TORONTO, May 5th, 2009 -- Today, Kanetix® (www.kanetix.ca), Canada's shopping marketplace for insurance quotes, released the results of their quarterly study on Alberta auto insurance. The study, designed to spot and highlight the pricing trends of car insurance in Alberta, identified a 6.4 per cent increase in the average lowest rates quoted for auto insurance in Q1 2009 compared to the same time period in 2008.
On November 1st, 2008, a 5 per cent increase in mandatory auto insurance premiums approved by the Alberta Auto Insurance Rate Board came into effect. Heading into the peak insurance renewal season, Alberta auto insurance policyholders are likely starting to see the impact of this increase. The outcome may be even more dramatic, as some insurers also changed their rates for optional coverages, like collision and comprehensive, last year.
"Alberta auto insurance policyholders have more reason than ever to review their renewal notices closely in 2009," suggests George Small, Co-founder of Kanetix.ca. "They are seeing first-hand how the rate changes of 2008 are being reflected in their renewal notices."
While mandatory auto insurance premiums increased across the board, the same cannot be said of the premiums for the optional coverages. "Some companies have increased their rates while others have lowered them," continues Mr. Small. "It is this variability between insurers that presents Alberta drivers with an opportunity to save money."
As an online auto insurance shopping service that provides real-time quotes from many well-known competing insurers, Kanetix is in a unique position to empower insurance consumers with the tools needed to not only anticipate car insurance trends, but also to compare auto insurance quotes to find the best rate for the car insurance coverage they need.
About the study
Intended as a tool to spot and highlight the pricing trends of car insurance, the Kanetix Alberta car insurance rate study is released quarterly. Kanetix believes this study to be an accurate reflection of what Alberta auto insurance consumers are seeing when they get their renewal notice from their current insurer, as well as when they shop around for coverage. The study includes all drivers, regardless of their driving or insurance history, and includes the lowest rate quoted, no matter which company provided it (e.g. direct writing companies or broker-based insurers).
The results of the study are determined by comparing the average of the lowest auto insurance premiums quoted online for Alberta shoppers through Kanetix in Q1 2009 (i.e. January, February, and March) with the average from the same period in 2008. The results, and resulting interpretations, are based on the profile information as it is 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 is Canada's leading 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. Kanetix visitors can select the insurance quote of their choice and where available, choose to complete the application for coverage online or purchase their policy over the phone.
For more information, please contact:
George Small
Co-founder
1-888-854-2503
www.kanetix.ca
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