Cyprus insurance in 2024. How to save money on insurance in Cyprus
A complete guide to Cyprus insurance
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
- Types of insurances in Cyprus
- How much is insurance in Cyprus in 2024?
- How to save on your insurance in Cyprus
- Affordable Cyprus insurance
- Online insurance Cyprus
- Best Cyprus insurance
- Cyprus insurance quotes
Types of insurances in Cyprus
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.
Personal insurance policies in Cyprus
- Car Insurance
- Home Insurance
- Health Insurance
- Life Insurance
- Immigration Health Insurance
- Personal Accident Insurance
- Critical Illness Insurance
- Boat Insurance
- Travel Insurance
- Saving Insurance - Private Pensions
Car Insurance
There are three categories of car insurance in Cyprus.
- Third-party liability insurance
- Third-party, fire, and theft insurance
- Comprehensive insurance
Third-party car insurance
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 insurance
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.
Comprehensive car insurance
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 damages if you are involved in a car accident, regardless of who caused the accident.
Car Insurance in Cyprus
To learn more about car insurance in Cyprus, read here.
Home Insurance
There are numerous types of home insurance policies in Cyprus, including the following:
- Home insurance
- Holiday home insurance
- Landlords insurance
- Content insurance
Home insurance
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.).
Holiday home insurance
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
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.
Content insurance
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.
Home Insurance in Cyprus
See here to read more about home insurance in Cyprus.
Health Insurance
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.
Health Insurance in Cyprus
To read more about health insurance in Cyprus, see here.
Life Insurance
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.
Life Insurance in Cyprus
To read more about life insurance in Cyprus, see here.
Immigration Medical Insurance
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.
Immigration Medical Insurance in Cyprus
To read more about immigration medical insurance in Cyprus, see here.
Personal Accident Insurance
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.
Personal Accident Insurance in Cyprus
To read more about personal accident insurance in Cyprus, see here.
Critical Illness Insurance
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.
Critical Illness Insurance in Cyprus
To read more about critical illness insurance in Cyprus, see here.
Boat Insurance
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).
Boat Insurance in Cyprus
To read more about boat insurance in Cyprus, see here.
Travel Insurance
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.
Travel Insurance in Cyprus
To read more about travel insurance in Cyprus, see here.
Saving Insurance - Private Pensions
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.
Saving Insurance - Private Pensions in Cyprus
To find out more about this insurance, see our article here.
Business insurances policies in Cyprus
- Business Insurance
- Employers Liability Insurance
- Professional Indemnity Insurance
- D&O Insurance
- Cyber Insurance
- General Public Liability Insurance
- Marine Insurance
- Group Health Insurance
- Keyman Insurance
Business Insurance
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.
Business Insurance in Cyprus
To read more about business insurance in Cyprus, see here.
Employers Liability Insurance
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.
Employers Liability Insurance in Cyprus
Visit our website here to learn more about employers liability insurance in Cyprus.
Professional Indemnity Insurance
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.
Professional Indemnity Insurance in Cyprus
Visit our website here to read more about professional indemnity insurance in Cyprus.
D&O Insurance
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.
D&O Insurance in Cyprus
To read more about D&O insurance, see here.
Cyber Insurance
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.
Cyber Insurance in Cyprus
To read more about cyber insurance in Cyprus, visit our website here.
General Public Liability Insurance
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.
General Public Liability Insurance in Cyprus
To read more about general public liability insurance, visit our website here.
Marine Insurance
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.
Marine Insurance in Cyprus
To read more about marine insurance in Cyprus, see here.
Group Health Insurance
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.
Group Health Insurance in Cyprus
To read more about group health insurance in Cyprus, visit our website here.
Keyman Insurance
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.
Keyman Insurance in Cyprus
To read more about keyman insurance in Cyprus, see here.
How much is Cyprus insurance in Cyprus in 2024?
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).
Personal insurance policies costs in Cyprus
Car insurance cost in Cyprus
Average car insurance cost in Cyprus:
- Car insurance third party cost: €265 (annually)
- Car insurance comprehensive cost: €475 (annually)
Range of car insurance cost in Cyprus:
- Car insurance third party cost: €170 - €450
- Car insurance comprehensive cost: €250 - €2500
Minimum car insurance cost in Cyprus:
- Car insurance third party cost: €170
- Car insurance comprehensive cost: €250
For a personalised quotation with the accurate cost of your car insurance, complete our online questionnaire.
