Expat insurance in Cyprus. Affordable expat insurance in Cyprus.
Expat Insurance in Cyprus
In this analytical guide to expat insurance in Cyprus, we will examine the main types of insurance available in the country and what each covers.
Additionally, we will present the average and minimum cost of most insurance contracts in Cyprus and what you can expect to pay for expat insurance.
We will also suggest easy and clever ways to decrease the cost of your insurance. You can save up to thousands on one contract by following our advice.
Table of contents
- Types of expat insurance in Cyprus
- Affordable expat insurance in Cyprus
- How much is expat insurance in Cyprus in 2023?
- How to save on your expat insurance
- Online expat insurance Cyprus
- Cyprus expat insurance quotes
- Best expat insurance Cyprus
Types of expat insurance in Cyprus
Insurances in Cyprus can be classified into two categories:
- Personal insurance policies
- Business insurance policies
Personal insurance policies
- Home Insurance
- Car Insurance
- Life Insurance
- Health Insurance
- Personal Accident Insurance
- Immigration Medical Insurance
- Income Protection Insurance
- Critical Illness Insurance
- Travel Insurance
- Boat Insurance
- Savings Insurance
Expat Home Insurance
The main types of home insurance policies available in Cyprus are:
- home insurance
- content insurance
- holiday home insurance
- landlords insurance
Home insurance
Standard home insurance is intended for those who live in their house permanently instead of temporarily living there.
Most home insurance contracts cover specific damages and losses, including liability cover, but they come with limits as standard.
Anything that is excluded from a policy can be covered by a separate one (e.g., electrical equipment insurance and all-risk insurance).
Generally, standard home insurance financially protects your home and belongings from damage costs. It can help pay for minor repairs or major restoration.
Covered losses of standard home insurance include earthquake, weather events, fire, and theft damage.
Holiday home insurance
Holiday home insurance (or second home insurance) is intended to cover property that isn’t a primary place of residence.
This insurance is ideal if you use your holiday home in Cyprus while travelling and rent it out or leave it unattended while living in your primary residence.
Regardless of how often you visit your second home, this coverage is essential to carry if you own a holiday home.
Holiday home contracts operate in the same way as standard home insurance and protect a property’s structure and contents, but all policies vary.
Policy details vary depending on your property type.
Note: Third party liability is obligatory for holiday home owners in Cyprus.
Landlord insurance
This specific insurance is intended to meet the needs of a landlord and protect rented properties. Landlord insurance contains personal liability coverage.
If you face a lawsuit for damages or injuries that are your fault as a landlord, liability coverage will help cover legal expenses.
Most landlord insurance also covers property from fire and extreme weather events.
Landlord insurance is not required by law. However, most lenders require it if you have a mortgage or are financing the property.
Standard home insurance doesn’t cover landlords and rental properties, so landlord insurance is a must for insuring your rented property.
Note: Third party liability is obligatory for landlords in Cyprus.
Content insurance
This type of insurance is sometimes known as personal property insurance. Content insurance protects the belongings in your home.
Most contents insurance in Cyprus covers everyday items you have at home, including:
- Furniture
- Electricals
- Personal belongings
Extra coverage can be purchased for expensive items, including:
- Professional tools and equipment
- Gym or hobby equipment (e.g. bicycles)
- Valuables (such as antiques and jewellery)
To ensure your home insurance fully protects you, calculate your belongings’ replacement costs. We show you how to calculate that amount in our article listed below.
Home Insurance in Cyprus
See here to read our article about home insurance in Cyprus.
Expat Car Insurance
There are three main types of car insurance in Cyprus.
- Third party liability
- Third party, fire and theft
- Fully comprehensive
Third party car insurance in Cyprus
This type of car insurance is a legal requirement in Cyprus.
If you are involved in a car accident involving another vehicle, third party liability insurance covers the other driver’s expenses and those related to third party property damage, injury and death.
Not only are you covered by this type of insurance, but other drivers in your vehicle and any passengers are also covered in the event of a crash.
You can even drive cars of the same type with third party liability insurance, even if the owner’s insurance contract does not contain the term that 25 to 70-year-olds can drive the car.
In addition, third party insurance covers you if you draw a trailer. Windscreen damages up to a certain amount, and roadside assistance are also provided when needed.
