Ontarians spill the beans about car insurance, revealing three costly misconceptions.

Are you happy with what you pay for your auto insurance? If the answer is yes, then count yourself lucky as only four in 10 people in Ontario are satisfied with the cost of their car insurance according to a recent KANETIX.ca survey.

Happy or not, the survey also revealed three misconceptions Ontarians have, which could lead them to overpay for their auto insurance.

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Misconception: I found a great car insurance rate last year; there's no need to look around again this year.

Almost half of all Ontario respondents (47%) feel that once they've found a good rate on their auto insurance, there is no point in looking at rates again before renewal. Basically, they 'set it and forget it' once they've committed to a policy.

Perhaps more surprisingly, one-third feel there is no point in looking at car insurance rates again even when it is time to renew.

There are huge savings to be had if you shop around.

Let's be honest; no one is going to compare car insurance quotes monthly. But the fact is, auto insurance rates often change. The company who offered you the best rate last year may no longer offer you the lowest rate this year—this has never been truer than it is today. In the last year in Ontario, auto insurance rate changes have been increasingly more commonplace as a result of the provincial government's Auto Insurance Cost and Rate Reduction Strategy. Since the strategy was announced, back in August 2013, rates have dropped on average almost 6 per cent.

What makes car insurance expensive? Part of the answer is not shopping around. If it's renewal time, compare rates. If you're mid-policy, you should still compare rates; given how quickly and frequently car insurance rates having been dropping, the savings could offset the cost of a mid-policy cancellation.

Misconception: My broker finds me the best insurance rate, always.

Over 40 per cent of Ontario drivers believe an insurance broker searches the market to find the best car insurance rate for them.

There are more than 50 companies selling car insurance in Ontario.

There are three ways insurance is sold in Canada - through brokers, agents and direct sellers. Brokers work with several companies, usually 5 or 6, and from this group will try to find you the best deal. Agents work for a particular insurance company and sell this company's policies only. In both of these instances, you'll have a relationship with the individual who then works with the insurer on your behalf. Direct sellers, on the other hand, are the insurance company, and you would interact with them directly.

Only through KANETIX, will you have access to all three ways in which auto insurance is sold, and to 24 of Ontario's top car insurance providers. If you're looking to compare quotes from as many insurers as possible, then KANETIX is your best choice.

Misconception: There's no benefit to shopping online for car insurance.

Only half of all Ontario drivers research auto insurers online before buying; and just four in 10 shop for rates online. Curious isn't it that the number of people who shop online for car insurance rates mirrors those who are satisfied with the cost of their auto insurance? We're just saying...

Shopping around for the best deal, will save you money.

When insurance companies compete, you save. On average, KANETIX.ca customers save $750 on car insurance, $750! If you're not happy with the cost of your auto insurance—and many of us aren't happy—what's stopping you from comparing auto insurance rates?

The choice is yours. Compare rates to see if you could pay less; chances are you'll be happier for it.

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