Toronto, Canada (PressExposure) May 04, 2008 -- Today, kanetix, Canada's insurance shopping marketplace, released the results of its inaugural Alberta quarterly auto insurance premium study. The study, designed to spot and highlight the pricing trends of car insurance, identified an increase in the average of the lowest premiums quoted for auto insurance of just over 1% in Q1 2008 compared to the same period in 2007.
"Alberta has increasingly become a more important part of our insurance shopping service, as demonstrated by our recent expansion into offering online motorcycle, RV and antique auto insurance quotes. Albertans are keen online insurance shoppers, and it is because of this that we wanted to start a quarterly auto insurance premium study specific to Alberta. The study will give Alberta drivers an idea of what is happening to auto insurance premiums beyond the published changes in mandatory coverage" explains Gregory Ellis, Co-founder of kanetix.ca.
The results of this study reflect an increase in premium of 1.1% in Q1 2008 when compared with the same period in 2007. "What's interesting about this increase is that it may not be reflective of insurers increasing their rates but rather a reflection of the strong Alberta economy, continues Mr. Ellis. We see some interesting trends in online auto insurance shopping in Alberta. For one, compared to last year it appears more consumers are shopping for insurance for newer cars, which often cost more to insure."
As an online auto insurance shopping service that provides real-time quotes from a variety of 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 study will be 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 when they shop around for coverage. The study includes all drivers, no matter their driving or insurance history, and includes the lowest rate quoted, no matter which company provided it (direct writers 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 http://www.kanetix.ca/auto-insurance in Q1 2008 January, February and March with the average from the same period in 2007.