Insurance in Limassol. Affordable insurance in Limassol.

Insurance in Limassol - A complete guide

This complete guide to insurance in Limassol will analytically cover the main types of individual and business insurance contracts available in the city.

We will examine the price range of most of these insurance contracts, including the average and minimum prices. We will also suggest various ways to reduce the price of these insurances.

You will know how to cut costs on your insurance by the end of this guide and potentially save thousands on just one contract.

Table of contents

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

Types of insurances in Limassol

Insurances in Limassol are classified into two main categories with extensive options.

We will introduce the types of insurance under each category.

Personal (individual) insurance
Business (commercial) insurance

Personal insurance policies in Limassol

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

Health Insurance

Health insurance works to cover your healthcare expenses in the event you need financial aid for disease or bodily injury accidents.

The insurance company sometimes pays for these healthcare expenses upfront. In other cases, you will be compensated by the insurance company after paying for the expenses and providing them with the receipts.

Health Insurance in Limassol

See here to read our complete guide to health insurance in Cyprus.

Home Insurance

Various types of home insurance are available in Limassol to suit different needs.

Landlords insurance
Homeowners insurance
Holiday home insurance
Contents insurance

Landlords insurance

Landlord insurance works to protect a landlord’s rented property and contains various coverages, such as personal liability coverage.

If you face a damage or injury claim made by a tenant, liability coverage will go into effect to help pay for the associated expenses.

For landlords, third party liability coverage is compulsory in Cyprus.

Homeowners insurance

Standard home insurance is designed for homeowners who live in their insured property year-round.

Homeowners insurance covers specific damages and losses and includes liability cover, but standard policies have limits. Separate home policies are designed to cover exclusions.

Holiday home insurance

25% of holiday homes in Cyprus are located in Limassol.

Holiday home insurance is designed for people who live in their insured property for part of the year, often while on holiday.

This insurance covers a secondary place of residence and is ideal for people who use the insured property in Cyprus while travelling.

For holiday home property owners, third party liability coverage is compulsory in Cyprus.

Contents insurance

Content insurance works to provide financial protection for the contents of your home and goes into effect if your home suffers covered risks.

Sometimes known as personal property insurance, most contents insurance in Limassol helps to replace or repair common household items, such as furniture and electrical items.

Home Insurance in Limassol

See here to read our complete guide to home insurance in Cyprus.

Car Insurance

There are three car insurance coverages in Limassol.

Third-party liability
Third-party, fire and theft
Comprehensive

Third-party car insurance

This coverage is a legal requirement the Republic of Cyprus.

If you are involved in a car accident, third-party liability covers the other driver’s expenses while it also covers third-party property damage, injury and death.

Coverage extends to other drivers in your vehicle and any passengers also.

Third-party, fire and theft car insurance

This coverage works to protect you in the same ways as standard third-party liability insurance.

In addition, third-party, fire and theft also cover any damage expenses arising from the theft of your vehicle and fire.

Comprehensive car insurance

Fully comprehensive (or comprehensive) car insurance offers identical coverage as the previous two insurances while it also covers natural disasters like storms, earthquakes, floods and hurricanes.

Comprehensive insurance covers vehicle damages in an accident regardless of who caused it.

Car Insurance in Limassol

See here to read our complete guide to car insurance in Cyprus.

Life Insurance

Life insurance works to financially protect your family from the possibility of your death and the financial issues it would cause them.

Insuring your life gives you the peace of mind that your family will be financially secure to pay off any debts, living expenses, and medical or final expenses after you pass away.

Life Insurance in Limassol

See here to read our complete guide to life insurance in Cyprus.

Boat Insurance

Boat insurance works to financially protect you and your boat from covered risks, including third-party injury or damage to another’s property.

This insurance covers various watercrafts, regardless if they’re private or commercial, such as inflatable boats, motorboats, sailboats, and jet boats.

Boat Insurance in Limassol

See here to read our complete guide to boat insurance in Cyprus.

Critical Illness Insurance

Critical illness insurance works to help you pay for healthcare expenses for an unexpected or urgent medical issue.

