Famagusta Insurance. Affordable insurance in Famagusta.

Famagusta Insurance - A Complete Guide

In this complete guide to Famagusta insurance, we will cover the key types of personal and business insurance contracts available for purchase in Famagusta and reveal what you can expect to pay for each.

We will include the ranges, averages and minimums of most contracts in Famagusta and share ways you can lower your insurance costs.

Using the advice outlined in this guide, you can potentially save thousands of euros on your insurance policies.

Table of contents

Types of insurance
How much is Famagusta insurance in 2023?
How to save money on your insurance in Famagusta?
Affordable Famagusta insurance
Online insurance Famagusta
Best Famagusta insurance
Famagusta insurance quotes

Types of insurance

Insurance in Famagusta is categorised into two main categories.

Individual insurance policies
Professional or Business insurance policies

In the next section of our guide, we will introduce the coverages you can expect to find under these two categories of insurance.

Individual insurance policies

Life Insurance
Home Insurance
Car Insurance
Boat Insurance
Health Insurance
Immigration Health Insurance
Income Protection Insurance
Personal Accident Insurance
Travel Insurance
Critical Illness Insurance
Saving Insurance - Private Pensions

Life Insurance

Life insurance acts as protection for an insured’s dependents (or chosen beneficiaries) against the financial impacts of their death. It can help the beneficiaries pay off debt and more.

Famagusta Life Insurance

You can read our Cyprus life insurance guide on our website here.

Home Insurance

Various types of home insurance in Famagusta exist to suit different needs, including insurance for homeowners, holiday homeowners, tenants, landlords, and protection for home contents.

Famagusta Home Insurance

You can read our Cyprus home insurance guide on our website here.

Motor Insurance

In Famagusta, the three main types of motor insurance for sale are third party liability, third party, fire and theft, and comprehensive insurance. Third party liability is mandatory in Cyprus.

Famagusta Car Insurance

You can read our Cyprus car insurance guide on our website here.

Yacht Insurance

Boat insurance protects boat or watercraft owners and covers specific damage costs in the case of an accident, including third-party property damage and injury. It isn’t mandatory in Cyprus, but some docking stations will require you to carry it.

Famagusta Boat Insurance

You can read our Cyprus boat insurance guide on our website here.

Health Insurance

Health insurance protects an insured from paying for health care expenses alone. It can cover the treatment of a medical condition, accidental bodily injury, or disease.

Famagusta Health Insurance

You can read our Cyprus health insurance guide on our website here.

Immigration Medical Insurance

Immigration medical insurance is a health insurance policy. The acquisition of immigration medical insurance is compulsory for foreign nationals planning to live or work in Cyprus.

Famagusta Immigration Medical Insurance

You can read our Cyprus immigration medical insurance guide on our website here.

Income Protection Insurance

Income protection insurance can compensate for lost income in cases where the insured loses their income to covered risks. It is invaluable for self-employed and business people.

Famagusta Income Protection Insurance

You can read our Cyprus income protection insurance guide on our website here.

Personal Accident Insurance

Personal accident insurance can also make up for lost income in cases of a temporary or permanent loss due to covered risks. It’s ideal coverage for self-employed people and businessmen.

Famagusta Personal Accident Insurance

You can read our Cyprus personal accident insurance guide on our website here.

Travel Insurance

Travel insurance acts as protection for travellers and covers various risks associated with travelling, from minor inconveniences to major calls for concern.

Famagusta Travel Insurance

You can read our Cyprus travel insurance guide on our website here.

Critical Illness Insurance

Critical illness insurance is priceless insurance coverage to own when experiencing an unexpected medical issue. It will quickly go into effect to pay for any treatment in cases of covered causes.

Famagusta Critical Illness Insurance

You can read our Cyprus critical illness insurance guide on our website here.

Group Pension and Saving Plans

Private pensions and savings insurance are the only non-government saving plans recognised by Cypriot tax authorities as being valid tax exemptions.

