Prestige Fleet Servicing is seeing growing demand for its combined motor trade insurance policy. It offers the product to independent garages within its network of fleet service centres.
Since its launch in March, around a quarter of the Prestige service centre network has switched to the new motor trade insurance scheme, due to the multitude of benefits it offers compared to conventional policies, said Prestige.
The East Midlands-based company currently has a network of more than 260 independent garages providing low-cost, added-value servicing to fleet operators throughout the country, including some of the UK’s largest leasing companies.
It aims to provide savings in insurance premiums of at least 10% over the previous policy - although the average savings across the network in the last six months have been in the region of 24%.
One of the key benefits in joining the Prestige fleet service network is the insurance policy it provides through Integro Doodson.
Simon Harrison, client director at Integro Doodson, said: “The main reason for service centres to come on board is the amount of premium paid, which on average has been 20-30% less than they paid the previous year for greater levels of cover.”
The Prestige insurance policy provides its centres with comprehensive cover for all property, plant and machinery, equipment, portable hand tools, their own vehicles and those of their customers.
It also provides loss of profit cover in the event of a catastrophe such as a fire or flooding, and free cover for the loss of an MOT licence.
The policy also includes full public liability cover to ensure that the centre is adequately insured against any major accidents involving its vehicles and members of the public.
It also provides a 15% low claims rebate as standard thus rewarding service centres for good risk and claims management.
Joe Bhamra, commercial director at Prestige said: “From a compliance viewpoint, we wanted to provide our centres with adequate levels of competitively priced insurance cover in all key areas of their operations. The reaction to the scheme has been very positive.”