This coverage will go into effect to financially protect you in the event you are diagnosed with a critical illness that requires costly treatment.

Critical Illness Insurance in Limassol

See here to read our complete guide to critical illness insurance in Cyprus.

Immigration Medical Insurance

Acquiring immigration medical insurance is a prerequisite for anyone planning to move to Cyprus.

It’s a compulsory and standardised medical insurance policy for all non-EU nationals applying for any type of residency status and for most EU nationals planning to live or work in the country.

Immigration Medical Insurance in Limassol

See here to read our complete guide to immigration medical insurance in Cyprus.

Travel Insurance

Travel insurance works to mitigate the financial losses that could arise from covered risks while you are travelling.

The covered risks include issues such as missed connections, luggage delays, trip cancellations, and even critical illnesses and injuries.

Travel Insurance in Limassol

See here to read our complete guide to travel insurance in Cyprus.

Income Protection Insurance

Income protection insurance works to financially safeguard self-employed people and businessmen.

It’s an essential insurance product designed to protect you from a loss of income if you become temporarily or permanently unable to work as normal.

Income Protection Insurance in Limassol

See here to read our complete guide to income protection insurance in Cyprus.

Personal Accident Insurance

Personal accident insurance is another indispensable insurance policy for self-employed people and businessmen.

Personal accident insurance offers identical coverage to income protection insurance, while it additionally covers accidental death.

Personal Accident Insurance in Limassol

See here to read our complete guide to personal accident insurance in Cyprus.

Saving Insurance & Private Pensions

Whether you are domiciled in Cyprus or not, savings insurance is a valuable insurance product if you are a tax resident in Cyprus.

Savings insurance is the only independent saving plan recognised by Cypriot tax authorities as a valid tax exemption.

Saving Insurance & Private Pensions in Limassol

See our complete guide to savings insurance & private pensions in Cyprus here.

Business insurances policies in Limassol

Keyman Insurance
D&O Insurance
Business Insurance
Cyber Insurance
Employers Liability Insurance
Marine Insurance
Professional Indemnity Insurance
General Public Liability Insurance
Group Health Insurance

Keyman Insurance

Keyman insurance works to protect an employer’s key employees and those who might be difficult to replace. The “key men” are the company’s most valuable employees.

Your company can face service interruptions and financial losses if you lose core employees, which is exactly what keyman insurance will help you to avoid.

Keyman Insurance in Limassol

See here to read our complete guide to keyman insurance in Cyprus.

D&O Insurance

Directors and officers insurance, also known as D&O insurance, is a critical coverage to carry in Limassol.

It works to protect you or your company from wrongful acts in managing your company, whether that’s actual or alleged wrongdoings.

If you face a claim as a director or officer of a company, this insurance will help to cover legal expenses, lawsuit settlements, and other fees.

D&O Insurance in Limassol

See here to read our complete guide to D&O insurance in Cyprus.

Business Insurance

Business insurance (or commercial insurance) works to protect your business from various covered risks in managing your company and the consequent financial losses that can arise as a result.

The various coverages in business insurance cover events such as theft, professional errors, property damage, cyber-attacks, accidents and injuries.

Business Insurance in Limassol

See here to read our complete guide to business insurance in Cyprus.

Cyber Insurance

Cyber insurance works to protect companies handling sensitive data online and carrying out their business services online.

It’s an invaluable insurance product no matter what services you provide online, and it’s also indispensable if you provide IT services to third parties.

Cyber Insurance in Limassol

See here to read our complete guide to cyber insurance in Cyprus.

Employers Liability Insurance

Employer liability insurance works to protect business owners against legal action resulting from employee work-related injury or illness claims.

Your business might face expensive legal costs for such claims, such as attorney fees and settlements, and employers liability insurance can help to cover the costs.

Employers Liability Insurance in Limassol

See here to read our complete guide to employers liability insurance in Cyprus.

Marine Insurance

Marine insurance covers commercial goods and property that are being transported from one place to another as part of commercial services.

This insurance works to reduce the financial consequences arising from the damage and loss of these goods and property.

The covered goods can be transported in various ways, such as via a boat, a plane, and a vehicle, yet still be covered by marine insurance.

Marine Insurance in Limassol

See here to read our complete guide to marine insurance in Cyprus.

Professional Indemnity Insurance

Professional indemnity insurance works to protect you in the event of claims and subsequent lawsuits for actual or alleged professional mistakes.

Regardless if you are found guilty or not, support with legal defence can help you avoid paying for lawsuits and compensation fees on your own, potentially leading to bankruptcy.

Professional Indemnity Insurance in Limassol

See here to read our complete guide to professional indemnity insurance in Cyprus.

General Public Liability Insurance

General public liability insurance works to protect a company against claims made by the general public (i.e. their clients or visitors).

It goes into effect to help you pay for medical costs and other expenses resulting from injuries and property damage, or even death.

General Public Liability Insurance in Limassol

See here to read our complete guide to general public liability insurance in Cyprus.

Group Health Insurance

Group health insurance is a healthcare insurance option that employers provide to their staff members. It provides expenses for accidental bodily injury or disease.

Hospitalisation expenses (or inpatient expenses) are included in group plans, and there is usually an option for outpatient expenses or those expenses arising outside of hospitalisation.

Group Health Insurance in Limassol

See here to read our complete guide to group health insurance in Cyprus.

How much is Cyprus insurance in Limassol in 2023?

The following section presents the statistical range of insurance premiums you can expect to find in Limassol for the different types of insurance.

These statistics exclude “outliers”, which are abnormally expensive premium prices resulting from abnormal circumstances.

Personal insurance policies prices in Limassol

Car insurance price in Limassol

The average price of car insurance in Limassol:

Third-party car insurance price: €265
Comprehensive car insurance price: €475

The price range of car insurance in Limassol:

Third-party car insurance price: €170 - €450
Comprehensive car insurance price: €250 - €2500

The minimum price of car insurance in Limassol:

Third-party car insurance price: €170
Comprehensive car insurance price: €250

To receive a tailor-made quotation and an accurate figure of your car insurance cost, complete our questionnaire here.

Home insurance price in Limassol

The average price of home insurance in Limassol: €235
The price range of home insurance in Limassol: €100 - €1750
The minimum price of home insurance in Limassol: €100

To receive a tailor-made quotation and an accurate figure of your home insurance cost, complete our questionnaire here.

Health insurance price in Limassol

The average price of health insurance in Limassol (annually): €1450
The price range of health insurance in Limassol (annually): €780 - €3950
The minimum price of health insurance in Limassol (annually): €780

To receive a tailor-made quotation and an accurate figure of your health insurance cost, complete our questionnaire here.

Life insurance price in Limassol

The average price of life insurance in Limassol: €450
The price range of life insurance in Limassol: €145 - €7000
The minimum price of life insurance in Limassol: €145

To receive a tailor-made quotation and an accurate figure of your life insurance cost, complete our questionnaire here.

Immigration medical insurance price in Limassol

The average price of immigration medical insurance in Limassol: €150
The price range of immigration medical insurance in Limassol: €80 - €275

The minimum price of immigration medical insurance in Limassol:

Plus outpatient expenses price: €80
Minus outpatient expenses price: €120

To receive a tailor-made quotation and an accurate figure of your immigration medical insurance cost, complete our questionnaire here.

Personal accident insurance price in Limassol

The average price of personal accident insurance in Limassol (annually): €450
The price range of personal accident insurance in Limassol (annually): €120 - €1600
The minimum price of personal accident insurance in Limassol (annually): €120

To receive a tailor-made quotation and an accurate figure of your personal accident insurance cost, complete our questionnaire here.

Critical illness insurance price in Limassol

The average price of critical illness insurance in Limassol (annually): €520
The price range of critical illness insurance in Limassol (annually): €150 - €2000
The minimum price of critical illness insurance in Limassol (annually): €150

To receive a tailor-made quotation and an accurate figure of your critical illness insurance cost, complete our questionnaire here.

