Cyprus insurance in 2026. How to save money on insurance in Cyprus
December 22, 2023
Ian Westwood
December 22, 2023
Ian Westwood
In this analytical guide to Cyprus insurance, we will cover the main types of individual and business insurance contracts provided in Cyprus.
We will also present the range, average and minimum cost of most insurance contracts.
We will then suggest easy and smart ways to decrease the costs of Cyprus insurance plans.
Following our advice, you might save hundreds or even thousands on insurance policies.
Table of contents
Insurances in Cyprus can be classified into two broad categories: personal (or individual) and business insurance.
In this section of our guide, we will introduce these two types of insurance.
There are three categories of car insurance in Cyprus.
Third-party liability car insurance is a legal requirement in Cyprus.
It exclusively covers the other driver’s expenses if you are involved in a car accident involving another vehicle and third-party property damage, injury, and death.
Other drivers in your vehicle and any passengers are also covered in the event of an accident.
Third-party, fire, and theft covers everything that standard third-party liability insurance does.
As the name suggests, this type of insurance can cover any damage expenses if your vehicle is stolen or damaged in a fire.
Fully comprehensive car insurance offers the same coverage as the previous two insurance policies, while it also covers natural disasters (flood, hurricane, storm, earthquake).
This insurance covers vehicle damage if you are involved in a car accident, regardless of who caused the accident.
To learn more about car insurance in Cyprus, read here.
There are numerous types of home insurance policies in Cyprus, including the following:
Standard home insurance is designed for people who live in their house permanently.
Most home insurance covers specific damages and losses, including public liability cover, but standard policies have limits. Separate policies can cover standard exclusions (e.g. landlside, theft without forcible entry, professional equipment insurance etc.).
Unlike home insurance, holiday home insurance (or second home insurance) covers property that isn’t lived in as a primary place of residence.
This insurance is ideal for those who use their holiday home in Cyprus while travelling.
Third party liability insurance is obligatory in Cyprus if you own a holiday home.
Landlords insurance protects a landlord’s rented property and contains personal liability coverage.
If you face a lawsuit for damages or injuries to your property as a landlord, liability coverage will help with legal expenses.
Third party liability insurance is obligatory in Cyprus if you rent properties.
Sometimes known as personal property insurance, home and contents insurance provides financial protection if your home or belongings suffer any damages.
Most home and contents insurance in Cyprus covers common household items, including furniture, electrical, and personal belongings.
See here to read more about home insurance in Cyprus.
Health insurance policies can cover your healthcare expenses for cases of disease or bodily injury accidents.
These expenses are sometimes paid by the insurance company upfront.
In other cases, you will need to pay for the expenses and be compensated by the insurance company after you provide proof of purchase.
To read more about health insurance in Cyprus, see here.
Life insurance can protect your family from the possibility of losing you unexpectedly and the financial losses that could arise as a result.
Insuring your life provides financial security and helps to pay debts, living expenses, and any medical or final expenses.
To read more about life insurance in Cyprus, see here.
If you are planning on moving to Cyprus, you will need to acquire immigration insurance.
Immigration medical insurance is a compulsory medical insurance policy for all non-EU citizens applying for any residency status and for most EU citizens aiming to live or work in Cyprus.
To read more about immigration medical insurance in Cyprus, see here.
Personal accident insurance is an indispensable insurance product for self-employed people and businessmen.
This type of insurance can provide a steady source of income for you if you become unable to work, temporarily or permanently.
To read more about personal accident insurance in Cyprus, see here.
Critical illness coverage can prove to be invaluable during an unexpected medical event.
This coverage will financially protect you if you are diagnosed with an illness that requires serious medical attention and costly treatment.
To read more about critical illness insurance in Cyprus, see here.
Boat insurance can protect you against liability and damages in the event of an accident affecting you and your boat, including third-party injury or damage to another’s property.
It can cover many types of watercraft, such as sailboats, motorboats, jet boats, and inflatable boats, regardless of their use (i.e. if they’re private or commercial).
To read more about boat insurance in Cyprus, see here.
Travel insurance is designed to help mitigate the risks and financial losses that could arise while travelling.
The covered risks span from minor inconveniences, such as luggage delays and missed connections, to more serious issues, including major illnesses and injuries.
To read more about travel insurance in Cyprus, see here.
This insurance contract is indispensable for everyone who is a tax resident in Cyprus, regardless of whether they are domiciled in Cyprus.
In Cyprus, savings insurance and private pensions are the only independent saving plans that Cypriot tax authorities accept as valid tax exemptions.
To find out more about this insurance, see our article here.
In Cyprus, business insurance is also known as commercial insurance. It’s invaluable for your company as it’s designed to protect a business from unexpected events and financial losses.
Business insurance financially covers risks such as theft, accidents, professional errors, property damage, cyber-attacks, and lawsuits.
To read more about business insurance in Cyprus, follow the link.
Business owners need employers liability insurance in Cyprus to protect against lawsuits resulting from employee work-related illness or injury claims.
Without this insurance, your business could be responsible for covering the legal costs of such circumstances, such as attorney fees, lawsuits, and settlements.
Visit our website here to learn more about employers liability insurance in Cyprus.
If your company is sued for actual or alleged professional mistakes, professional indemnity insurance can shield you from paying out-of-pocket legal costs and potential compensation fees.
You might be falsely accused of a professional mistake, but regardless if you are found responsible, legal defence protection can be a lifeline for your business.
Visit our website here to read more about professional indemnity insurance in Cyprus.
