterly year-over-year auto insurance rate study results for Q2 2011 for Ontario, Quebec and Alberta:
- Ontario auto insurance rates increased 6.4 per cent in Q2 2011, compared to Q2 2010. Rates have been stabilizing since last year’s auto insurance reforms with Q4 2010 and Q1 2011 indicating a 9.5 per cent and 6.7 per cent increase respectively. The year-over-year difference in rate increases is dropping.
- Drivers in Quebec and Alberta were able to take advantage of rates that were relatively stable in Q2. Modest increases were observed in both provinces; 0.2 per cent in Quebec and 1.4 per cent in Alberta.
When consumers are feeling strapped for cash because of rising gas prices and insurance rates, they may be able to relieve some of the strain on their wallets by reviewing their auto insurance policy.
“Although rates are higher compared to last year, consumers can still find ways to lower their auto insurance premiums if they ensure they are taking advantage of available discounts and take the time to understand other cost-saving options that are available. At Kanetix, we feel that consumers can take advantage of more discounts than they do today – discounts which could help reduce their rates,” says George Small, Co-founder, Kanetix Ltd.
The Kanetix rate study revealed more than 50 per cent of consumers in Ontario did not take advantage of the multi-line discount that is available to them. For most insurance companies, this discount can range from 5 to 15 per cent. It was also noted that more than 50 per cent did not opt in to the Roadside Assistance discount, and approximately 20 per cent did not take advantage of the winter tire discount that many insurance companies offer.
The study also determined that more customers could save money on their premium by opting for a higher deductible. Policyholders who switch from a $500 deductible to a $1000 deductible could save between 5 and 10 per cent. Nevertheless, drivers should choose an affordable deductible in the event of a claim.
“Kanetix has provided millions of consumers with accurate online insurance quotes for 12 years. It’s important for consumers to know that they can rely on Kanetix.ca to provide them with extensive insurance information, money-saving options, and most importantly, real choices and accurate rates from Canada’s best insurers,” says Small.
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.