Ontario auto rates show signs of stabilizing: Kanetix

Ontario auto insurance rates quoted by Kanetix in 2011 Q2 increased 6.4% over 2010 Q2 quotes.
According to the online insurance marketplace, rates have been stabilizing since the implementation of the 2010 auto insurance reforms. While the quotes generated by Kanetix still show increases, the year-over-year difference in rate increase is dropping, a Kanetix release says.
For example, in 2010 Q4, Ontario personal auto insurance rates quoted by Kanetix showed a 9.5% increase, and 2011 Q1 a 6.7% increase.
Drivers in Quebec and Alberta also saw rate increases, albeit modest ones (0.2% and 1.4%, respectively) during 2011 Q2, the release adds.
The Kanetix rate study also revealed more than 50% of consumers in Ontario did not take advantage of the multi-line discount that is available to them. For most insurance companies, the discount can range from 5% to 15%, it continues.
More than 50% of the consumers that obtained quotes on Kanetix during 2011 Q2 did not opt in to the roadside assistance discount, and approximately 20% did not take advantage of the winter tire discount that many insurance companies offer, the release says.
“Although rates are higher compared to last year, consumers can still find ways to lower their auto insurance premiums if they ensure they are taking advantage of available discounts and take the time to understand other cost-saving options that are available,” Kanetix says.