Third party, fire and theft car insurance in Cyprus
Third party fire and theft insurance in Cyprus covers everything that standard third party liability insurance does.
As its name suggests, this type of insurance will go into effect to cover the damage costs if your vehicle is stolen or burned.
Third party, fire and theft coverage is more expensive than standard third party liability insurance because it covers more risks.
Carrying this type of insurance is advisable if you have a holiday home and own a car in Cyprus but primarily live abroad.
Comprehensive car insurance in Cyprus
Fully comprehensive car insurance in Cyprus offers the exact same coverage as the previous two policies, while it also covers natural disasters (i.e. hurricanes, floods, storms, and earthquakes).
Comprehensive insurance covers damages if you are involved in an accident, regardless of who was at fault.
These contracts always contain a deductible amount in Cyprus, also known as an excess. As specified in your policy, this excess amount will be deducted from your vehicle’s repair costs.
Fully comprehensive insurance gives you the benefit of compensation for every day you can’t use your vehicle due to damages.
Car Insurance in Cyprus
See here to read our article about car insurance in Cyprus.
Expat Life Insurance
Life insurance is a vital policy to protect your dependents (children and/or spouse) from the possibility of losing you and the financial worries you might leave behind as a result.
Buying life insurance provides you with peace of mind and financial security for your dependents. It helps to cover living expenses, medical fees, or final expenses and is helpful for paying off debts.
Term life and whole life insurance are two of the most popular types of insurance in Cyprus.
Life insurance premiums in Cyprus are lower than in other places in Europe.
How does life insurance work in Cyprus?
Like most standard life insurance, the policyholder signs an agreement with an insurance company.
The policyholder pays the premium (annual or monthly), and their beneficiaries will receive a predetermined lump-sum amount (death benefit or life cover) in case of their death.
The predetermined lump sum amount works to secure your family’s future if something unforeseen happens to you.
Some life insurance plans come with a savings component which can go towards your pension.
Life Insurance in Cyprus
You can find out more about life insurance in Cyprus by visiting our website here.
Expat Health Insurance
In Cyprus, standard health insurance is provided by two sources:
- Private insurance providers.
- The Government: General Healthcare System (GESY).
To learn more about GESY in Cyprus, see our article here.
Health policies can be acquired by any of the following groups of people:
- An individual: individual health insurance
- A family: family health insurance
- A company: for their employees and their dependents
To find out more about group health insurance, see here.
Health insurance coverage
In general, Cyprus health insurance covers specific accidents or diseases, some of which might not be covered under certain conditions.
Health insurance coverages in Cyprus are divided into two main categories:
- Inpatient expenses
- Outpatient expenses
You can find out more about health insurance in Cyprus by visiting our website here.
Personal Accident Insurance
This insurance product is ideal for self-employed people and businessmen.
Personal accident insurance provides a steady source of income for the insured in case they are unable to work, temporarily or permanently.
Specifically, personal accident insurance includes the following:
- Accidental Death Insurance
- Permanent Partial Disability Insurance
- Total Permanent Disability Insurance
- Temporary Disability Insurance
Generally, this coverage goes into effect when you cannot work due to an accident.
How does personal accident insurance work in Cyprus?
As mentioned above, personal accident insurance includes various insurance coverages and covers the following specific set of events.
- Accidental death
- Inability to work as usual (permanently, partially able to work)
- Cannot work permanently
- Cannot work temporarily
Personal Accident Insurance in Cyprus
To read more about personal accidents in Cyprus, see here.
Immigration Medical Insurance
Anyone planning on moving to Cyprus needs to acquire immigration insurance.
Immigration medical insurance is a medical insurance policy compulsory for all non-EU residents who want to temporarily or permanently move to Cyprus and for most EU citizens wishing to permanently live or work in the country.
Specifically, immigration health insurance is ideal for applicants of the following Cyprus residency regimes:
- Pink Slip (non-EU members)
- Yellow Slip (EU members)
- Permanent Residency (non-EU members)
- MEU1 (EU members)
- MEU2 (Family members of EU members who are not Europeans)
- MEU3 (Family members of EU members who are Europeans)
- MUKW1, MUKW2, MUKW3 (UK Nationals)
Immigration Medical Insurance in Cyprus
You can read more about immigration medical insurance in Cyprus on our website here.