Famagusta Group Pensions and Saving Plans

You can read our Cyprus saving insurance guide on our website here.

Business insurances policies Famagusta

Employers Liability Insurance
Professional Indemnity Insurance (Errors & Ommissions Insurance)
Keyman Life Insurance or Employees' Group Life Insurance
Business Insurance (Business Owner Policy)
Cyber Insurance, Ransomware and Multimedia Insurance
General Public Liability Insurance (GPL)
D&O Insurance (Directors and Officers Insurance)
Marine Cargo Insurance
Group Medical Insurance (Inpatient and Outpatient Insurance)

Employers Liability Insurance

Employers liability insurance acts as protection for business owners against employee work-related claims and lawsuits resulting from covered causes, such as illness or injury. It is mandatory insurance if you have employees in Cyprus.

Famagusta Employers Liability Insurance

You can read our Cyprus employers liability insurance guide on our website here.

Errors & Ommissions Insurance (E&O) or Professional Indemnity Insurance

Errors and Ommissions insurance is invaluable protection for business owners and protects a company from claims arising from actual or alleged professional mistakes. It can help to pay for legal fees and more.

Famagusta Professional Indemnity Insurance

You can read our Cyprus professional indemnity insurance guide on our website here.

Keyman Life Insurance or Employees' Group Life Insurance

Keyman insurance acts as protection for a company’s key employees. It can cover the potential financial implications of losing team members and interruptions to their business services.

Famagusta Keyman Insurance

You can read our Cyprus keyman insurance guide on our website here.

Business Insurance (Business Owner's Insurance Policy)

Business or commercial insurance is well-rounded coverage to protect a company from various covered events and potential financial losses. Covered risks span from third-party property damage to professional errors.

Famagusta Business Insurance

You can read our Cyprus business insurance guide on our website here.

Cyber Insurance, Ransomware and Multimedia Insurance

Cyber risk insurance protects a company from attacks on its online business activities. It is ideal for businesses that provide IT services to third parties.

Famagusta Cyber Insurance

You can read our Cyprus cyber insurance guide on our website here.

General Public Liability Insurance (GPL)

General public liability insurance acts as protection for a company against claims made by the public. It can help to cover costs arising from injuries, death, property damage, and lawsuits.

Famagusta General Public Liability Insurance

You can read our Cyprus general public liability insurance guide on our website here.

D&O Insurance

Directors and officers (D&O) insurance acts as protection for a company against any type of claim regarding their business management.

D&O claims have risen in Cyprus in the past five years, making D&O insurance crucial coverage for business owners.

Famagusta D&O Insurance

You can read our Cyprus D&O insurance guide on our website here.

Marine Cargo Insurance

Marine cargo insurance is crucial cover for business owners who transport their product services or goods for commercial reasons. It covers more modes of transportation than sea and boat and can help to cover the costs arising from the damage or loss of goods.

Famagusta Marine Cargo Insurance

You can read our Cyprus marine insurance guide on our website here.

Group Medical Insurance for Employees

Group medical insurance is a business insurance option for employers to offer their employees. It provides coverage for health care and treatment of accidental bodily injury and disease.

Famagusta Group Health Insurance

You can read our Cyprus group health insurance guide on our website here.

How much is Famagusta insurance in 2023?

Here are the costs, including the ranges, minimums and averages of premiums, for each type of insurance that is found in Famagusta.

We have excluded outliers from our statistics (i.e., excessively high premiums that were caused by unusual conditions).

