Kanetix Ltd.

kanetix.ca Study Sees Increase in Auto Insurance Premiums - Again

The news is grim for Ontario’s auto insurance consumers. For the second quarter in a row, kanetix.ca saw a year-over-year increase in the average of the lowest auto insurance premiums quoted.


Toronto, Ontario -- (ReleaseWire) -- 01/23/2008 -- Today, kanetix (http://www.kanetix.ca), Canada's insurance marketplace, announced the results of their quarterly auto insurance premium study and the news is going to dishearten auto insurance consumers. The study showed that the rates quoted for auto insurance have risen, on average 5.3 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 Q4 2007—October, November and December—with the average from the same period in 2006, kanetix found that the average lowest price had increased by 5.3 per cent. This is significantly higher than the previous quarter, where a 1.5% increase was noted; a first since the study's inception.

"Whether or not two quarters, 6 months, makes it a trend is up for debate,” muses Gregory Ellis, Co-founder of kanetix.ca. “But it certainly suggests that auto insurance consumers should watch their renewal notices closely. The silver lining is that car insurance consumers have options in that they can easily shop around and get competing quotes to ensure they’re getting the best price.”

Even if your rates do not go up on your next renewal, by comparing quotes from competing companies every year, you will always know how your rates stack up to quotes from competing companies. At www.kanetix.ca/auto-insurance, kanetix offers consumers a better and quicker way to shop for auto insurance.

About kanetix
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.