For the fourth quarter in a row, auto insurance rates quoted increase
TORONTO, August 5th, 2008 - 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 Ontario 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 Ontario car 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 Ontario 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 more information, please contact:
(416) 599-9779 ext. 202
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