TORONTO, July 29, 2009 - Today, Kanetix® (www.kanetix.ca), Canada's online marketplace for insurance quotes, released the results of its Alberta quarterly car insurance premium study. The study, designed to spot and highlight the pricing trends of Alberta car insurance quotes, identified a 5.9 per cent increase in the average of the lowest rates quoted for auto insurance in Q2 2009 compared to Q2 2008.
One of the factors behind the increase in quoted rates in Q2 2009 is the industry-wide price increase implemented late in 2008. Effective November 1st 2008, the Alberta Auto Insurance Rate Board allowed a 5 per cent increase in the mandatory auto insurance premiums. In addition, some insurers since then have implemented rate updates for optional coverages, like collision and comprehensive. While these changes are not industry-wide, they are implemented on an insurer-by-insurer basis and also contribute to the increase in quoted rates obtained through Kanetix.
"Given that Alberta car insurance rates appear to be on the rise, auto insurance consumers should watch their renewal notices closely," explains George Small, Co-founder of Kanetix Ltd. "No matter how much or even how little the rate changes, it will not be uniformly applied across insurers. What this means is that the insurer you're with now, may not still offer you the best car insurance rate available. This is why comparing quotes is so important."
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 Alberta car 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.
In addition to comparing quotes, Kanetix.ca offers these tips to drivers to help them keep their premiums as low as possible:
Ask about discounts
Discounts can help you save money. Ask your insurer if there are any discounts you may be eligible to receive that you are not already getting.
Consider raising your deductibles
The higher your deductibles for optional coverages like collision and comprehensive, the lower your premium. Keep it affordable though, because this is how much you'll have to cover should you need to submit a claim.
Don't pay for optional coverages you do not need
Talk to your insurer to see if there are optional coverages included in your current policy that you may not need, or want.
About the study
Intended as a tool to spot and highlight the pricing trends of Alberta car insurance, the Kanetix study is released quarterly. Kanetix believes this study to be an accurate reflection of what auto insurance consumers are seeing when they get their renewal notice from their current insurer, as well as the prices they see when they shop around for coverage. The study includes all drivers, regardless of their driving or insurance history, and is based on the lowest rate quoted.
The results of the study are determined by comparing the average lowest Alberta auto insurance premium quoted online for Alberta shoppers through Kanetix in Q2 2009 (i.e. April, May and June) with the average from the same period in 2008. The results, and resulting interpretations, are based on the profile 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 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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