UK insurance provider Aequitas Automotive has rolled out a new Tyre insurance product on, which will provide financial protection for owners in the event of an accidental or malicious damage to vehicle tyres.

The new policy is available as a ‘stand alone’ product and is typically provided to new vehicle owners in car showrooms in the UK.

Aequitas Automotive director Mark Griffiths said, "The basis of the product is to provide the policyholder with the cost of a repair or replacement for the tyre, should it suffer damage."

"The new Shortfall Tyre Insurance product will provide cover for the cost of such replacement or repair, for between 1 and 3 years. This provides cover for up to 5 claims during the period, and up to £300 per claim made."

Features of the new policy include installment payments, if the premium is over a certain price threshold, no coincide with the purchase of a gap insurance policy and can be purchased on stand-alone basis.