Income protection insurance price in Limassol

The average price of income protection insurance in Limassol (annually): €450
The price range of income protection insurance in Limassol (annually): €120 - €1600
The minimum price of income protection insurance in Limassol (annually): €120

To receive a tailor-made quotation and an accurate figure of your income protection insurance cost, complete our questionnaire here.

Boat insurance price in Limassol

The average price of boat insurance in Limassol: €950
The price range of boat insurance in Limassol: €550 - €7000
The minimum price of boat insurance in Limassol: €550

To receive a tailor-made quotation and an accurate figure of your boat insurance cost, complete our questionnaire here.

Travel insurance price in Limassol

The average price of travel insurance in Limassol (7-day single trip): €45
The price range of travel insurance in Limassol (7-day single trip): from €20 - €250
The minimum price of travel insurance in Limassol (7-day single trip): €20

To receive a tailor-made quotation and an accurate figure of your travel insurance cost, complete our questionnaire here.

Business insurance policies prices in Limassol

Business insurance price in Limassol

The average price of business insurance in Limassol: €350
The price range of business insurance in Limassol: €90 - €2,500
The minimum price of business insurance in Limassol: €90

To receive a tailor-made quotation and an accurate figure of your business insurance cost, complete our questionnaire here.

Employers liability insurance price in Limassol

The average price of employers liability insurance in Limassol: €250
The price range of employers liability insurance in Limassol: €90 - €1,750
The minimum price of employers liability insurance in Limassol: €90

To receive a tailor-made quotation and an accurate figure of your employers liability insurance cost, complete our questionnaire here.

Professional indemnity insurance price in Limassol

The average price of professional indemnity insurance in Limassol: €550
The price range of professional indemnity insurance in Limassol: €200 - €12,000
The minimum price of professional indemnity insurance in Limassol: €200

To receive a tailor-made quotation and an accurate figure of your professional indemnity insurance cost, complete our questionnaire here.

Directors and officers insurance price in Limassol

The average price of D&O insurance in Limassol: €1200
The price range of D&O insurance in Limassol: €600 - €20,000
The minimum price of D&O insurance in Limassol: €600

To receive a tailor-made quotation and an accurate figure of your D&O insurance cost, complete our questionnaire here.

Cyber insurance price in Limassol

The average price of cyber insurance in Limassol: €900
The price range of cyber insurance in Limassol: €400 - €45,000
The minimum price of cyber insurance in Limassol: €400

To receive a tailor-made quotation and an accurate figure of your cyber insurance cost, complete our questionnaire here.

General public liability insurance price in Limassol

The average price of public liability in Limassol: €450
The price range of public liability in Limassol: €200 - €1,500
The minimum price of public liability in Limassol: €200

To receive a tailor-made quotation and an accurate figure of your public liability insurance cost, complete our questionnaire here.

Group health insurance price in Limassol

The average price of group health insurance in Limassol (per employee/monthly): €125
The price range of group health insurance in Limassol (per employee/monthly): €35 - €450
The minimum price of group health insurance in Limassol: €35

To receive a tailor-made quotation and an accurate figure of your group health insurance cost, complete our questionnaire here.

Keyman insurance price in Limassol

The average price of keyman insurance in Limassol: €450
The price range of keyman insurance in Limassol: €145 - €7000
The minimum price of keyman insurance in Limassol: €145

To receive a tailor-made quotation and an accurate figure of your keyman insurance cost, complete our questionnaire here.

How to save on your insurance in Limassol

General advice to cut costs on your insurance

Use our tips below to save on your insurance in Limassol.

If possible, you can save money by removing redundant insurance terms unsuitable for your personal or professional needs.
You can save on your insurance by raising your deductible, which most insurers in Limassol allow you to do.
You can receive a discount known as a multiple policies discount if you buy all of your policies with only one insurance company.
Certain insurance companies specialise in expatriate insurance. If you are an expat, these companies will have specialised insurance which can help you to save money.
If you have a family, opt for family plans over individual ones, as you can save money on issuance fees that are charged per individual contract.
Intermediaries, such as lawyers and accountants, charge intermediary fees, so avoid choosing them for buying insurance.