Directors and officers insurance (D&O insurance) protects you or your company from actual or alleged wrongful acts in managing your company.
This insurance, which commonly protects a company and individuals, covers legal expenses, settlements, and other fees associated with D&O claims.
Directors and officers insurance is an invaluable insurance product in Cyprus.
To read more about D&O insurance, see here.
Cyber insurance is an invaluable product for companies that work online and handle sensitive data (i.e. medical records, credit cards, tax records).
It’s also indispensable for companies that provide technology services to third parties.
To read more about cyber insurance in Cyprus, visit our website here.
This insurance product refers to business insurance that covers claims by the general public (i.e. clients and visitors) against a company.
General public liability insurance will help to pay for medical and other expenses that result from injuries, or even death, and property damage involving you and your business.
To read more about general public liability insurance, visit our website here.
In general, marine insurance covers the damage or loss of goods and property that are transported from one destination to another.
Covered goods, such as products or business equipment, can be transported in various ways, such as by sea, air, and land, and still be covered by marine insurance.
To read more about marine insurance in Cyprus, see here.
Employers provide the option of group health insurance for their employees. It provides healthcare coverage expenses in case of accidental bodily injury or disease.
Inpatient expenses (hospitalisation) are included in group plans and will typically include an option to cover outpatient expenses.
To read more about group health insurance in Cyprus, visit our website here.
Keyman insurance is made to insure employees who are difficult to replace. “Key man” refers to the most valuable employees of a company.
Businesses can face financial setbacks and interruptions to their services if they lose core employees, and that’s what this insurance is designed to mitigate.
To read more about keyman insurance in Cyprus, see here.
Below we present the range of insurance premiums in Cyprus for each type of insurance.
Our statistics exclude outliers (i.e., extremely high premiums due to abnormal conditions).
Average car insurance cost in Cyprus:
Range of car insurance cost in Cyprus:
Minimum car insurance cost in Cyprus:
For a personalised quotation with the accurate cost of your car insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your home insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your health insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your life insurance, complete our online questionnaire.
Minimum immigration medical insurance cost in Cyprus:
For a personalised quotation with the accurate cost of your immigration insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your personal accident insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your critical illness insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your income protection insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your boat insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your travel insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your business insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your employers liability insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your professional indemnity insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your directors and officers insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your cyber insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your general public liability insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your group health insurance, complete our online questionnaire.
For a personalised quotation with the accurate cost of your keyman insurance, complete our online questionnaire.
Here are some tips to save on your insurance in Cyprus.
How to reduce your business insurance cost in Cyprus
Pitsas Insurances is both an online and a physical insurance provider.
As an online provider, we have significantly lower premiums than other insurance providers due to our lower operating costs.
Our experienced insurance professionals can guide you to save money on your insurance and pick the correct contract for you.
We offer a large range of offers and discounts for our customers.
Additionally, we can insure non-EU citizens with their local driving licences (e.g. Russia, Belarus, Kazakhstan etc.).
Pitsas Insurances is a leading choice for expatriates and international companies in Cyprus and one of the biggest insurance providers in the country.
We cooperate with the biggest international underwriters and all local underwriters in Cyprus.
As a result of our excellent team and the number of contracts we handle, we can acquire the most desirable insurance deals for our clients.
Providing generous discounts on our underwriter’s predetermined premiums is an additional benefit we grant to our customers.
Pitsas Insurances can find the most affordable and cheap insurance in Cyprus, and buying everything you need online is possible.
Pitsas Insurances is the largest online insurance provider in Cyprus.
We have taken more of our services online since 2004, enabling our clients to browse our insurance packages from the comfort of their homes.
You can easily acquire insurance contracts online comfortably from your living room.
Our experienced insurance consultants will provide you with an outstanding customer experience online.
Our client’s safety is paramount and part of our core values. We use the highest quality security measures to ensure your personal data is safe.
We provide free consulting through video calls and conferences for ease of communication.
Nevertheless, we keep certain traditions going at Pitsas Insurances, and we are more than an online provider since we are a “phygital” insurance company.
Customers are welcome to visit our office for a face-to-face consultation.
Insurance is about compensating, and we ensure that an actual insurance consultant is handling your account to guide you through and uncomplicate the process of receiving your compensation.
At Pitsas Insurances, we believe in building strong interpersonal relationships. We consider our customers friends and invest significant time to help them achieve their financial aims.
There is not one best insurance contract that is suited to everyone. However, there are ways we can help you find your ideal contract.
Our consultants analyse your personal needs and budget with the details you provide so we know what you’re looking for. We can then try to find the best insurance option for you.
We use a systematic procedure to find you the best insurance in Cyprus, starting with understanding the minimum number of terms your contract should include.
We must then analyse your clients, suppliers, partners and regulators’ requirements to ensure you have adequate coverage for your needs.
To increase your protection and provide extra coverage, we also suggest optional terms you can add to your policy.
We know how to find you the most affordable contract in Cyprus. Beneficially for our clients, our contracts have fewer exceptions than comparable ones.
Pitsas Insurances can find the best deals with the cooperation of more international underwriters than any other insurance company in Cyprus.
Pitsas Insurances has been operating since 1985 and is one of the oldest and most reputable insurance companies in Cyprus.
We cooperate with the largest local and international underwriters and can quickly prepare quotes for you with all the insurance products that interest you.
To learn more about what we offer and for more Cyprus insurance policies, visit our website here.
If you have any questions, you can send us a message here.
Pitsas Insurances Team