The cost of personal insurance policies in Famagusta

Cost of Famagusta car insurance

The average cost:

Car insurance third party cost (average): €265
Car insurance comprehensive cost (average): €475

The range of cost:

Car insurance third party cost (range): €170 - €450
Car insurance comprehensive cost (range): €250 - €2500

Cheapest Famagusta car insurance:

Car insurance third party cost (minimum): €170
Car insurance comprehensive cost (minimum): €250

To receive a tailor-made car insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta home insurance

Home insurance cost (average): €235
Home insurance cost (range): €100 - €1750
Cheapest Famagusta home insurance: €100

To receive a tailor-made home insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta health insurance

Health insurance cost (average - annually): €1450
Health insurance cost (range - annually): €780 - €3950
Cheapest Famagusta Health insurance(annually): €780

To receive a tailor-made health insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta life insurance

Life insurance cost (average): €450
Life insurance cost (range): €145 - €7000
Cheapest Famagusta Life Insurance: €145

To receive a tailor-made life insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of immigration medical insurance in Famagusta

Immigration medical insurance cost (average): €150
Immigration medical insurance cost (range): €80 - €275

Cheapest Immigration medical insurance:

Cost with outpatient expenses (minimum): €80
Cost without outpatient expenses (minimum): €120

To receive a tailor-made immigration medical insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta personal accident insurance

Personal accident insurance cost (average - annually): €450
Personal accident insurance cost (range - annually): €120 - €1600
Personal accident insurance cost (minimum - annually): €120

To receive a tailor-made personal accident insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta critical illness insurance

Critical illness insurance cost (average - annually): €520
Critical illness insurance cost (range - annually): €150 - €2000
Cheapest critical illness insurance (annually): €150

To receive a tailor-made critical illness insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta income protection insurance

Income protection insurance cost (average - annually): €450
Income protection insurance cost (range - annually): €120 - €1600
Cheapest Income protection insurance (annually): €120

To receive a tailor-made income protection insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta yacht insurance

Boat insurance cost (average): €950
Boat insurance cost (range): €550 - €7000
Cheapest Famagusta Boat insurance cost: €550

To receive a tailor-made boat insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta travel insurance

Travel insurance cost (average - 7-day single trip): €45
Travel insurance cost (range - 7-day single trip): from €20 - €250
Cheapest Famagusta Travel insurance (7-day single trip): €20

To receive a tailor-made travel insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

The cost of Famagusta business insurance policies

Cost of Famagusta business insurance

Business insurance cost (average): €350
Business insurance cost (range): €90 - €2,500
Cheapest Famagust business insurance: €90

To receive a tailor-made business insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta employers liability insurance

Employers liability insurance cost (average): €250
Employers liability insurance cost (range): €90 - €1,750
Cheapest Famagusta employers liability insurance cost: €90

To receive a tailor-made employers liability insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta professional indemnity insurance

Professional indemnity insurance cost (average): €550
Professional indemnity insurance cost (range): €200 - €12,000
Cheapest Famagusta Professional indemnity insurance: €200

To receive a tailor-made professional indemnity insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta directors and officers insurance

D&O insurance cost (average): €1200
D&O insurance cost (range): €600 - €20,000
Cheapest Famagusta directors and officers insurance: €600

To receive a tailor-made D&O insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta cyber insurance

Cyber insurance cost (average): €900
Cyber insurance cost (range): €400 - €45,000
Cheapest Famagusta Cyber insurance: €400

To receive a tailor-made cyber insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta general public liability insurance

General public liability insurance cost (average): €450
General public liability insurance cost (range): €200 - €1,500
Cheapest Famagusta general public liability insurance cost: €20

To receive a tailor-made general public liability insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta group health insurance

Group health insurance cost (average - per employee/monthly): €125
Group health insurance cost (range - per employee/monthly): €35 - €450
Cheapest Famagusta group health insurance (per employee/monthly): €35

To receive a tailor-made group health insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

Cost of Famagusta keyman insurance

Keyman insurance cost (average): €450
Keyman insurance cost (range): €145 - €7000
Cheapest Famagusta keyman insurance: €145

To receive a tailor-made keyman insurance quotation complete with an accurate cost, fill in our questionnaire, and we will prepare a quote for you within minutes.

How to save money on your Famagusta insurance

General tips and advice to save money on your insurance in Famagusta

Use our tips and advice here to save on your Famagusta insurance.

