Kanetix's revised quarterly, year-over-year, review now looks at the
auto insurance rates consumers are acting on in their search for
TORONTO, Jan. 12 /CNW/ - Kanetix® (www.kanetix.ca) has tuned up its quarterly auto insurance rate review and has today
released the results. Personal auto insurance was 9.5 per cent higher
in Ontario in Q4 2010 while 4.9 per cent and 0.4 per cent lower in
Quebec and Alberta respectively as compared to Q4 2009.
Ontario auto insurance was on average 9.5 per cent higher in Q4 2010 as
compared to Q4 2009. Reforms came into effect in the previous quarter
which saw many insurers decrease rates. However, due to increases
implemented prior to the reforms, auto insurance consumers could still
see rates higher than what they were paying last year when they get
Quebec auto insurance decreased 4.9 per cent in Q4 2010 as compared to
Q4 2009. Quebec drivers increasingly used Kanetix to explore money-saving options which appears to be the reason behind
the decrease. For example, more drivers took advantage of discounts
this year; 3.5 per cent more indicated they participated in a roadside
assistance program. As well, more drivers chose to opt out of optional
coverages like collision and comprehensive.
Alberta auto insurance decreased 0.4 per cent in Q4 2010 as compared to
Q4 2009. This result is consistent with the industry-wide reduction of
premiums implemented on November 1, 2010. The review further observed
an increase in younger drivers with limited driving experience visiting
Kanetix to shop around. A 5 per cent growth in drivers under the age of 25 and
a 6 per cent growth in drivers licensed less than 5 years shows that
online comparison shopping is a convenient and easy way to find
competitively priced Alberta auto insurance, no matter what the age or
"Comparison shopping empowers consumers," suggested George Small,
Co-founder of Kanetix Ltd. "It gives auto insurance consumers options.
The more quotes a driver gets, the more choices they'll have, which
when compared to what they would have paid without shopping around, can
often result in substantial savings."
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.
In the past, the rate review looked at the lowest quotes delivered to
all shoppers. The new fine-tuned version however, considers only those
quotes where shoppers requested that Kanetix introduce them to the insurance provider. 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 are determined by taking an average of all the quotes which
were acted upon by shoppers in Q4 2010 and comparing that to the
average from the same period in 2009. Only the quote of the provider
who the shoppers connected to via Kanetix.ca were considered. All 'introductions' were included, regardless of their
driving or insurance history, and 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. 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:
visit Kanetix.ca or contact: