Ontario auto insurance rates decrease for second consecutive quarter

Jul 13, 2012 – Drivers in Ontario may be seeing a break in their auto insurance, according to a quarterly review of auto insurance rates by online quote provider Kanetix.

Kanetix data found that, for the second quarter in a row, rates quoted to Ontario drivers decreased. In the second quarter of 2012, rates were 6.2 percent lower than in the same quarter of 2011 and in the first quarter of 2012, they were 3.6 percent lower than in the first quarter of 2011.

Rates in Alberta also fell, said Kanetix, with rates quoted to Alberta drivers decreasing 4.1 percent. In Quebec, Kanetix saw an increase of 6.9 percent, largely influences by collision and comprehensive coverage options. Kanetix said that significantly more shoppers this year included these two optional coverages in their rates compared to last year.

Janine White, VP of Kanetix.ca’s Marketplace urges insurance consumers to shop around: “Consumers tend to comparison shop when their rates go up, but are less inclined to do so when their rates decrease. However, when rates are trending down there’s a great opportunity to save money because rates do not uniformly change across all insurers at the same time; the company with the lowest rate at one time may not be the company with the lowest rate today.”

“Consumers should take a look at what they’re paying and ensure they have the best policy for the best price,” continued Ms. White. “The more quotes a driver gets, the more choices they’ll have, which can result in substantial savings.”

About Kanetix

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