Although rates are trending higher, consumers have options and can save
TORONTO, April 8 /CNW/ - Kanetix® (www.kanetix.ca) announced today the Ontario, Quebec and Alberta results of its
quarterly year-over-year review of auto insurance rates and trends for
Q1 2011 compared to Q1 2010:
Ontario auto insurance was 6.7 per cent higher. Following the 9.5 per
cent increase in Q4 2010, this result suggests that last year's reforms
are stabilizing prices as intended.
Quebec saw a 1.8 per cent increase. Growth in multiple driver and
multiple vehicle policies sought by auto insurance shoppers are two
driving factors behind the increase, rising by 3.6 per cent and 2.4 per
Alberta rates increased 0.4 per cent. Although relatively stable, the
percentage of auto insurance consumers with less than 5 years driving
experience grew by 7.1 per cent, steering rates slightly higher.
When rates are rising, shopping for insurance is more important than
ever. As an online auto insurance quote comparison service that
provides real-time quotes from many well-known competing insurers, Kanetix is in a unique position to empower car insurance consumers with
"It's important for all auto insurance consumers to know they have
options," said George Small, Co-founder of Kanetix Ltd. "No two
companies are the same and the company with the lowest rate when the
policy was first purchased, may not be the company with the lowest rate
Mr. Small continued, "The more quotes a driver gets, the more choices
they'll have; that's how Kanetix.ca could help auto insurance consumers realize substantial savings, by
helping them comparison shop."
When shopping for auto insurance, Kanetix.ca offers the following money-saving tips:
Policyholders should explore discounts; for each discount they are
eligible to receive they can typically save anywhere from 5 to 15 per
cent per discount. This can really add up too. If a policyholder
changes their tires seasonally, are willing to bundle their home and
auto policies or have roadside assistance, they may qualify for
discounts that cumulatively can really help them lower their auto
Modify the policy's deductibles to see how this affects their rate.
Policies with deductibles set to $500 could save up to 5 per cent by
raising them to $1,000. Keep the deductibles affordable though because
this is how much the policyholder could have to cover.
About the quarterly review
Kanetix's quarterly review of auto insurance is intended as a tool to spot and
highlight the pricing trends of car insurance. Kanetix is of the opinion that this is 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).
These drivers are doing more than just kicking the tires, they are in
the market for auto insurance at the time they are comparison shopping.
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 marketplace. The Kanetix marketplace has since grown to encompass mortgage rate and credit card
comparisons as well, making it Canada's online insurance, mortgage and
credit card comparison service.
The Kanetix comparison shopping service brings together insurance, mortgage and
credit card providers in a one-stop shopping environment for consumers
looking to save money. Each day, thousands of consumers visit the Kanetix website at www.kanetix.ca to compare insurance quotes, mortgage rates and credit cards from a
variety of Canadian financial product suppliers. Users select the
product of their choice, 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
For further information:
For more money-saving tips, visit Kanetix.ca or contact: