Kanetix’s quarterly, year-over-year review of car insurance trends finds first decrease in Ontario prices in more than a year
TORONTO, April 16, 2012 – Kanetix® (www.kanetix.ca) announced today the results of its quarterly review of car insurance rates in Ontario, Quebec and Alberta. The study showed that all three provinces saw a decrease in auto insurance rates compared to Q1 2011. Ontario saw the largest change with a 3.6 per cent decrease in rates, followed by Quebec (1.6 per cent), and Alberta (1.3 per cent).
The study also shows that a growing number of customers in Ontario, Quebec, and Alberta are taking advantage of discounts, which could help them find a lower rate.
- Winter tire discount: 6 per cent growth in those who indicated they changed their tires seasonally
- Multi-line discount: 20 per cent growth in shoppers who indicated a willingness to bundle their auto and home insurance
- Roadside assistance discount: 16 per cent growth in motorists who indicated they’re a member of a roadside assistance program
- Multi-line discount: 7 per cent growth
- Winter tire discount: 13 per cent growth
- Multi-line discount: 9 per cent growth
In addition to opting for discounts, motorists can save even more on their car insurance if they:
- Opt for a higher deductible. Consumers can save money by switching from a $500 deductible to a $1000 deductible; between 5 and 10 per cent. In the event of a claim, consumers should still ensure they have chosen an affordable deductible.
- Pay the annual premium all at once, if available, instead of monthly. Many companies charge a little extra to cover the cost of administering payments every month.
“A number of factors influence auto insurance rates, and the company that once offered the best rate may no longer be the most competitive,” said Janine White, Director, Marketplace at Kanetix.ca. “With rates trending lower, there is no better time for consumers to shop around and compare car insurance premiums.”
The numbers alone show that Ontarians, Quebecers, and Albertans are reaping the benefits of comparison shopping at Kanetix.ca. Helping Canadian motorists get a better rate on their auto insurance for over 12 years now, Kanetix’s free online car insurance comparison service features quotes from many of the country’s top car insurance providers
About the quarterly review
Kanetix’s quarterly review of auto insurance rates is intended as a tool to spot and highlight the pricing trends of car insurance. Kanetix believes this to be 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.