How to reduce the price of your car insurance in Limassol

You can receive a generous discount on your car insurance in Limassol by bundling it with your home insurance.
Owners of Cyprus driving licences pay lower prices for their car insurance, so we suggest to acquire a Cyprus driving license.
Request your non-claims history document from your previous car insurer to present to your current provider. You will automatically get a discount for a clean driving record.
You can receive an “additional car discount” if you get all your vehicles insured by one insurance company.
We can insure non-EU nationals (e.g. Belarus, Russia, Kazakhstan etc.) with their local driving licences.
Exclusively declare the age of the drivers using your car and their experience level instead of enabling all drivers from 25 to 70 to drive your car. You can add additional drivers to your insurance with a cover note.

How to reduce the price of your house insurance in Limassol

Use a safe to protect your expensive belongings for an easy way to reduce your home insurance premium.
Insert alarm systems in your home, like smoke and burglar alarms, to reduce your home insurance cost. The cost will decrease by 5% - 10%.
Your housemaid’s obligatory employer’s liability contract can go under your home insurance at a lower price than a standard one.
Choose an all-risk policy for an overall reduced home policy cost. An all-risk policy is slightly more expensive upfront, but it makes up for that by covering 25% more claims.
Declare your expensive items on your insurance separately (e.g. fine art) at their market value. Your premiums might be higher, but so is the likelihood of getting paid for a claim.
Send an itemised list of your belongings with your home’s content insurance application. Your premium will be reduced, and you will be protected and prepared in case of a claim.
Declare the reconstruction value of your property for an accurate price of your home insurance. This amount is always lower than the market value of your property which many agents use. Pitsas Insurances can help you calculate this amount correctly.
Get dedicated holiday home or landlord insurance if applicable for you. These contracts have dedicated terms for people renting their properties and are cheaper than standard home insurance policies by approximately 20%.

How to reduce the price of your health insurance in Limassol

Pick an insurance plan without outpatient expenses if you are a Cyprus resident registered in Cyprus’s general healthcare system (GESY).
If you have the opportunity, opt to get insured by your employer’s group health insurance, as it’s always cheaper than a standard individual policy.
Choose insurance companies that do not have an exclusion for past conditions and specifically those that occurred five years ago.
Choose a local insurance company for affordable insurance instead of an international one if you have resided in Cyprus for over six months consecutively within one year.
Choose a trusted insurance company that cooperates with many clinics in Cyprus, as this increases the chances of your healthcare expenses being paid for upfront. You may need to pay upfront in other cases, which may be problematic for expensive operations.

How to reduce the price of your life insurance in Limassol

Acquire a cheaper term life insurance over whole life insurance if you do not want a savings and cash value component included as part of your contract.
Choose decreasing term life insurance instead of term life insurance if you are paying off a mortgage, as it’s a cheaper option.
Buy life insurance as soon as you can, as it’s cheapest when you are young and healthy.

How to reduce the price of your immigration health insurance in Limassol

Family packages are always cheaper than individual policies making for an easy way to save on insurance as a family.
Choose immigration insurance with the lowest premium. All immigration medical contracts are identical in Cyprus as it’s a standardised government policy, making choosing one when shopping around easier.
Ask your insurance provider to start your contract the same day you have an appointment with the immigration authorities.

How to reduce the price of your business insurance in Limassol

For employers liability insurance, pick €170,000, the minimum required covered amount.
If you work remotely from home, choose a homeowners policy that can also insure your business equipment.
As a small business, ask for a contract dedicated to small businesses, as these policies are significantly cheaper.
Bundle all of your insurance under one policy instead of separate ones to reduce your costs. The standard commercial insurance contract in Cyprus includes premises public liability, employers liability insurance, product liability and content insurance.

How to reduce the price of your professional indemnity insurance in Limassol

Choose Cyprus as the contract’s jurisdiction so you pay for your exact location.
Ask any subcontractors or freelancers working with you to acquire their own professional indemnity insurance to save on costs.
Specify your contract’s territorial limits exclusively to the countries you provide services.
The more in-depth you describe your business activities on your application, the easier it will be for underwriters to insure you correctly. A truthful application will help you to receive the right coverage for your business needs, in turn minimising any unnecessary coverages and extra costs.

