January 13, 2010 by Canadian Underwriter
The lowest auto insurance rates quoted by Kanetix in Q4 2009 increased on average 5.3% when compared to the same period of 2008.
The increase, consistent with rate changes previously approved and announced by Ontario’s auto insurance regulator, means drivers should prepare themselves for rising car insurance premiums in the months ahead, a Kanetix release says.
Intended as a tool to spot and highlight pricing trends of car insurance, Kanetix releases the study quarterly. The study includes all drivers, regardless of their driving or insurance history, and is based on the lowest rate quoted, no matter which company provided it (e.g. direct writing companies or broker-based insurers).
The results, and the resultant interpretations, are based on the profile information as entered by the shopper and may not represent their accurate driving profile or vehicle data, the release continues.
“Ontario car insurance rates appear to be on the rise and drivers have more reason than ever to watch what they are paying in insurance,” said George Small, co-founder of Kanetix.
“It’s important for drivers to know they have choices. There are money-saving options available that may help them keep their car insurance premiums as low as possible.”