Choose a family plan instead of an individual plan if applicable to you. Individual policies come with an issuance fee, whereas family contracts include discounts.
Ask your insurance agent to bundle your policies. You can buy various policies with only one insurance company and receive a multiple policies discount.
Most insurers in Cyprus allow customers to include a deductible on their contracts. You can save money on your insurance by increasing the deductible (excess).
Wherever possible, remove unnecessary insurance terms that don’t correlate to your personal or professional needs.
If applicable, work with a specialist expatriate insurance company because they can cater to expats’ needs.
Pitsas Insurances can consult with you about your insurance needs for free and work within your budget. Contact us over email or telephone: [email protected], 70070500.
Choose standard insurance companies instead of intermediaries like accountants or lawyers because they charge extra fees.

Tips to reduce the cost of your Famagusta car insurance

Cypriot driving licence owners automatically receive a lower car insurance price.
Bundle your car insurance contract with other ones, like your home insurance, to get an instant discount on your insurance.
Insure all your vehicles with one insurance company to receive an “additional car discount”.
Present evidence of your clean driving history by providing your non-claim history document to your current insurer for a discount.
Change the terms of your insurance to declare who will drive your vehicle rather than allowing anyone aged 25 to 70 to drive it. Add additional drivers with a cover note.
Non-EU citizens can be insured inexpensively with Pitsas Insurances with their local driving licences.

Tips to reduce the cost of your Famagusta house insurance

Install alarm systems at home to automatically lower your premium by 5% to 10%.
Protect your expensive belongings in a safe at home to automatically receive a lower insurance premium.
If you employ a housemaid to look after your home, her mandatory employer’s insurance can be covered under your home insurance at a lower price.
Create a document detailing your personal belongings for your home’s content insurance application for a lower premium. You'll also be prepared in case of a claim.
Choose an all-risk house insurance policy. Even though it is initially more expensive than a standard one, it can make up for that by covering 25% more claims.
Declare expensive items and their market value separately on your insurance contract. Your premium will be more costly upfront, but you will get paid in case of a claim.
Declare the reconstruction value of your property to receive an accurate cost that reflects your insurance needs.
Buy holiday home or landlord insurance, specifically if you are renting your property. These contracts are significantly cheaper (20% on average) and contain specialised coverage.

Tips to reduce the cost of your Famagusta health insurance

Get insured under a group health insurance plan if your employer offers one. Group health insurance always costs less than individual health insurance.
Choose a local provider for cheaper insurance if you have resided in the country for over six months within a year.
Choose an insurance contract without outpatient expenses as a member of the GESY.
Choose a health insurance provider with a portfolio of cooperating with a vast network of clinics in the country. In the case of costly treatment, a wide range of clinics can spare you from paying upfront costs.

Tips to reduce the cost of your Famagusta life insurance

If you have a mortgage on your property, choose decreasing term life insurance for a cheaper premium.
Purchase life insurance when you are young when it is cheapest.
If you do not want a savings and cash value component as part of your insurance, acquire a cheaper term life insurance contract instead of whole life.

Tips to reduce the cost of your Famagusta immigration health insurance

Start your insurance when you have an appointment with the immigration department in Cyprus on that same day.
Choose a family insurance plan instead of individual insurance if you can. Individual plans contain issuance fees per contract, so you can save money and get a discount with a family plan.
All insurance providers must sell immigration health insurance with identical terms, so simply choose the policy with the cheapest premium.

Tips to reduce the cost of your Famagusta business insurance

If you work remotely from a home office, purchase home insurance that can also insure any equipment you use for your business.
If you are a small business owner, purchase a small business contract. These contracts are much cheaper than standard insurance.
When choosing employers liability insurance, pick the minimum required covered amount of €170,000.
Purchase a business policy. It includes product liability, premises public liability, content insurance, and employers liability insurance.

