Car insurance rates quoted decline by 0.9%; First time quotes have declined since study inception.
TORONTO, November 4, 2009 - Today, Kanetix® (www.kanetix.ca), Alberta's online marketplace for insurance quotes, released the results of its Alberta quarterly car insurance premium study. The study, designed to spot and highlight the pricing trends of Alberta car insurance quotes, identified a 0.9 per cent decrease in the average of the lowest rates quoted for auto insurance in Q3 2009 compared to Q3 2008.
The decrease is a first since the Alberta auto insurance study's inception. For the last several quarters, the year-over-year comparisons have shown increases in the average of the lowest Alberta car insurance quotes.
"We have noticed more and more people are turning to discounts to save money," observes George Small, Co-Founder of Kanetix.ca. "Take the multi-line discount for example. In Q3 2009, 3% more people chose to incorporate this in their quotes through Kanetix.ca compared to Q3 2008."
When it comes to the price of auto insurance, Albertans are likely expecting to see even lower car insurance rates in the coming year. In July, the Alberta Auto Insurance Rate Board announced that there would be a 5 per cent decrease in the mandatory auto insurance premiums. This decrease will come into effect on November 1st.
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 Alberta auto 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.
About the study
Intended as a tool to spot and highlight the pricing trends of Alberta auto 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 the prices they see when they shop around for coverage. The study includes all drivers, regardless of their driving or insurance history, and is based on the lowest rate quoted.
The results of the study are determined by comparing the average lowest Alberta auto insurance premium quoted online for Alberta shoppers through Kanetix in Q3 2009 (i.e. July, August and September) with the average from the same period in 2008. The results, and resulting interpretations, are based on the profile 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 is Canada's leading national, online insurance and mortgage marketplace. The Kanetix insurance and mortgage shopping service brings together insurance companies and mortgage suppliers 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 and mortgage quotes from a variety of Canadian insurance and mortgage 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 insurance or mortgage supplier and purchase the product over the phone.
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