Income Protection Insurance
This is a crucial insurance product for self-employed people and businessmen.
Income protection coverage provides a backup of income if you temporarily or permanently cannot work.
Income protection insurance policies in Cyprus include the following coverages:
- Permanent Partial Disability Coverage
- Total Permanent Disability Coverage
- Temporary Disability Coverage
Income protection insurance includes various insurance coverages and is designed to protect the insured in case they are unable to work due to an unexpected event.
How do income protection policies work in Cyprus?
Income protection insurance in Cyprus goes into effect for the following types of events.
- If you cannot perform your job like normal until the end of your life (i.e. permanently but partially able to work)
- If you permanently cannot work
- If you temporarily cannot work
What does income protection insurance exclude?
Income Protection Insurance is nearly identical to Personal Accident Insurance, but it does not contain coverage for accidental death.
Income Protection Insurance in Cyprus
To read more about income protection in Cyprus and what it can do for you, see here.
Critical Illness Insurance
Critical illness insurance can be a lifesaver during an unexpected medical event.
While no one wants to consider it, critical illness coverage can offer you peace of mind and financial support when you might need it.
This coverage will go into effect if you are diagnosed with a critical illness requiring immediate medical attention and costly treatment.
This form of protection can ease a financially stressful time during a crisis. If you suffer from lost wages, critical illness insurance can prove invaluable.
How does critical illness insurance work in Cyprus?
Depending on your chosen plan, critical illness coverage may provide a lump sum amount or monthly instalments to help pay for extra healthcare fees.
Coverage limits vary between plans, but any policy allows you to focus on recovering from an illness rather than financially paying for it.
Critical illness insurance in Cyprus
To read more about critical illness insurance in Cyprus and what it can do for you, see here.
Expat Travel Insurance
Travel insurance can protect you against risks and financial losses you might face while travelling.
The covered risks in travel insurance range from minor inconveniences like missed connections and luggage delays to major issues, including critical illnesses and injuries.
There are many types of travel insurance contracts in Cyprus. Each travel insurance contract has significant differences, reflecting the varying costs.
What does travel insurance in Cyprus cover?
Depending on your coverage choices, travel insurance in Cyprus can cover various potential damages and losses.
In Cyprus, travel insurance typically includes the following:
- Trip delay
- Change fee
- Trip cancellation
- Trip interruption
- Lost luggage
- Stolen or lost passports
- Repatriation cover
- Covid coverage
Travel insurance exclusions in Cyprus usually include the following:
- Alcohol or drug-fueled incidents
- Failure to have vaccinations
- Pre-existing medical conditions
- Ongoing war conflicts in certain countries
- Riding a motorbike without a helmet or licence
- Omissions or errors when you book your trip
- Loss of belongings or luggage that were left unattended
- Pandemics (some policies don’t include covid incidents)
Travel Insurance in Cyprus
To read more about travel insurance in Cyprus and what it can do for you, see here.
Boat Insurance
Boat insurance is designed to shield you and your watercraft against liability and covered damages in the event of an accident involving your watercraft, including third party injury or damage to another’s property.
Boat insurance covers many types of watercraft, regardless of their use (i.e. private or commercial), including:
- Sailboats
- Motorboats
- Jet boats
- Inflatable boats
What does boat insurance cover in Cyprus?
Boat insurance includes coverage for injuries to a third party and damage to a third party’s property if you are found at fault for an accident.
Boat insurance in Cyprus can also cover the theft of various types of watercraft.
Typically, the watercraft itself and its furnishings, hull, machinery, and permanently attached equipment are covered by boat insurance.
It is not a compulsory insurance contract in Cyprus, but you might be obligated to carry it if you are financing your watercraft or dock it at a marina.
Marinas often require boat insurance, such as Limassol Marina requires third-party liability insurance.
Even though boat insurance isn’t a legal requirement, it is wise to cover your investment with insurance.
Boat Insurance in Cyprus
See here to read more about boat insurance in Cyprus.
Saving Insurance - Private Pensions
A savings insurance contract is an invaluable product for anyone who is a tax resident in Cyprus, regardless if it is their permanent home or not.
Savings insurance and private pensions in Cyprus are the only independent saving plans that the Cypriot tax authorities view as being valid tax exemptions.
