Auto insurance rates decrease for first time in over a year thanks to discounts
TORONTO, January 13th, 2009 - Today, Kanetix® (www.kanetix.ca), Canada's shopping marketplace for insurance quotes and mortgage rates, released the results of its auto insurance premium study. The study, designed to spot and highlight the pricing trends of car insurance in Ontario, identified a 2 per cent decrease in the average lowest rates quoted for auto insurance in Q4 2008 compared to Q4 2007.
While the past five quarterly rate studies showed a trend of increasing car insurance costs, for the first time in over a year a decrease was noted. The average decrease of about $50 is not likely due to insurance companies lowering their insurance rates. Instead, we believe it is due to thousands of consumers opting to take advantage of additional discounts such as the winter tire discount.
"We are very pleased that consumers are using Kanetix.ca to learn about discounts that save them money"," advises George Small, Co-founder of Kanetix Ltd. "While some discounts such as the multi-line and anti-theft are well-known, there are others that are less common such as the snow tire discount that could help consumers obtain a lower car insurance rate."
"It is by bringing attention to these opportunities for savings," continues Mr. Small, "where a visit to Kanetix.ca to shop for insurance can really benefit shoppers and help them save money."
As an online auto insurance shopping service that provides real-time quotes from a variety of well-known competing insurers, Kanetix is in a unique position to empower Ontario car insurance consumers with the tools needed to not only compare insurance quotes to find the best rate for the car insurance coverage they need but also to highlight additional opportunities to save, like including some of the lesser known discounts into the online quotes they get from the competing insurance companies.
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, regardless of their driving or insurance history, and includes the lowest rate quoted, no matter which company provided it (e.g. direct writing companies 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 Kanetix completed in Q4 2008 (i.e. October, November, and December) with the average from the same period in 2007. The results, and resulting interpretations, are based on the profile information as it is 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 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. Kanetix visitors can select the insurance quote of their choice and where available, choose to complete the application for coverage online or purchase their policy over the phone.
In addition to the insurance marketplace, Kanetix is a 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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