Homeowners Banking Savvy Savings using Price Comparison Sites

Homeowners Banking Savvy Savings using Price Comparison Sites

Consumers have been turning to price comparison websites for more than 20 years. These sites provide a great resource for helping you find the cheapest product or service. No matter what you’re looking for, whether it be cheaper car insurance, a credit card that offers the lowest interest rate or if you just want to see what’s the best value hotel for a family trip.

They don’t just help you compare prices, some sites such as Utility Saving Expert even provide their own helpful in-depth guides enabling you to make smarter purchasing decisions. It’s equally important to know what you should be looking for along with what to avoid.

Our guide will look to explain how these sites operate and what you can expect from using them.

What exactly is a price comparison site?

Simply put, a price comparison website allows you to compare different products and services from a large list of companies. You will have the option to filter by lowest price first or one of the many other parameters. This will allow you to search and compare products and services based on what your requirements are.

Some sites will help you find the cheapest place to buy a specific product. Although the most popular type of comparison site is one that compares gas and electric prices, insurance quotes and even financial products such as personal loans, mortgages or credit cards.

How do I use a price comparison website?

These sites are very intuitive and have been designed for ease of use. You will start off by selecting a product you wish to compare and enter a few details about what you require. You will then provide additional information to help the engine understand what your exact needs are.

After this, you will be presented with a table of results, usually filtered by lowest price first. This table will give you most of the important information you need, such as provider, cost and product features along with any special offers that are included.

Why should I use this site instead of calling my current insurance provider?

Normally, when you receive a renewal quote from your current insurance provider, it may be substantially higher than what you paid before. They may be able to give you a small discount for renewing, although this isn’t usually the best option.

This is because you can potentially save a lot more by comparing insurance through these sites. The tools allow you to carry out a whole of market comparison (limitations may apply) to help you see what’s on offer from every participating insurer.

For many people, the time saved will be the biggest benefit to using this service. As you can usually compare leading providers and smaller insurers in less than ten minutes. No need to call one company after the next and be placed on hold for 20 minutes at a time.

Almost all price comparison sites are free to use and there are no opening or closing hours, meaning you can use them at your own leisure.

What information do I need to provide?

Many products such as mortgages, personal loans and credit cards can be compared without disclosing much personal information. Although if you want to compare insurance or home energy suppliers, you’ll have to provide additional details about your requirements and current usage.

Will the information I provide be kept safe and secure?

Fortunately, most sites will have implemented strict privacy and security measures, meaning your data is safe. Companies that use and collect data for any purpose will also be required to adhere to strict data protection laws. Further details can be found in the company’s privacy policy.

What questions can I expect to be asked?

This will depend on the type of product or service you wish to compare. For example, if you’re comparing health insurance, you won’t be asked about the details of your car.

If you wish to compare car insurance quotes, here’s some of the information you will likely be asked to provide:

  • Your date of birth
  • Address and postcode
  • Car make and model
  • Total mileage plus annual mileage
  • Previous driving history including any criminal convictions
  • Number of years you’ve held a full driving license
  • Details about any claims you’ve made

Should I go for the cheapest quote?

Not always, this is because the cheapest quote may not necessarily be the best option. For example, if you’re comparing home insurance, the cheapest policy may only cover you for the absolute minimum. However, more comprehensive cover may give you added benefits such as cover for accidental damage or personal items that you take outside the home.

Every product or service has its own features and benefits. You will need to decide what’s important for your individual needs and avoid paying for optional extras that you simply will not make use of.

In conclusion, price comparison sites have a whole plethora of benefits to using them. You’ll want to try and find the perfect balance between quality and cost, giving you value for money.

Joanna Webster

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