All tax residents of Cyprus who own a business, and highly paid employees who are registered in the social insurance system, will benefit from the tax exemptions.
Saving Insurance - Private Pensions in Cyprus
You can read more about this type of insurance in Cyprus here.
Business insurance policies
- Business Insurance
- General Public Liability Insurance
- Cyber Insurance
- Keyman Insurance
- D&O Insurance
- Professional Indemnity Insurance
- Employers Liability Insurance
- Marine Insurance
- Group Health Insurance
To find out more about these types of insurance, see the ‘business’ section of our website here.
How much is expat insurance in Cyprus in 2023?
The following section of this guide presents the range of premiums you can expect to see for the various personal insurances.
Our statistics exclude what is known as “outlier” costs. Outlier premium costs are much higher than normal due to unusual conditions.
Cost of personal insurance for expats
Cost of expats car insurance
Average:
- Third-party cost: €265
- Comprehensive cost: €475
Range:
- Third-party cost: €170 - €450
- Comprehensive cost: €250 - €2500
Minimum:
- Third-party cost: €170
- Comprehensive cost: €250
Complete our questionnaire to receive a tailored quote with an accurate figure of what your car insurance cost will be.
Cost of home insurance for expats
- Average: €235
- Range: €100 - €1750
- Minimum: €100
Complete our questionnaire to receive a tailored quote with an accurate figure of what your home insurance cost will be.
Cost of health insurance for expats
- Average (annually): €1450
- Range (annually): €780 - €3950
- Minimum (annually): €780
Complete our questionnaire to receive a tailored quote with an accurate figure of what your health insurance cost will be.
Cost of life insurance for expats
- Average: €450
- Range: €145 - €7000
- Minimum: €145
Complete our questionnaire to receive a tailored quote with an accurate figure of what your life insurance cost will be.
Cost of immigration medical insurance for expats
- Average: €150
- Range: €80 - €275
The minimum cost of immigration medical insurance for expats:
- With outpatient option: €80
- Without outpatient option: €120
Complete our questionnaire to receive a tailored quote with an accurate figure of what your immigration medical insurance cost will be.
Cost of personal accident insurance for expats
- Average (annually): €450
- Range (annually): €120 - €1600
- Minimum (annually): €120
Complete our questionnaire to receive a tailored quote with an accurate figure of what your personal accident insurance cost will be.
Cost of critical illness insurance for expats
- Average (annually): €520
- Range (annually): €150 - €2000
- Minimum (annually): €150
Complete our questionnaire to receive a tailored quote with an accurate figure of what your critical illness insurance cost will be.
Cost of income protection insurance for expats
- Average (annually): €450
- Range (annually): €120 - €1600
- Minimum (annually): €120
Complete our questionnaire to receive a tailored quote with an accurate figure of what your income protection insurance cost will be.
Cost of boat insurance for expats
- Average: €950
- Range: €550 - €7000
- Minimum: €550
Complete our questionnaire to receive a tailored quote with an accurate figure of what your boat insurance cost will be.
Cost of travel insurance for expats
- Average (7-day single trip): €45
- Range (7-day single trip): from €20 - €250
- Minimum (7-day single trip): €20
Complete our questionnaire to receive a tailored quote with an accurate figure of what your travel insurance cost will be.
How to save on your expat insurance
Tips to save money on many types of expat insurance
Regardless of what insurance you want to acquire, use these universal tips to save money on various insurance products.
- Bundle your policy to get a multiple policies discount.
- Remove redundant terms that don’t match your personal or professional needs.
- Raise your deductible amount to instantly save money.
- Choose family contracts, not individual ones, for a lower price.
- Don’t choose intermediaries because they always charge an intermediary fee.
- Speak with Pitsas Insurances, who can help you to save money. Contact us: Tel: 70070500 (RU/EN) or email: [email protected].
How to reduce your house insurance cost
- Choose an all-risk policy - they cover 25% more claims even though they are slightly more expensive.
- Create an itemised list for your home’s content insurance application to prepare for a claim and reduce your insurance cost.
- Insert alarm systems to reduce your premium cost by 5% - 10%.
- Use a safe for your belongings to easily reduce the cost of your home insurance.
- Buy a specific holiday home or landlord insurance to meet your particular needs. These contracts have tailored terms, and they are approx. 20% cheaper than standard policies.