Home insurance cost in Cyprus
- Average home insurance cost in Cyprus: €235
- Range of home insurance cost in Cyprus: €100 - €1750
- Minimum home insurance cost in Cyprus: €100
For a personalised quotation with the accurate cost of your home insurance, complete our online questionnaire.
Health insurance cost in Cyprus
- Average health insurance cost in Cyprus (annually): €1450
- Range of health insurance cost in Cyprus (annually): €780 - €3950
- Minimum health insurance cost in Cyprus (annually): €780
For a personalised quotation with the accurate cost of your health insurance, complete our online questionnaire.
Life insurance cost in Cyprus
- Average life insurance cost in Cyprus: €450
- Range of life insurance cost in Cyprus: €145 - €7000
- Minimum life insurance cost in Cyprus: €145
For a personalised quotation with the accurate cost of your life insurance, complete our online questionnaire.
Immigration medical insurance cost in Cyprus
- Average immigration medical insurance cost in Cyprus: €150
- Range of immigration medical insurance cost in Cyprus: €80 - €275
Minimum immigration medical insurance cost in Cyprus:
- With outpatient expenses: €80
- Without outpatient expenses: €120
For a personalised quotation with the accurate cost of your immigration insurance, complete our online questionnaire.
Personal accident insurance cost in Cyprus
- Average personal accident insurance cost in Cyprus (annually): €450
- Range of personal accident insurance cost in Cyprus (annually): €120 - €1600
- Minimum personal accident insurance cost in Cyprus (annually): €120
For a personalised quotation with the accurate cost of your personal accident insurance, complete our online questionnaire.
Critical illness insurance cost in Cyprus
- Average critical illness insurance cost in Cyprus (annually): €520
- Range of critical illness insurance cost in Cyprus (annually): €150 - €2000
- Minimum critical illness insurance cost in Cyprus (annually): €150
For a personalised quotation with the accurate cost of your critical illness insurance, complete our online questionnaire.
Income protection insurance cost in Cyprus
- Average income protection insurance cost in Cyprus (annually): €450
- Range of income protection insurance cost in Cyprus (annually): €120 - €1600
- Minimum income protection insurance cost in Cyprus (annually): €120
For a personalised quotation with the accurate cost of your income protection insurance, complete our online questionnaire.
Boat insurance cost in Cyprus
- Average boat insurance cost in Cyprus: €950
- Range of boat insurance cost in Cyprus: €550 - €7000
- Minimum boat insurance cost in Cyprus: €550
For a personalised quotation with the accurate cost of your boat insurance, complete our online questionnaire.
Travel insurance cost in Cyprus
- Average travel insurance cost (7-day single trip): €45
- Range of travel insurance cost (7-day single trip): from €20 - €250
- Minimum travel insurance cost (7-day single trip): €20
For a personalised quotation with the accurate cost of your travel insurance, complete our online questionnaire.
Business insurance policies costs in Cyprus
Business insurance cost in Cyprus
- Average business insurance cost in Cyprus: €350
- Range of business insurance cost in Cyprus: €90 - €2,500
- Minimum business insurance cost in Cyprus: €90
For a personalised quotation with the accurate cost of your business insurance, complete our online questionnaire.
Employers liability insurance cost in Cyprus
- Average employers liability insurance cost in Cyprus: €250
- Range of employers liability insurance cost in Cyprus: €90 - €1,750
- Minimum employers liability insurance cost in Cyprus: €90
For a personalised quotation with the accurate cost of your employers liability insurance, complete our online questionnaire.
Professional indemnity insurance cost in Cyprus
- Average professional indemnity insurance cost in Cyprus: €550
- Range of professional indemnity insurance cost in Cyprus: €200 - €12,000
- Minimum professional indemnity insurance cost in Cyprus: €200
For a personalised quotation with the accurate cost of your professional indemnity insurance, complete our online questionnaire.
