Insurance in Nicosia. Affordable insurance in Nicosia.

A complete guide to insurance in Nicosia

This complete guide to insurance in Nicosia will cover the various types of insurance you will find in the country’s capital.

The types of insurance products that are sold in Cyprus are divided into two broad categories known as individual and business insurance.

We will present the range, average and minimum cost of these insurances and suggest clever methods for decreasing the cost of your insurance.

You will learn how to save hundreds or even thousands of euros on your insurance with our advice contained in this guide.

Table of contents

• Types of insurance in Nicosia
• How much is insurance in Nicosia in 2023?
• How to save on your insurance?
• Affordable insurance in Nicosia
• Online insurance in Nicosia
• Best insurance in Nicosia
• Insurance quotes Nicosia

Types of insurance in Nicosia

Insurance in Nicosia is classified into two broad categories: personal and business insurance.

We will introduce the many types of contracts you can expect to find in Nicosia that are contained under these two types of categories.

Personal insurance policies in Nicosia

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

Travel Insurance

Travel insurance covers specific risks of travelling, such as missed flight connections, luggage delays, illnesses and injuries.

Travel Insurance Nicosia

To see the full article about travel insurance in Cyprus, visit our website here.

Life Insurance

Life insurance works to financially protect the insured and their beneficiaries and can pay for living expenses, debts, and medical or final expenses.

Life Insurance Nicosia

To see the full article about life insurance in Cyprus, visit our website here.

Health Insurance

Health insurance helps to pay for healthcare expenses. Some insurers can pay for expenses upfront in some circumstances, whereas the insured may need to in others and be compensated afterwards.

Health Insurance Nicosia

To see the full article about health insurance in Cyprus, visit our website here.

Car Insurance

There are three main categories of car insurance in Nicosia.

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

Third-party car insurance Nicosia

Third-party liability is required by Cypriot law and covers the other driver’s expenses in the event of an accident and third-party property damage, injury and death. It also covers other drivers and passengers in a vehicle.

Third-party, fire and theft car insurance Nicosia

Third-party, fire and theft covers everything from the above, while it also covers damages caused by fire and theft.

Comprehensive car insurance Nicosia

Comprehensive insurance offers identical coverage to the above and natural disasters. It can cover vehicle damages caused by an accident, no matter who is at fault.

Car Insurance Nicosia

To see the full article about car insurance in Cyprus, visit our website here.

Home Insurance

There are various types of home policies in Nicosia, including the following:

• Landlords insurance
• Homeowners insurance
• Holiday home insurance
• Content insurance

Landlords insurance

Landlord insurance protects rented properties and contains personal liability coverage specifically for landlords.

Third party liability insurance is obligatory if you rent property in Cyprus.

Homeowners insurance

Standard homeowners insurance is designed for homeowners who live in their houses permanently and covers specific damages and losses.

Holiday home insurance

Holiday home insurance covers properties that are lived in as a second home and designed for those who use it while travelling.

Third party liability insurance is obligatory if you own a holiday home in Cyprus. 

Content insurance

Content insurance provides protection for belongings from damages and covers most common household items, including electricals, furniture, and personal belongings.

Home Insurance Nicosia

To see the full article about home insurance in Cyprus, visit our website here.

Personal Accident Insurance

Personal accident insurance is indispensable for self-employed people and businessmen. It can provide a steady stream of money to compensate for a temporary or permanent loss of income.

Personal Accident Insurance Nicosia

To see the full article about personal accident insurance in Cyprus, visit our website here.

Income Protection Insurance

Income protection insurance is crucial for self-employed people and businessmen and can also provide a stable source of income, as above, if you are unable to work.

Income Protection Insurance Nicosia

To see the full article about income protection insurance in Cyprus, visit our website here.

Critical Illness Insurance

Critical illness coverage is invaluable during an emergency and will quickly go into effect during an illness diagnosis that requires urgent medical attention and treatment.

