Consumers still have opportunities to save money on their car insurance
TORONTO, Feb. 6, 2012 – Kanetix® (www.kanetix.ca), an online quote comparison website for insurance and financial products, announces their quarterly auto insurance rate study results for Q4 2011 for Ontario, Quebec and Alberta:
- Ontario car insurance rates rose 2.9 per cent. Although rates increased, the results from the last several quarters show that rate increases are tapering off; a positive trend. In Q3 the result was 4.7 per cent; in Q2 it was 6.4 per cent, and in Q1 it was 6.7 per cent.
- Quebec car insurance decreased 2.6 per cent.
- Alberta car insurance increased 3.1 per cent.
The Kanetix.ca rate study further revealed that many consumers are missing opportunities for savings by not opting for such discounts as:
Multi-line discount-In Ontario, Quebec and Alberta, the majority of shoppers chose not to take advantage of the multi-line discount, which bundles policies from one provider: 55 per cent, 68 per cent, and 63 per cent respectively. For many insurance companies, this discount ranges between five and 10 per cent.
Roadside assistance discount-In Ontario, Quebec and Alberta, more than half of the shoppers indicated they do not belong to a roadside assistance program; thereby missing out on a discount that could help them save up to 15 per cent.
Winter tire discount-In Ontario and Alberta, some insurers offer a discount for driving with winter tires which can save up to 5 per cent; however, in both provinces 20 per cent of drivers indicated they do not change their tires seasonally.
“Consumers can ease the strain on their wallets by reviewing their existing car insurance policy to see if there are discounts they are not yet benefitting from. Savings can also be found by shopping around; drivers should revisit their policy and comparison shop not only upon renewal, but when they experience life changes, such as retirement,” says Janine White, Director, Marketplace, Kanetix.ca.
In addition to retirement, drivers should examine their policy and shop around whenever they:
- Get married
- Purchase a new vehicle
- Add new drivers to their coverage
Depending on the insurer, motorists can also save on their car insurance by paying for their premium in full instead of opting for a monthly plan. Many insurance companies charge an administrative fee for monthly plans.
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 and today provides over a million quotes per year to consumers looking for insurance, as well as comparisons for mortgage rates and credit cards.
The Kanetix comparison service is a one-stop shopping environment for consumers. Each day, thousands visit the Kanetix website at www.kanetix.ca to comparison shop their various financial needs. Shoppers choose what they want to compare, 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.
Through its Software as a Service team, Kanetix is also the leading provider of online insurance quotation technology, developing online quotation systems, mobile solutions, actuarial tools and websites for many of Canada’s largest insurance brands.