Systematic Lossy Error Protection (SLEP) is a robust error resilient mechanism which uses Wyner-Ziv coding to protect the video bitstream. In this paper, we propose a low overhead adaptive lossy error protection (ALEP) mechanism that provides a good trade-off between the error resilience and decoded video quality. The proposed method can generate appropriate redundant slices to provide proper error correction capability for varying channel conditions. The proposed method maintains good video quality at low packet loss rate compared to original SLEP and still provides sufficient error correction capability at high packet loss rate in our simulation results. It achieves 2-3 dB PSNR improvement at 5% packet loss rate for various video sequences in our simulations.