Published: October 24, 2019 | Updated: May 22, 2020 | Posted by: Venus Zoleta | Personal Finance
How do you usually shop in a mall or bazaar? If you’re like any smart shopper, you don’t buy the first item you see on the rack. Rather, you hop from one store to another, checking out prices and scrutinizing product specs down to the last detail. Of course, you’d want to make sure you’ll get the most value for your money.
Shopping for products or services online is no different. You’re guaranteed of finding the best deal when you compare prices and offers from different providers. This is where a comparison website comes useful—it helps consumers choose the best option.
Should you use a comparison platform? What does it do exactly? If you haven’t tried using one yet, here are the key facts you must know about comparison websites in the Philippines.
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A price comparison website or comparison shopping website, simply called comparison website, is a platform that enables consumers to get and compare prices, quotes, and other relevant data about a product or service from a variety of companies. In just a few clicks, users can find a deal that’s tailored to their needs and preferences at the best price.
In the Philippines, comparison websites have been growing in popularity in recent years, as more and more Filipinos use the internet to research goods and services before deciding what to buy. Among the products and services that Pinoys usually compare online are related to travel (flights, hotels, etc.), real estate (house and lot/condos, and other properties for sale or rent), and personal finance (car insurance, credit cards, loans, etc.).
Using a comparison website is simpler than it looks. Comparison websites work with a variety of service providers in a particular niche and compile information on their products or services. When users visit a comparison website to search for what they need, the site asks questions about their preferences and personal details to provide customized results.
Based on the user’s information, the comparison site will return a list of quotes or products that match the user’s requirements and sort them by price, key features, or popularity. All the options are shown together on one web page, so the user can quickly compare them on screen and choose the one with the best deal.
Some comparison sites serve as a one-stop-shop, helping users not just to compare and find the best products but also get their chosen product in one go.
Case in point: the Moneymax car insurance comparison platform. The comparison website provides different car insurance quotes based on your vehicle details (year, make, model, and variant) and usage. It also lets you choose the type and amount of coverage you want to include in the quotes. You can sort the results by the lowest to highest premium or deductible, as well as view the coverage and price breakdown per result.
Once you’ve found the best deal on car insurance, just click on the Apply button, and a Moneymax representative will get in touch with you to help you get the best insurance policy at the cheapest price. You’ll receive your e-policy within 24 hours after completing your transaction.
Moneymax goes the extra mile for car insurance policyholders by providing them with hassle-free claims processing assistance. It has a dedicated Claims Team that handles claims processing requests of customers who got their policy through Moneymax.
“Moneymax handled everything [claims processing] quite well. All I had to do was bring my car to the repair facility and that was it,” according to Michael Benavidez, a long-time client of Moneymax.
There are different ways you can benefit from using a comparison website before making a purchase. Here are some of them:
Saving money is the main reason people visit comparison websites. For instance, you can save as much as 30% on a car insurance policy purchased through Moneymax.
Instead of buying the first product you see online, use a comparison site to view all your options and find the cheapest product that matches your specific criteria and filters.
Many Pinoys are confused by the technicalities of finding the best car insurance or credit card deals, personal finance coach Randell Tiongson notes in his blog post (1).
“Personal finance comparison sites can fill in those knowledge gaps. They empower buyers to compare and make financial decisions based on their own knowledge—and that knowledge is bolstered by information and help options that can educate them on various concepts,” according to Tiongson.
Comparison sites provide product details that allow users to make a well-informed choice. For instance, the Moneymax credit card comparison platform lets you find suitable card options for you. You can quickly view each card’s features, application requirements, and fees and charges—all of which are important considerations for choosing the best credit card.
If you search for products only through Google, the first results you see are likely from bigger companies with huge marketing budgets, specifically for SEO. You might miss out on better deals from lesser-known providers that are not as visible on Google.
Comparison websites lay down every option possible, including smaller companies that may have exactly what you need at the lowest price. This ensures you won’t regret your purchase, wondering if there was a better deal elsewhere.
Using a comparison website eliminates the need for calling various companies to request quotes and filling out multiple sets of forms. No need to visit numerous websites to gather information about different products.
Comparison sites in the Philippines have user-friendly designs, making them convenient to use even for first-timers. In just a few minutes, you can gain access to product information from a variety of providers, and compare your options all in one place.
Aside from these time-saving features, Moneymax takes its service a notch higher by helping users get financial products faster. You can submit your credit card or personal loan application and have it fast-tracked through the Moneymax comparison platform.
Most comparison websites in the Philippines, including Moneymax, don’t charge users anything for their service. For instance, if you get car insurance through Moneymax, you won’t have to pay any fee or commission on top of your premium.
A common misconception about comparison sites is that they’re affiliated with certain companies, so the results they show are biased. That isn’t true, especially with Moneymax that acts as a third-party service offering impartial and independent information on car insurance, credit cards, and personal loans in the Philippines.
Based on SimilarWeb data (2), here are the most popular comparison sites in the Philippines per category. The website looks into the total site visits, visit duration, and other engagement stats in ranking the websites.
|Category||Top Comparison Website/s|
|Accommodation and hotels||Booking.com, Agoda, Airbnb, and Trivago|
|Air travel/flights||Traveloka and Skyscanner|
|E-commerce and shopping||iPrice.ph|
|Computers, electronics, and technology||Priceprice.com|
|Real estate||Dot Property and Lamudi|
|Travel and tourism||TripAdvisor|
Time and money are crucial resources that shouldn’t go to waste because of a wrong buying decision. Take advantage of a comparison website to find the best deals on the products or services you need.