Increase in auto insurance rates sparks shopping
As motorists continue to pay more for their gasoline, a new auto insurance rate review indicates policyholders on the eastern half of the country are paying more in auto insurance premiums.
According to Kanetix, an internet service that allows consumers to compare rates among insurance companies and mortgage providers, Ontario, Quebec and Alberta all saw auto insurance rates increase this quarter compared to the first three months of 2010.
Quebec and Alberta saw a moderate rise, with rates increasing 1.8 and 0.4 percent, respectively, but Ontario premiums rose 6.7 percent. However, as Kanetix notes, it's a sharp decline from the 9.5 percent rate rise Ontario saw in the fourth quarter of 2010, indicating prices may be leveling out.
The increase in prices, along with the rising costs for other consumer goods, has created financial concerns for many families. Shopping around to find the lowest auto insurance rates can be a simple way to cut costs.