How to reduce the price of your directors and officers insurance in Limassol

Select Cyprus as the contract’s jurisdiction so you pay for your exact location.
Exclude additional coverages you might not need, for example, employment practices liability.
One of the easiest ways to lower your premium is to fill out the application form accurately.
Specify the territorial limits to the countries you carry out your business services to cut costs.
Add directors & officers insurance coverage on your professional indemnity insurance contract, if possible.

How to reduce the price of your boat insurance in Limassol

Provide updated surveillance reports to your insurer to prove that you are keeping up with maintenance and abiding by precautions to keep your watercraft in good condition.
Limit the navigable waters on your contract to the specific countries you use your watercraft.
Don’t waive coverage for a part of the year, and ensure your watercraft is covered if you do not use it throughout the whole year.
Enquire about a layup discount if your watercraft remains in storage for part of the year.

How to reduce the price of your cyber insurance in Limassol

Instead of buying various cyber insurance coverages, train your employees to handle certain cyber-attacks. Implementing a cybersecurity training program can save you money in the long run.
As well as training employees, consider hiring data protection officers to assist with certain cyberattacks.
Specify your territorial limits to only those countries and locations where you do business and exclude other regions.
Drop additional cyber coverage or add-ons if you know you won’t require them, such as multimedia coverage, phone hacking or ransomware.
Frequently update your security systems to mitigate risks and increase your company’s computer security.

How to reduce the price of your travel insurance in Limassol

Don’t buy insurance from travel agents, as it's always a more expensive choice.
If you are a frequent traveller, acquire an annual travel policy with a discount.

Affordable insurance in Limassol

Pitsas Insurances is a trusted choice for expatriates and international companies in Limassol and one of Cyprus’s biggest insurance providers.

We provide the most affordable insurance deals for our clients through the growing number of contracts we handle and our team’s expertise.

We work with all of the local underwriters in the country and the biggest international ones allowing us to provide generous discounts on their predetermined premiums.

Cheap Insurance Limassol

Pitsas Insurances know how to find the cheapest insurance in Limassol. In addition, you can buy affordable insurance online.

Online insurance Limassol

We are the largest online insurance provider in Cyprus, Limassol, and internationally since taking more services online in 2004.

Our online services have enabled us to serve our clients while they’re comfortably seated at home. You can acquire insurance contracts easily with us from your living room.

Our friendly insurance agents are on call to provide exceptional customer service, all done using tight security measures to keep your data safe.

We can also communicate with you and answer your questions online via a free video call or consultation. All you need to do is arrange an appointment with us.

Nevertheless, we maintain certain traditions at Pitsas Insurances, and you are more than welcome to arrange a face-to-face consultation in our office.

Even though you can purchase insurance independently online, you won’t be without an actual insurance consultant to guide you through anything you need help with, including receiving compensation.

At Pitsas Insurances, we build lasting interpersonal relationships with our clients, who are considered more like our friends.

We invest significant energy to help all of the clients we serve to achieve their financial goals.

Best Limassol insurance

The best insurance contract is subjective and determined by your unique needs.

Pitsas Insurances work with you and the information on your insurance application to tailor your best insurance contract.

Our methodical process begins by determining the minimum number of terms your policy should include. Then we examine any of your professional or personal networks’ requirements.

We first ensure you are adequately covered, then suggest ways to boost your protection with optional extra coverage.

Insurance Limassol

Our clients gain the most affordable contracts in Limassol through our services, and these contracts have fewer exceptions than comparable ones in the country.

We work alongside more international underwriters than any other insurer in Cyprus.

Limassol insurance quotes

Pitsas Insurances is a renowned insurance company and one of the oldest in Cyprus.

We have been operating since 1985 and continually seek to improve our business services to meet our client’s financial goals.

We work with the largest international and local underwriters to bring you the highest quality insurance services in Cyprus.

We can prepare quotes for you within minutes of every insurance product that interests you.

For more offerings and guides on how to help you save money on your insurance in Cyprus, visit our website here.

Pitsas Insurances Team