Swinton, a UK-based insurance retailer, has launched a new excess protection product that is set to save British drivers millions of pounds each year. It is estimated that accident-prone drivers pay over GBP1.7bn in excess payments each year.

For a small annual fee, excess insurance will cover the cost of any excess payment up to as much as GBP1000 per year if the driver has a fault claim – with drivers still benefitting from the lower annual premium that having a larger excess brings.

Swinton offers customers three levels of excess insurance cover that will provide significant savings to new and experienced drivers alike.

According to the estimates, with the average UK driver excess being around GBP250 and nearly seven million car insurance claims made each year, accident-prone UK drivers are currently forking out a GBP1.7bn on annual excess payments. With Swinton’s new excess protection, drivers could have saved GBP228 per claim made – over GBP1.5bn altogether.

Steve Chelton, insurer development manager at Swinton, said: “With insurance premiums on the rise, many drivers are choosing a higher excess to keep policy costs down – however this obviously leads to more expense if you’re at fault in an accident. For a small annual fee, our new excess insurance allows drivers to take advantage of the lower premiums that having an excess brings, but with the peace of mind that we will cover the cost of that excess if a claim is made.

With this product UK drivers can save millions of pounds in lower premiums and excess payments – great news for experienced drivers in the face of rising petrol prices and an unstable economy, and young drivers who would normally can’t afford to commit to a high value excess.”