Prestige Fleet Servicing sees growing demand for insurance offering
By Maddy Price
Wednesday, November 4, 2015 - 12:20
Prestige Fleet Servicing (Prestige) is seeing growing demand for the combined motor trade insurance policy it offers to independent garages within its network of fleet service centres.
The East Midlands-based operation currently has a network of around 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.
One of the key benefits in joining the Prestige fleet service network is the insurance policy it provides through Integro Doodson, the world’s 25th largest corporate insurance broker, and which is backed by Aviva, the leading motor trade insurer in the UK.
So far, 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.
The scheme, which has been running since March this year, 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%.
Simon Harrison, Client Director at Stockport-based Integro Doodson, said that, following face-to-face meetings with centres, at least one in two were now switching to the new scheme.
“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,” he said.
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.
On top of all this, there is 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.”
Prestige, which provides vehicle servicing, maintenance and repair work for leasing companies, fleet management providers, corporate fleets and aftermarket warranty companies, has seen rapid growth this year on the back of a number of new and significant client wins.
One of the company’s key objectives is to grow its service centre network to 300 outlets, extending its national coverage throughout the UK and meeting the extra demand from its increased customer base.
Thanks to a number of high quality additions in recent weeks, the Prestige service network now stands at some 264 independent outlets, and is growing at a rate that indicates it should comfortably meet its target.