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Kanetix.ca releases rate study results for Ontario, Quebec and Alberta

Study examines rates and consumer trends on a quarterly basis

TORONTO, November 11, 2011 - Kanetix®, an online quote comparison service for auto insurance, announces their year-over-year quarterly rate study results for Q3 2011 for Ontario, Quebec, and Alberta. The study looks at drivers who found a quote on Kanetix.ca and took the next step to purchase. The results are as follows:

• Rates in Ontario increased 4.7 per cent, but have stabilized since auto insurance reforms were introduced last year. The year-over-year gap has narrowed for the fourth consecutive quarter with Q4 2010, Q1 2011 and Q2 2011 showing increases of 9.5 per cent, 6.7 per cent and 6.4 per cent, respectively.
• Quebec auto insurance rates decreased 6.4 per cent in the third quarter.
• Insurance premiums in Alberta were stable with a 0.8 per cent increase this quarter.

Although rates rose in Ontario, drivers have opportunities to save on their car insurance by taking advantage of discounts. For example, in Q3 2011, 55 per cent of Ontario drivers indicated they were not willing to bundle their car insurance with their home insurance, thus making them ineligible for a multi-line discount. The multi-line discount is available to consumers with a property insurance policy, or anyone who needs one: home and condo owners, as well as renters. It doesn't matter if they own where they live or the value of their possessions---anyone willing to insure their car and property through the same insurer could save between five and 15 per cent on their auto insurance.

There are many ways consumers in Ontario can save on their car insurance. Kanetix provides the following tips to help drivers find extra savings without affecting their insurance coverage:

• Buy winter tires and benefit from a winter tire discount - consumers who use winter tires during the winter months could save up to 5% with some insurance companies.
• Membership within a professional or alumni association or employer plan - belonging to an eligible group program could save a consumer between 10 to 20 per cent.
• Modify policy deductibles - consumers can increase their deductibles from $500 to $1000 and save up to 5 per cent. Drivers should keep their deductibles affordable in the event of a claim.

In Q3 2011, consumers in Quebec took greater advantage of discounts to lower their insurance rates. There was a 31 per cent increase in customers choosing the multi-line discount and a six per cent increase in those opting for the roadside assistance discount.

About the quarterly review

Kanetix's quarterly review of auto insurance is intended as a tool to spot and highlight the pricing trends of car insurance. Kanetix is of the opinion that this is 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).

These drivers are doing more than just kicking the tires, they are in the market for auto insurance at the time they are comparison shopping.

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.

About Kanetix

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 Development Services division, 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:

Kanetix Ltd.
publicrelations@kanetix.ca.