Auto insurance premiums in Ontario increase almost one per cent according to kanetix.ca



    TORONTO, Oct. 15 /CNW/ - Today kanetix (www.kanetix.ca), Canada's
insurance shopping marketplace, released the results of their quarterly auto
insurance premium study. The study, designed to spot and highlight the pricing
trends of car insurance, identified that Ontario, in Q3, saw a minimal
increase in the average of the lowest premium quoted of 0.8 per cent
year-over-year.
    While the increase was less than 1 per cent when compared to the same
period last year, this is the fifth consecutive quarter that rates were found
to be higher suggesting that consumers could see their insurance costs rising.
    It was also noted in Q3 that there was an increase in the number of
drivers aged 25 and younger who were shopping for car insurance as compared to
Q3 2007. This shopping trend may have contributed to the increase as well, as
this group tends to sees higher rates given their relatively fewer years of
driving experience.
    "Consumers should watch their renewals closely and be aware that there
are options if the price of their current policy increases. No two companies
are alike in the rates they offer consumers and the company with the lowest
rate when the policy was first purchased, may not be the company with the
lowest rate now," explains George Small, Co-founder of kanetix.ca, "therefore,
drivers both young and old should make sure to compare quotes at every
renewal."
    As an online auto insurance shopping service that provides real-time
quotes from many well-known competing insurers, kanetix is in a unique
position to empower insurance consumers with the tools needed to not only
anticipate car insurance trends, but also to compare auto insurance quotes to
find the best rate for the car insurance coverage they need.

    About the study

    Intended as a tool to spot and highlight the pricing trends of car
insurance, the kanetix study is released quarterly. kanetix believes this
study to be an accurate reflection of what auto insurance consumers are seeing
when they get their renewal notice from their current insurer, as well as when
they shop around for coverage. The study includes all drivers, regardless of
their driving or insurance history, and includes the lowest rate quoted, no
matter which company provided it (e.g. direct writing companies or
broker-based insurers.)
    The results of the study are determined by comparing the average of the
lowest auto insurance premiums quoted online for Ontario shoppers at
www.kanetix.ca/auto-insurance completed in Q3 2008 (i.e. July, August, and
September) with the average from the same period in 2007. The results, and
resulting interpretations, are based on the profile information as it is
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 accuracy of the information.

    About kanetix

    Launched in October 1999, kanetix is Canada's leading national, online
insurance marketplace. The kanetix insurance information and shopping service
brings consumers and insurance companies together in a one-stop shopping
environment. Each day, thousands of consumers visit the kanetix website to
compare insurance quotes from a variety of Canadian insurance companies.
Visitors can select the insurance quote of their choice and choose to complete
the application for coverage online or purchase their policy over the phone.
    In addition to the insurance marketplace, kanetix is the leading provider
of online insurance quotation technology and develops online quotation systems
and websites for some of Canada's leading insurance providers.




For further information:

For further information: George Small, Co-founder, kanetix, (416)
599-9779 ext. 202, george_small@kanetix.ca


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