MyMoneyComparison Website Review

Ok, we've all heard of the big name comparison websites when it comes to things like car insurance. Compare the Market, GoCompare, Money Supermarket and Confused.com spend a bucket of money on advertising, they have catchy jingles and we all know what they do. If you’re after the most common forms of insurance, they are a good place to start.

But this week we came across another comparison site that covers a lot of less well known types of insurance and financial products, as well as the major stuff. The site is called MyMoneyComparison, and given how tight things are with the rising cost of living, we thought it would be worth throwing this out there as another option for comparing your expenses.

When we decided to write this article, we went hunting for an affiliate link, and we found one! What that means is that if you click on any of the links in this article and request a quote, we’ll get paid a small fee. It doesn’t cost you anything and it helps run the site, so thank you!

What Does MyMoneyComparison Do?

They basically provide comparison information for loads and loads of different financial products and bills. All the big ones are there such as car insurance and home insurance, but they also cover things like mobile phone contracts, broadband, pet insurance, bicycle insurance, mortgages, conveyancing and more.

Interestingly, they also compare different subcategories for many of these. For example, when it comes to car insurance they provide comparisons for modified car insurance, classic car insurance and cover for your or previously convicted drivers. With personal loans, they have comparison categories for people with bad credit or those who have a guarantor for the loan. With that said, if you’ve got bad credit already, another loan probably isn’t a great idea!

So this is a bit of an overview of the types of cover they have for individuals, but the site also has a really big range of cover for businesses as well. There are options for things like Professional Indemnity, Directors Cover, and Public Liability, as well as specific categories such as driving school insurance, taxi insurance and even ice cream van insurance. All in all, there are lots of different areas to the site that provide comparisons for a really wide range of products that you might need. 

What are the Benefits of Using MyMoneyComparison?

All of these comparison websites provide a good place to start. It helps you get a baseline for the rough amount you can expect to spend on whatever it is you’re comparing. Because they give you quotes from a heap of different companies, you’re not just taking a stab in the dark with a single company and hoping that it’s in line with the market.

MyMoneyComparison has 2 main advantages over the other comparison websites out there. The first is the sheer breadth of financial products that they cover. Like all of these sites, you have to give your contact information to get the quotes. This is annoying, and I hate having to do it. At least with this one, you can compare lots of different things for the “price” of your email address. It’s still annoying, but it’s better to get follow up emails from 1 company that you can unsubscribe from, than 3 or 4!

The second advantage it has is in the niche financial products that it provides comparisons on. I’m not aware of other sites that allow you to easily compare things like taxi insurance or conveyancing. These niche areas aren’t going to be something that a lot of people need, but if you fall into one of the categories it would be pretty handy.

What are the Downsides to Using MyMoneyComparison?

For us the main downside is the same with any comparison site. You have to enter your contact information and they’ll send you a bunch of emails to try to get you to buy a product that you compared. This is really just the price of admission for the comparison sites, as they all work the same way.

The other downside is that there’s no way to know which insurance or financial product companies are not included in the comparison. Again, this isn’t a downside to MyMoneyComparison specifically, but its another way comparison sites work. They tend to charge companies to be included in the comparison, and some choose not to be included. Because of this, using a comparison website should always just be the first step in looking for the best deal. Always check with other sources to confirm that you’re getting a good deal.

Is MyMoneyComparison Legitimate?

Yes, MyMoneyComparison is a legitimate comparison website and they are regulated in the UK by the Financial Conduct Authority. This is a good sign, because it means you have some consumer protection if you feel like you ever need to make a complaint. MyMoneyComparison have also been operating since 2013, which means they’ve been around for almost 10 years now, and have their registered office in Leeds.

Summary

MyMoneyComparison is an alternative to the big names in comparison websites. They have a few interesting areas where they’re looking to carve out a bit of market, in particular for niche business insurance, subcategories of cover and offering a wide range of different products on top of the standard home and car insurance. If you’re looking to compare what you’re paying for various costs, it’s worth giving them a look.