The delays in vehicle production as a result of the pandemic and Brexit cause a spike in people purchasing used cars. Demand outweighed supply which meant the value of second-hand cars had increased significantly between 2020 and 2022. The press called it 'The used-car bubble'. However, as production picked up and supply chain issues resolved, second hand vehicle prices started to become a bit more relative to what we were used to pre 2020. The used car bubble started to burst.
This means those who had purchased a vehicle during the height of the bubble, for an inflated price value are at significant financial risk if they needed to make a total loss claim. Typical comprehensive insurance providers only pay out the value of your vehicle at the time of the claim, not at the time of purchase. What's more, insurers are renowned for only paying out a fraction of the vehicle's current market value.
In a national cost-of-living crisis, we needed to educate as many people about the possible financial implications they could face if they purchased a vehicle at the peak of the bubble, got it written off or stolen and did not have GAP Insurance which protects the original value they paid. The challenge was how we would get this information out in the simplest way possible that was digestible and drove people to the ALA Insurance website.
We crunched the ALA Insurance policy data between 2020 and 2022 and uncovered the top ten used vehicles which had increased in value the most throughout that period. From here we were able to estimate how much their owners could be out of pocket if they needed to make a claim now or sometime in the future. We crafted a press release to share with key news publications and turned the stats into short, snappy IG posts unveiling what the top vehicles were. Alongside this, we worked with financial influencer @PenniesToPounds, who brought the benefits of ALA GAP Insurance to life by sharing her own write off experiences to her 22k followers.
We secured a PR exclusive with The Mirror in their popular and relevant Mirror Money section, as well as securing 20 additional pieces of coverage on the likes of MSN, What Car? and Wales Online.
Earned media reach of 146 million monthly unique readers. Alongside this we achieved a social reach of over 125,000 from both ALA Insurance's and Pennie's to Pound's influencer content, which went on to drive 3 policy purchases and 21 quotes using the KIA10 discount code we created for the campaign.