Directors and officers insurance cost in Cyprus
- Average directors and officers insurance cost in Cyprus: €1200
- Range of directors and officers insurance cost in Cyprus: €600 - €20,000
- Minimum directors and officers insurance cost in Cyprus: €600
For a personalised quotation with the accurate cost of your directors and officers insurance, complete our online questionnaire.
Cyber insurance cost in Cyprus
- Average cyber Insurance cost in Cyprus: €900
- Range of cyber Insurance cost in Cyprus: €400 - €45,000
- Minimum cyber Insurance cost in Cyprus: €400
For a personalised quotation with the accurate cost of your cyber insurance, complete our online questionnaire.
General public liability insurance cost in Cyprus
- Average general public liability Insurance cost in Cyprus: €450
- Range of general public liability Insurance cost in Cyprus: €200 - €1,500
- Minimum general public liability Insurance cost in Cyprus: €200
For a personalised quotation with the accurate cost of your general public liability insurance, complete our online questionnaire.
Group health insurance cost in Cyprus
- Average group health insurance cost in Cyprus (per employee/monthly): €125
- Range of group health insurance cost in Cyprus (per employee/monthly): €35 - €450
- Minimum group health insurance cost in Cyprus: €35
For a personalised quotation with the accurate cost of your group health insurance, complete our online questionnaire.
Keyman insurance cost in Cyprus
- Average keyman insurance cost in Cyprus: €450
- Range of keyman insurance cost in Cyprus: €145 - €7000
- Minimum keyman insurance cost in Cyprus: €145
For a personalised quotation with the accurate cost of your keyman insurance, complete our online questionnaire.
How to save on your insurance in Cyprus
General advice to save on insurance in Cyprus
Here are some tips to save on your insurance in Cyprus.
- Most insurance contracts in Cyprus provide the opportunity for a deductible. By raising your deductible, you can save on your insurance.
- Remove redundant insurance terms that do not correspond to your personal or professional needs if you can.
- Prefer family contracts instead of individual policies when you have the opportunity. You will avoid paying the contract issuance fee for each contract. Also, family contracts carry significant discounts.
- Bundle your policy. When you buy various policies with only one insurance company, you will receive a multiple policies discount.
- If you are an expatriate, work with an expatriate insurance company since they have specialised contracts for expatriates.
- Do not acquire insurance from intermediaries (i.e. lawyers, accountants) since they always charge an intermediary fee.
- Licensed insurance agents can analyse your needs for free and suggest ways to save money ([email protected], Tel. 70070500 (RU/EN).
How to reduce your car insurance cost in Cyprus
- Present evidence of a clean driving record to receive a discount. You can request your non-claim history document from the insurance company that previously insured your car.
- Remove the term that enables all drivers from 25 to 70 to drive your car. Instead, exclusively declare the driving experience and the age of the drivers using your car. If an additional driver wants to use the car, add it with a cover note.
- Acquire a Cyprus driving licence. Owners of Cyprus driving licences receive a lower price for car insurance.
- Bundle your car insurance with home insurance to receive a discount.
- Insure all your vehicles with one insurance company to receive an “additional car discount”.
How to reduce your house insurance cost in Cyprus
- Always protect your expensive belongings in a safe.
- Insert alarm systems. This way, your insurance premium will decrease by 5% - 10%.
- Choose an all-risk policy. An all-risk policy might be slightly more expensive, but it does cover 25% more claims.
- If you have a maid, her obligatory employer's liability policy can be covered under your home insurance at a lower premium.
- Create an itemised list detailing all your belongings for your home’s content insurance and send it with your insurance application. Your insurance will cost less, and you will be prepared and protected in the case of a claim.
- For insurance purposes, you need to declare the reconstruction value of your property, which is always lower than the market value of your property. Unfortunately, many insurance agents insure your house using the market and plot values.
- Declare any expensive items you own separately (i.e. fine art, jewellery, carpets, etc.). Provide the insurance company with invoices presenting the item’s market value. The insurance might be slightly more expensive, but you will get paid in the case of a claim.
- If you have a holiday home or are renting your house, ask for holiday home or landlord insurance. These contracts have dedicated terms for those who are renting their properties. Also, they are significantly cheaper than homeowners Cyprus insurance policies (on average, they are 20% cheaper).
How to reduce your health insurance cost in Cyprus
- If offered, get insured under your employer’s group health insurance program, which is always cheaper than a personal policy.
