Auto Insurance in Canada

Kanetix, Canada’s insurance shopping marketplace, released the results of its quarterly auto insurance premium study. The study, designed to spot and highlight the pricing trends of car insurance, identified that Ontario, in Q3, saw a minimal increase in the average of the lowest premium quoted of 0.8 per cent year-over-year.

While the increase was less than one per cent when compared to the same period last year, this is the fifth consecutive quarter that rates were found to be higher, suggesting that consumers could see their insurance costs rising.

It was also noted in Q3 that there was an increase in the number of drivers aged 25 and younger who were shopping for car insurance as compared to Q3 2007. This shopping trend may have contributed to the increase as well, as this group tends to sees higher rates given their relatively fewer years of driving experience.

“Consumers should watch their renewals closely and be aware that there are options if the price of their current policy increases. No two companies are alike in the rates they offer consumers, and the company with the lowest rate when the policy was first purchased may not be the company with the lowest rate now,” explains George Small, co-founder of kanetix.ca. “Therefore, drivers both young and old should make sure to compare quotes at every renewal.”

As an online auto insurance shopping service that provides real-time quotes from many well-known competing insurers, kanetix can 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.