Kanetix.ca: falling auto insurance rates favour Alberta and Ontario drivers

Kanetix’s quarterly, year-over-year review of car insurance trends suggests comparison shopping and discounts help drivers to keep premiums in check.

Toronto, ON (Jan. 23, 2013) – Kanetix announced today the results of its quarterly review of car insurance rates in Ontario, Alberta and Quebec. Comparing the results of Q4 2012 to those of the 2011, the Kanetix study found a 3.3% decrease in Ontario, a 8.1% decrease in Alberta, and a 6.8% increase in Quebec.

The results in Q4 were favourable for shoppers in Ontario and Alberta, showing another quarter of decreased rates year-over-year. This marks the fourth consecutive quarter—for both provinces—that rates were lower than the year previous. While a number of factors contribute to a decrease in rates, Kanetix’s results find that more drivers taking advantage of winter tire discounts, roadside assistance discounts, group discounts, as well as online comparison services. Quebec saw an increase in quoted rates, which could suggest drivers might not be aware of discounts they are eligible for.

“The importance of comparison shopping your auto insurance cannot be overstated,” said Janine White, Vice-President of Kanetix.ca. “At Kanetix we seek to both educate drivers on where they can save on auto insurance, and to be the advocate for choice by offering consumers competitively- priced rates from many of Canada’s top providers.”

For drivers who may have seen an increase in their rates, comparison shopping for insurance remains the most reliable way to ensure drivers get the best possible premium. Taking advantage of available discounts such as multi-line and roadside assistance can help lower auto insurance costs; additionally, opting for higher deductibles if feasible, and, if available, paying the annual premium all at once (instead of monthly, as many companies charge extra to cover administering payments each month) will help cut costs on auto insurance.

Drivers are encouraged to compare rates annually, as the company offering the lowest rate last year may not be the lowest rate today. By offering drivers rates from many of Canada’s most recognizable insurance providers, Kanetix.ca’s free, consumer-friendly comparison service, aims to keep consumers in the very best position to save on their auto insurance costs.

About the quarterly review

Kanetix’s quarterly review of automobile insurance rates is intended as a tool to spot and highlight car insurance pricing trends. 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). 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.

About Kanetix

Launched in October 1999, Kanetix was Canada’s first online insurance quotes marketplace and today provides over a million quotes per year to consumers looking for lower insurance rates, 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.

SOURCE: Kanetix