Kanetix's quarterly, year-over-year review of car insurance trends sees drop in rates.
TORONTO, Oct. 17, 2012 /CNW/ - Kanetix® (www.kanetix.ca) announced today the results of its quarterly review of car insurance rates in Ontario, Alberta and Quebec. After comparing the rates in Q3 2012 to those in Q3 2011, Kanetix observed a:
- 5.3 per cent decrease in Ontario car insurance rates,
- 5.8 per cent decrease in Alberta car insurance rates, and a
- stable 0.1 per cent increase in Quebec.
Ontario car insurance trends continue to be favourable for consumers as this is the third quarter in a row where Ontario car insurance rates decreased; in Q2 2012 rates were 6.2 per cent lower than in Q2 2011, and in Q1 they were 3.6 per cent lower.
Janine White, VP of Kanetix.ca's Marketplace encourages insurance consumers to make the most of the money-saving options available to them: "When rates go up, consumers shop around to minimize how much they pay—they are highly motivated when they see their premiums increase. However, when rates are trending down the opportunity to maximize savings is often overlooked which can be a costly oversight."
Insurance rates do not uniformly change across all insurers for all drivers at the same time; the company with the lowest rate last year may not be the company with the lowest rate today.
It is because of this variability—the ebb and flow of pricing across insurers for different drivers—that Kanetix encourages, and helps, drivers to be diligent. This is accomplished by not only providing car insurance shoppers with real time, accurate car insurance rates from many of Canada's best known insurers, but also through free online subscription services that help consumers stay abreast of their choices in a timely manner.
- Auto Insurance Rate E-lert: Notifies subscribers when a lower rate is available based on the details they entered while getting a quote.
- Auto Insurance Renewal Reminder: Subscribers are sent a reminder in advance of their policy's expiry giving them plenty of time to shop around for the best rates and coverage.
"Whether rates are trending up or down, drivers should regularly compare what they are paying for their coverage to what's available," continued Ms. White. "The more information and choice a consumer has at their disposal, the better; they'll know there are options available and can make a decision with confidence which often results in substantial savings."
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 marketplace and today provides over a million quotes per year to consumers looking for insurance, 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.
For further information:
visit Kanetix.ca or contact:
416.599.9779 ext. 343