Auto insurance rates decrease for first time in over a year thanks to discounts



    TORONTO, Jan. 13 /CNW/ - Today, Kanetix(R) (www.kanetix.ca), Canada's
shopping marketplace for insurance quotes and mortgage rates, released the
results of its auto insurance premium study. The study, designed to spot and
highlight the pricing trends of car insurance in Ontario, identified a 2 per
cent decrease in the average lowest rates quoted for auto insurance in Q4 2008
compared to Q4 2007.
    While the past five quarterly rate studies showed a trend of increasing
car insurance costs, for the first time in over a year a decrease was noted.
The average decrease of about $50 is not likely due to insurance companies
lowering their insurance rates. Instead, we believe it is due to thousands of
consumers opting to take advantage of additional discounts such as the winter
tire discount.
    "We are very pleased that consumers are using Kanetix.ca to learn about
discounts that save them money," advises George Small, Co-founder of Kanetix
Ltd. "While some discounts such as the multi-line and anti-theft are
well-known, there are others that are less common such as the snow tire
discount that could help consumers obtain a lower car insurance rate."
    "It is by bringing attention to these opportunities for savings,"
continues Mr. Small, "where a visit to Kanetix.ca to shop for insurance can
really benefit shoppers and help them save money."
    As an online auto insurance shopping service that provides real-time
quotes from a variety of well-known competing insurers, Kanetix is in a unique
position to empower insurance consumers with the tools needed to not only
compare insurance quotes to find the best rate for the car insurance coverage
they need but also to highlight additional opportunities to save, like
including some of the lesser known discounts into the online quotes they get
from the competing insurance companies.

    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 through
Kanetix completed in Q4 2008 (i.e. October, November, and December) 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 the accuracy of this 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.
Kanetix visitors can select the insurance quote of their choice and where
available, choose to complete the application for coverage online or purchase
their policy over the phone.
    In addition to the insurance marketplace, Kanetix is a 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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