Tips to reduce the cost of your Famagusta professional indemnity insurance

Specifically, pick Cyprus as the jurisdiction for your professional indemnity insurance contract.
Specify your professional indemnity contract’s territorial limits to the countries where you conduct business services.
Ask your freelancers or subcontractors to acquire their own professional indemnity insurance contracts.
Accurately complete the professional indemnity application form to minimise the possibility of paying over the odds for coverage you don’t need.

Tips to reduce the cost of your Famagusta directors & officers insurance

Reject additional D&O coverages you don’t need, e.g. employment practices liability.
Specifically, pick Cyprus as the jurisdiction for your D&O insurance contract.
Add your D&O insurance on your professional indemnity contract if you have one.
Answer the D&O insurance application form questions as accurately as possible to get accurate insurance for your needs.
Specify your contract’s territorial limits to the countries where you conduct business services.

Tips to reduce the cost of your Famagusta boat insurance

Reject any irrelevant coverage you know you won’t use.
Specify the navigable waters of your contract and your limits to only the countries you use your boat or watercraft.
Enquire about a layup discount if you do not use your watercraft for part of the year.
Report back to your insurance provider about ways in which you are keeping your watercraft in good repair.

Tips to reduce the cost of your Famagusta cyber insurance

Specify your cyber contract’s territorial limits to only the countries you provide services.
Drop coverage that isn’t complementary to your needs.
Increase your company’s computer security, such as using multi-factor authentication.
Employ data protection officers to work with your team to resolve cybersecurity issues.

Tips to reduce the cost of your Famagusta travel insurance

Purchase a travel policy on a yearly contract for an immediate discount.
Don’t acquire insurance from travel agents as they always charge more money.

Affordable Famagusta insurance

We work with many prestigious underwriters worldwide and all local underwriters based in Cyprus, making us a leading choice for insurance in the country.

Our leading role in the insurance industry in Cyprus means we are also the number one choice for international companies and expatriates based here.

In addition, our clients are benefitted from further attractive deals on our underwriter’s affordable predetermined premiums.

Cheap Famagusta Insurance

We can acquire the most affordable insurance in Famagusta for our clients. Moreover, our contracts have fewer exceptions than comparable ones in Cyprus.

Due to our lower operating costs, our premiums are comparatively lower than other insurance providers in Cyprus.

Online insurance Famagusta

Pitsas Insurances extended its customer base in 2004, taking more services online, enabling clients worldwide to easily acquire insurance from their homes.

We are the largest online insurance provider in Cyprus that can also insure individuals physically in our offices nationwide.

You are welcome to make an appointment for a consultation in our offices. Nevertheless, we also provide free online conferencing if you prefer to communicate online.

Communication is key to our business practice, and we assign an actual insurance consultant to handle your account with you every step of the way.

We make sure to handle claims fairly and help you receive any compensation you are owed with minimal bureaucracy.

Our experienced insurance agents aim to provide you with outstanding customer experience throughout your time communicating with them, and we ensure your personal data is kept safe.

We endeavour to build lasting interpersonal relationships at Pitsas Insurances and treat our customers as friends who we help to actualise their financial aims.

Best Famagusta insurance

There is not one best insurance contract for purchase in Famagusta, but we have ways to find you the best contract in Famagusta suited to your needs.

Our insurance agents carefully analyse your needs, whether personal or professional, with the details from your questionnaire answers. We can work within any budget.

We have a systematic process that allows us to determine the ideal amount of terms your contract should include.

In this process, we can analyse your network’s requirements to cover your needs correctly and can then suggest optional terms for your policy to increase your protection.

Famagusta insurance quotes

Pitsas Insurances has been serving the people of Famagusta since 1985 and has become one of Cyprus’s most renowned insurance companies.

We work with the most prestigious underwriters locally and globally, and together we can prepare every type of insurance quote for you of interest.

To find out more about what we offer in Famagusta and for more insurance products, visit our website here.

Pitsas Insurances Team

Limassol, Cyprus