Castle Cover, a UK-based home and car insurance provider, has released 'Excess Protect' product, offering their customers the opportunity to avoid an excess payout in the event of a claim.

Castle Cover has said that the new product will be available for an annual payment of GBP22.95, and as the policy covers customers for up to GBP500, they would be able to select a higher excess on their car insurance.

Simon Stanney, head of product at Castle Cover, said that Excess Protect could make Castle Cover customers a real savings in the long run.

Mr Stanney added: If the worst does happen and suddenly you find yourself with an excess to pay, it can throw out your finances. Excess Protect is a way of safeguarding against that. And with this cover you are free to choose a higher excess on your car insurance, which may result in a reduction on your overall premium.