A new car insurance product has been launched to provide extra financial protection for customers during the current economic crisis.

The new protection product, launched by insurance provider RIAS, for the over 50’s allows customers to benefit from a reimbursement for their excess payment in the event of an accident at 25 pence per week.

According to RIAS, the new product ensures car insurance customers a secure financial position had they been in an accident.

Managing director, Janet Conner of RIAS said: "What makes this product so attractive to customers is that policyholders can be secure in the knowledge that they will get their excess back, even if they were responsible for the accident."

Customers who purchase the additional product would benefit from compensation of extra costs if they make a claim on their insurance after being involved in an accident or experience damage to the vehicle.

The policy also provides cover for up to £300 of excesses.

Earlier this month, RIAS advised motorists to secure their no-claims bonuses in order to get the cheapest car insurance premiums.

Ms Connor said: "Although drivers are fully aware of the importance of building up and maintaining their no claims bonus, not many are aware of the various ways of protecting or safe-guarding it.”