The ad, the latest in the brand's "You don't have to be posh to be privileged" campaign, has racked up 14 complaints so far.
It is fronted by Havers, famous for playing characters from society's upper echelons including AJ Raffles in BBC TV film 'The Gentleman Thief' and Dr Tom Latimer in 1980s BBC sitcom 'Don't Wait Up'.
Created by M&C Saatchi, the ad opens with Havers in a rural scene saying: "Just listen to that, the wonderful sound of... the upper classes."
He is interrupted by a volley of shotgun fire from a group of men in tweed hunting ducks.
Havers goes on to say: "If you want to fit in here it helps if you talk posh or speak Latin... you don't have to be posh to be privileged."
It continues with the actor sardonically commenting on the posh lifestyles of helicopters and country house parties.
Most people who complained to the Advertising Standards Authority were annoyed by the stereotyped view of the upper classes and said the ad was offensive. Others thought the ad depicted a shoot in an inaccurate way and gave the sport a bad name.
However, the ASA has decided not to investigate the ad.
It said: "We do not think that most people will interpret the scenes shown as an accurate representation of the sport of shooting.
"We also consider that most viewers will accept the activities shown as a non offensive, light hearted, stereotypical view of the upper classes in the context of an ad for an insurance company which claims to offer a 'privileged' service."
A spokesman for Privilege said the ad was designed to be humorous: "The objective of the advertising is to play on the 'You don't have to be posh to be privileged' theme in a light-hearted manner, and to communicate that everyone can aspire to a 'posh' lifestyle.
"The advertising was tested extensively prior to going on air, and no negatives were raised in relation to stereotyping of the people involved."