Critical Illness Insurance Nicosia

To see the full article about critical illness insurance in Cyprus, visit our website here.

Immigration Medical Insurance

All non-EU citizens applying for residency in Cyprus and most EU citizens aiming to live or work here must acquire immigration insurance.

Immigration Medical Insurance Nicosia

To see the full article about immigration medical insurance in Cyprus, visit our website here.

Saving Insurance - Private Pension

Savings insurance is indispensable for tax residents in Cyprus, regardless of whether they’re domiciled in Cyprus.

Saving Insurance - Private Pensions Nicosia

To see the full article about saving insurance in Cyprus, visit our website here.

Business insurances policies in Nicosia

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

D&O Insurance

This invaluable insurance product protects a company and its executives from actual or alleged wrongdoings in managing the company and can cover legal fees and more.

D&O Insurance Nicosia

To see the full article about D&O insurance in Cyprus, visit our website here.

Cyber Insurance

Cyber insurance is invaluable for companies working online handling their clients’ or customers’ sensitive data and also for companies providing third-party technology services.

Cyber Insurance Nicosia

To see the full article about cyber insurance in Cyprus, visit our website here.

Keyman Insurance

Keyman insurance is essential for companies who want to insure core employees and helps to cover the potential time and finances that can be lost when needing to replace them.

Keyman Insurance Nicosia

To see the full article about keyman insurance in Cyprus, visit our website here.

Marine Insurance

Marine insurance is designed to cover various goods and property that are being transported for business purposes and covers multiple modes of transportation, such as via sea, air, and land.

Marine Insurance Nicosia

To see the full article about marine insurance in Cyprus, visit our website here.

Group Health Insurance

This health insurance is provided by employers for their employees and covers healthcare expenses in case of accidental injury or disease.

Group Health Insurance Nicosia

To see the full article about group health insurance in Cyprus, visit our website here.

Professional Indemnity Insurance

Professional indemnity insurance covers liability in cases of actual or alleged professional mistakes in running a business, legal defence expenses, and more.

Professional Indemnity Insurance Nicosia

To see the full article about professional indemnity insurance in Cyprus, visit our website here.

General Public Liability Insurance

General public liability insurance covers claims made by the general public against a company and covers various expenses resulting from injuries, death, and property damage.

General Public Liability Insurance Nicosia

To see the full article about general public liability insurance in Cyprus, visit our website here.

Business Insurance

Business insurance is invaluable in safeguarding businesses from unexpected events and financial losses and covers risks such as cyber-attacks, theft, professional errors, and property damage.

Business Insurance Nicosia

To see the full article about business insurance in Cyprus, visit our website here.

Employers Liability Insurance

Employers liability insurance protects businesses against employee work-related illness or injury claims and helps to cover legal costs, such as attorney fees, lawsuits, and settlements.

Employers Liability Insurance Nicosia

To see the full article about employers liability insurance in Cyprus, visit our website here.

How much is insurance in Nicosia in 2023?

The range of insurance premiums in Nicosia can be found below for each type of insurance.

We have excluded the statistics for “outlier” costs, which are incredibly high due to abnormal conditions.

Personal insurance costs in Nicosia

Travel insurance cost in Nicosia

• Average travel insurance cost (7-day single trip): €45
• Range of travel insurance cost (7-day single trip): from €20 - €250
• Cheapest travel insurance in Nicosia (7-day single trip): €20

To receive a personalised quotation with an accurate figure of what your travel insurance will cost, complete our questionnaire here.

Life insurance cost in Nicosia

• Average life insurance cost in Nicosia: €450
• Range of life insurance cost in Nicosia: €145 - €7000
• Cheapest life insurance in Nicosia: €145

To receive a personalised quotation with an accurate figure of what your life insurance will cost, complete our questionnaire here.

Health insurance cost in Nicosia

• Average health insurance cost in Nicosia (annually): €1450
• