Fleet News

Privilege launches direct fleet insurance scheme

PRIVILEGE Insurance is targeting companies operating up to 20 vehicles with the launch of the first fleet direct insurance service.

The scheme, called Fleet Master, cuts the typical 15% charged by brokers. Operations and marketing director Jim Wallace said: 'We think there are around 250,000 small company fleets in the country - most serviced by insurance brokers. 'We can save these companies money as we don't pay the extra costs or have the overheads that bump up company car insurance.'

Privilege claims one fleet which included a Volkswagen Corrado, Mercedes-Benz 260E class, Saab 900 turbo, Ford Escort 1.3L and two Ford Escort vans faced a renewal premium of £5,500 but under Fleet Master it falls to £3,739, a saving of £1,761. A company operating a Mercedes-Benz 230E, BMW 325 TD and 525 TDS SE and a Ford Mondeo 1.6 LXi could save £753 with a Fleet Master premium of £2,649 against £3,402 existing insurance.

Privilege targets 1% of the small fleet sector in the next year and may take on larger fleets. Policies are written for each vehicle on the company fleet with up to five named drivers on each policy. Premiums can be paid monthly, with discounts for vehicles fitted with Thatcham-approved category one or two security or tracking devices.

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