TORONTO, Aug. 5 /CNW/ - 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 a 3.5 per cent increase in the average of the lowest
premiums quoted for auto insurance in Q2 2008 compared to the same in Q2 2007.
Unlike previous kanetix studies, where increases were sometimes
attributed, in part, as a result of consumers shopping for insurance for newer
vehicles, this quarter's increase simply appears to be a result of the
implementation of rate changes. For Q2 2008, no unique or unusual shopping
trends were identified that could address why insurance rates quoted might
otherwise have risen.
"Drivers need to be prepared, for what we think they're likely to see
when they get their next renewal notice from their insurer; and that is
they'll see their premiums go up," explains George Small, Co-founder of
Kanetix Ltd., "because this is the fourth consecutive quarter that our
findings have shown an increase in rates quoted, year-over-year."
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.
"During times of rising auto insurance rates," says Mr. Small, "auto
insurance consumers should not only watch their renewal notices closely, but
they should also know that they have options; just because your insurer raised
your rate doesn't mean that a better rate isn't available elsewhere. In fact,
it is during these times when shopping around for your auto insurance is most
important, and when you have the best chance for significant savings because
no two insurance companies price their products exactly the same."
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, no matter their
driving or insurance history, and includes the lowest rate quoted, no matter
which company provided it (direct writers 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
www.kanetix.ca/auto-insurance in Q2 2008 - April, May, June - with the average
from the same period in 2007.
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, firstname.lastname@example.org