Quarterly Rate Study examines car insurance trends every quarter for Quebec, Alberta and Ontario
Toronto, ON (July 28, 2014) – Kanetix.ca announces its 2014 second quarter results for Quebec, Alberta and Ontario as the following:
- Car insurance rates dropped 11.3 per cent in Quebec;
- Albertans receive a break on their auto insurance policies with a decrease of 9.8 per cent;
- Insurance premiums dropped 0.9 per cent for Ontarians – the second decrease in two quarters.
Consumers in Quebec have reason to celebrate as car insurance premiums appear to have dropped 11.3 per cent in Q2 according to Kanetix.ca data. More Quebeckers are taking advantage of discounts to lower their car insurance. Forty per cent of Quebecers receiving insurance rates on Kanetix.ca took advantage of the roadside assistance discount that would help to lower car insurance premiums.
The Kanetix.ca Rate Study also found that the majority of drivers using the Kanetix.ca rate comparison service to find a better rate were motorists who were 45 years and older.
Like consumers in Quebec, drivers in Alberta are finding more discount advantages. Of the motorists shopping around for car insurance rates at Kanetix.ca, 88 per cent took advantage of the winter tire discount and drivers who are 25 to 34 years of age, as well as 45 years and older, are using Kanetix.ca to find the best rate for their driving history. The more experience a driver in addition to minimal claims and tickets, the lower their auto insurance will be.
Unfortunately, Ontarians are still not embracing the types of discounts available to them. For instance, 86 per cent of drivers did not take advantage of bundling their home and auto insurance with the same insurer. In some cases this is an additional savings of up to 10 per cent. Seventy-two per cent of drivers did not opt for the group discount – a discount many qualify for especially if they belong to an alumni or professional association. Lastly 65 per cent of motorists did not take advantage of the roadside assistance discount available to them.
For drivers who are trying to find ways to lower their car insurance premiums, these tips:
- Shop around to find the best insurance for your lifestyle;
- Review your insurance policy with your insurance agent or broker to ensure you are getting all of the discounts you qualify for;
- Increase the deductibles on your vehicle however keep the deductibles affordable in the event of an at fault claim;
- Modify your insurance when you experience life changes such as turning 25, marriage or retirement.
About the quarterly review
Kanetix’s quarterly review of car 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.
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.