Good news for Ontario car insurance consumers as rates decrease again
Kanetix.ca's quarterly, year-over-year review of car insurance trends sees drop in rates.
TORONTO, ONTARIO, July 12, 2012 - Kanetix® (www.kanetix.ca) announced today the results of its quarterly review of car insurance rates in Ontario, Alberta and Quebec. For the second quarter in a row, Ontario car insurance rates quoted to shoppers decreased; in Q2 2012 rates were 6.2 per cent lower than in Q2 2011, and in Q1 2012, they were 3.6 per cent lower than Q1 2011.
Alberta car insurance rates decreased 4.1 per cent and in Quebec rates increased 6.9 per cent. The increase in Quebec is largely influenced by collision and comprehensive coverage options; significantly more shoppers this year included these two optional coverages in their rates compared to last year.
Have your rates gone down?
Janine White, VP of Kanetix.ca's Marketplace urges insurance consumers to shop around: "Consumers tend to comparison shop when their rates go up, but are less inclined to do so when their rates decrease. However, when rates are trending down there's a great opportunity to save money because rates do not uniformly change across all insurers at the same time; the company with the lowest rate at one time may not be the company with the lowest rate today."
"Consumers should take a look at what they're paying and ensure they have the best policy for the best price," continued Ms. White. "The more quotes a driver gets, the more choices they'll have, which can result in substantial savings."
20,000 drivers could save on their car insurance today
Kanetix's free Insurance Rate E-lert service notifies shoppers when a lower rate is available. Based on the results of this opt-in offering, Kanetix estimates that nearly 20,000 drivers who comparison shopped their auto insurance needs in the first three months of 2012 would today find a lower car insurance rate.
"Comparison shopping empowers consumers because it gives them options," said Ms. White. "Kanetix has provided millions of consumers with online insurance quotes for over 12 years and consumers can rely on Kanetix.ca's car insurance comparison service to provide them with real choices and accurate rates from many of Canada's best insurers."
About the quarterly review
Kanetix's quarterly review of car insurance rates is intended as a tool to spot and highlight car insurance pricing trends. Kanetix believes this to be an accurate reflection of what consumers are seeing when they get their renewal notice, and what they see when they shop around. The study includes all shoppers who, regardless of their driving or insurance history, found a quote and took the next step to purchase. An average is taken, from these quotes, 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 and today provides over a million quotes per year to consumers looking for insurance, as well as comparisons for mortgage rates and credit cards.
The Kanetix comparison service is a one-stop shopping environment for consumers. Each day, thousands visit the Kanetix website at www.kanetix.ca to comparison shop their various financial needs. Shoppers choose what they want to compare, 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 the phone.
Through its Software as a Service team, Kanetix is also the leading provider of online insurance quotation technology, developing online quotation systems, mobile solutions, actuarial tools and websites for many of Canada's largest insurance brands.
For more information, visit Kanetix.ca or contact:
416.599.9779 ext. 343