For the first time since kanetix.ca introduced the quarterly auto insurance premium study, kanetix.ca saw a 1.5 per cent increase in the average of the lowest auto insurance premiums quoted in Q3 2007 when compared to the same in Q3 2006.
Toronto, Ontario -- (ReleaseWire) -- 01/09/2008 -- Today, kanetix (http://www.kanetix.ca), Canada's insurance marketplace, released the results of their quarterly auto insurance premium study showing that the rates quoted for auto insurance have risen, on average 1.5 per cent.
By comparing the average of the lowest auto insurance premiums quoted online for Ontario shoppers through http://www.kanetix.ca/auto-insurance in Q3 2007—July, August and September—with the average from the same period in 2006, kanetix found that the average lowest price had actually increased by 1.5 per cent—a first since the study’s inception.
"Every quarter since we introduced the study in 2006, has shown that for insurance shoppers the average lowest premium quoted was cheaper than the previous year’s respective quarter,” explains Gregory Ellis, Co-founder of kanetix.ca. “That is, until now because Q3 2007 showed us something all together different; that the competitive auto insurance market in Ontario looks to be swinging in the other direction. With a 1.5% increase in the price of the average lowest quote, it suggests that insurance consumers are perhaps going to see increases in their annual auto insurance renewals, making shopping for insurance more important than ever.”
For the last while, the insurance industry has found themselves in what is commonly called a “soft market”. A soft insurance market is typically characterized by a strong focus on building new business, where insurance companies aggressively market their products and try to attract new customers. This is typically achieved by offering innovative features and discounts, and most importantly, a lowering of rates. Kanetix.ca’s study suggests that this soft market is “hardening”, and that insurance consumers may soon get dinged with higher auto insurance premiums. The good news is if this hardening trend continues, those who do see an increase can shop around for auto insurance easily, online to see if a better price is available.
At http://www.kanetix.ca/auto-insurance, kanetix offers consumers a better and quicker way to shop for auto insurance, after all, kanetix is the website where insurance companies compete, and you save money.
Launched in October 1999, kanetix is Canada's only 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. Users can select the insurance quote of their choice and choose to complete the application for coverage online or purchase their policy over the phone.
In addition to the insurance marketplace, kanetix is the leading provider of online insurance quotation technology and develops online quotation systems and websites for some of Canada's leading insurance providers.