- Declare any expensive items you own on your home insurance separately to increase the likelihood of getting paid in case of a claim.
How to reduce your life insurance cost
- Choose decreasing term life insurance if you have a mortgage instead of term life insurance.
- Choose term life insurance if a saving or a cash value component is unnecessary for you, as it’s less expensive than standard whole life insurance.
- Life insurance is cheaper when you are young and in good health.
How to reduce your health insurance cost
- If you are a GESY registered citizen, pick an insurance plan excluding the option for outpatient expenses.
- By choosing a trusted company that works with a large network of clinics, the chances of them paying for expenses upfront are higher, so you won’t have to.
- Choose group health insurance if you are offered this scheme by your employer. It is always cheaper than a standard plan.
- Opt for insurance with companies that insure people with past medical conditions.
How to reduce your car insurance cost
- Exclusively declare the drivers who will use your vehicle rather than selecting the term that enables all drivers from 25 to 70 to drive your vehicle.
- Give your insurance agent your non-claims history document to prove your clean driving record to receive a discount.
- Bundle your insurance to receive a discount, such as bundling your motor insurance with your house insurance.
- Get a Cypriot driving licence to receive a lower rate for car insurance.
- You receive an “additional car discount” by insuring all your vehicles with only one insurance company. Pitsas Insurances can insure non-EU citizens with their local driving licences (e.g. Belarus, Kazakhstan, and Russia.)
How to reduce your boat insurance cost
- Declare the specific countries where you use your boat to avoid paying extra for cover in an extended area you do not travel.
- Provide your insurance company with updated reports to prove you are maintaining your boat to keep it in good condition.
- If you intend to use your watercraft all year round but do not, ask about a layup discount, which can be especially useful in the winter months.
How to reduce your immigration health insurance cost
- Request that your insurance contract starts on the exact day of your appointment with the Cyprus immigration authorities.
- All insurance providers sell immigration insurance with the same terms, so try to find the one with the lowest premium.
How to reduce your travel insurance cost
- Travel agents charge more for their insurance, so choose a traditional provider instead.
- Save money with a discount by choosing an annual travel insurance plan, especially if you’re a frequent traveller.
Affordable Expat Insurance in Cyprus
Pitsas Insurances is the biggest insurance contract provider for expatriates and international companies in Cyprus.
We work with the largest international underwriters and all local underwriters in Cyprus, and because of this, we can create dedicated contracts for expatriates at affordable rates.
Cheap expat insurance Cyprus
We are able to sell our contracts at a significantly lower price than those of the competition.
In addition to the reasonable selling prices of our contracts, we provide discounts on our underwriter’s predetermined premiums.
Online expat insurance Cyprus
Pitsas Insurances is an award-winning online insurance provider for expats in Cyprus.
We have taken more of our services online since 2004 to make it accessible for our customers to buy insurance contracts without leaving the comfort of their homes.
We also offer our customers free consulting through video calls and conferences.
If completing your application online isn’t your preference, you are welcome to visit our office for a face-to-face consultation.
Our experienced insurance consultants use every online tool to their advantage to provide you with an outstanding customer experience.
Expat insurance Cyprus
As a company, we implement the highest cybersecurity to ensure the safety of your personal data.
We understand how frustrating it is to talk to automated machines, so we don’t use them. We ensure a real-life insurance consultant handles your account and guides you through the process of receiving any compensation you are owed.
We strongly believe in building positive interpersonal relationships and view our customers as friends.
We invest in our customers and spend a significant amount of time helping them to achieve their financial aims.
Cyprus expat insurance quotes
Pitsas Insurances is among the longest-standing insurance companies in Cyprus and opened its doors in 1985.
We work with the best local and international underwriters globally and can prepare every kind of insurance quote for you that you're interested in.
Best expat insurance Cyprus
To find you the best expat insurance in Cyprus, our experienced insurance consultants analyse your needs to gather options that suit your needs.
We work with your budget constraints to find you the best insurance contract.
Compared with other insurance policies, ours have fewer exceptions than those with comparable terms in Cyprus.
We work alongside more international underwriters than any other insurance company in Cyprus, enabling us to find you the best deals.
Visit our website for more information.
Pitsas Insurances Team