- If you are registered in GESY (the general healthcare system of Cyprus), pick an insurance plan without outpatient expenses.
- If you have lived in Cyprus for over six months within one year, choose a local insurance company instead of an international one.
- Choose an insurance company that cooperates with an extended network of clinics in Cyprus. Otherwise, you will need to pay in advance for your expenses, and then the insurance company will compensate you. This issue is a problem in the case of expensive operations.
- Choose insurance companies that can insure you even if you have suffered from past conditions that occurred five years ago.
How to reduce your life insurance cost in Cyprus
- One of the easiest ways to reduce the cost of life insurance is to acquire a life insurance policy when you are healthy and young.
- If you are not interested in savings and a cash value component, acquire term life insurance which is significantly less expensive than whole life insurance.
- If you have a mortgage, choose decreasing term life insurance instead of term life insurance.
How to reduce your immigration health insurance cost in Cyprus
- Choose a family package instead of an individual policy since it is cheaper.
- To save money, ask your insurance provider to start your insurance on the exact day you have an appointment with the immigration authorities in Cyprus.
- Immigration insurance is a standardised government policy; all insurance companies must sell it with identical terms. Therefore, you should choose the provider with the lowest premium and the best service.
How to reduce your business insurance cost in Cyprus
- If you are a small business, specifically ask for a dedicated small business contract as they are significantly cheaper.
- Choose to have all your coverages under one policy instead of separate policies since it is significantly cheaper. The standard business insurance contract in Cyprus includes employers liability insurance, premises public liability, product liability, and content insurance.
- Pick the minimum required covered amount for employers liability insurance (€170,000).
- If you work from home, pick a home insurance package that can also insure your professional equipment.
How to reduce your professional indemnity insurance cost in Cyprus
- Choose "Cyprus" as a jurisdiction for the contract.
- The cost of insurance decreases significantly if you specify the territorial limits to the countries you provide services.
- Ask freelancers or subcontractors working with you to acquire professional indemnity insurance on their own.
- The better you describe the breadth of your activities in the application form, the better underwriters will be able to comprehend any possible dangers arising from them, thus offering you coverage that is more specific and tailored to your particular needs instead of a more generalised and, by extension, more expensive cover.
How to reduce your directors & officers insurance cost in Cyprus
- Select "Cyprus" as the jurisdiction for the contract.
- Answer all of the questions on the application form analytically.
- Drop additional coverages you might not need, such as Employment Practices Liability.
- If you already have professional indemnity insurance, ask your insurance agent to add directors & officers insurance coverage on the contract.
- The cost of the insurance decreases significantly if you specify the territorial limits to the countries you provide your business services.
How to reduce your boat insurance cost in Cyprus
- Provide an updated surveillance report to prove that your boat abides by all security rules and is in good condition.
- Drop the coverage you don’t need. For example, you might have purchased a policy with the expectation that you would use the boat all year round. If you only use the vessel in the spring, summer, and autumn, you can ask about a winter layup discount.
- Your premium could decrease if you do not use your boat for the winter. It’s important to check if your boat will remain covered. It’s risky to waive coverage completely for a part of the year.
- Limit the navigable waters. If you use your boat only in specific countries (i.e. Cyprus, Greece), then declare it on your policy instead of acquiring coverage for the whole of the Mediterranean Sea.
How to reduce your cyber insurance cost in Cyprus
- Use the help of data protection officers.
- Implement a cybersecurity training program for your employees.
- Increase your computer security (e.g. use multi-factor authentication).
- Limit your territorial limits to the countries that you provide services to.
- Drop additional cybersecurity coverage, such as ransomware and multimedia coverage, if you don’t need them.
How to reduce your travel insurance costs in Cyprus
- Don’t buy insurance from travel agents.
- If you travel often, save money by acquiring an annual travel policy.
Why choose Pitsas Insurances?
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.).
Affordable Cyprus insurance
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.
Cheap Cyprus Insurance
Pitsas Insurances can find the most affordable and cheap insurance in Cyprus, and buying everything you need online is possible.
Online insurance Cyprus
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.
Best Cyprus insurance
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.
Cyprus insurance plans
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.
Cyprus insurance quotes
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