Kanetix.Ca study shows how drivers are to save money on thei

 

Thursday, Apr 09,2009, 9:35:08 AM   Click:

Canada Newswire
Published: Tuesday, 07 April 2009
TORONTO, April 8 / CNW / - Today, Kanetix (R) (www.kanetix.ca), Canada is online insurance market prices and mortgage rates, has published the results of its quarterly study of auto insurance. The study, which aims to identify and highlight the price trends of price of automobile insurance in Ontario, found a decrease of 1.9 per cent to the average of the lowest auto insurance rates in Q1 2009 from Q1 2008.

If the trend over the last year is any indication, the insurance companies in Ontario are increasing their rates. However, for the second quarter in a row, a decrease of the average of the lowest rates was noted through the comparison service Kanetix quote. Although the results of the study seems at odds with industry trends, further analysis reveals interesting details on the drivers through the price comparison Kanetix.

Kanetix study notes that the percentage of vehicles that were 6 years or older has increased by almost 3 percent in Q1 2009. Perhaps not significant in itself, but this growth was mainly dependent on new models, which have declined more than 3 percent. As the age of the cars, drivers start to drop optional benefits such as comprehensive and collision resulting in lower premiums. Sales of new cars have been declining for a number of months that consumers have on their cars longer. This behavior is now reflected in the auto insurance quotes obtained through Kanetix.

The introduction of the delivery of winter tires also had an impact. During the first quarter of 2009, over 61 percent of drivers in Ontario have indicated they have changed their seasonal tires, making them eligible for this discount. This reduction was not available in Q1 2008, and its introduction has led to many drivers in Ontario to obtain a lower rate of automobile insurance.

"Now more than ever, people are looking for ways to save money," said George Small, co-founder of Kanetix Ltd. in Canada, drivers are using Kanetix.ca as a tool to help to achieve this goal. With a quick visit, drivers can easily compare competing insurers' prices to see if there is a less expensive option for the coverage they need. "

"Rates change constantly during the year," says Petit. "Price comparison is the only way to know that you are not in excess of your coverage and to ensure that you are not lacking on new initiatives or off."

As auto insurance online shopping service that provides real-time quotes from the top of Canada, Kanetix can draw attention to the options available to Canadian drivers when it ' acts of insurance. The evolution of insurance rates and often vary among insurers, so comparing the price of auto insurance is an easy way to see if there are opportunities for savings.

About the study

Designed as a tool to identify and highlight the pricing trends of car insurance, the Kanetix study is published quarterly. Kanetix believes that the study is an accurate reflection of what auto insurance consumers see when they get their renewal notice from their insurer, as the price they see when they go around the cover. The study includes all drivers, regardless of their driving or insurance, and is based on the lowest rate quoted, no matter what the company provided (eg direct writing companies or broker-based insurance).

The results of the study are determined by comparing the average lowest auto insurance premium in line for Ontario, cited by Kanetix buyers in Q1 2009 (ie January, February and March) to the average for the same period in 2008. The findings, interpretations, and result are based on the profile information entered by the buyer and May not represent their accurate driving profile vehicles or data. As such, Kanetix can make no representations or warranties, express or implied, as to the accuracy of this information.

About Kanetix

Launched in October 1999, Kanetix is the leading national, online insurance and mortgage market. Kanetix the mortgage insurance and procurement of services includes insurance companies and mortgage providers in a unique environment for consumers looking to save money. Every day, thousands of consumers visit the website at Kanetix www.kanetix.ca to compare prices of mortgage insurance and a variety of Canadian insurance and mortgage providers. Users select the product of their choice, get a quote and apply online or with the help of Kanetix connect with the insurance provider or mortgage and buy the product by phone.

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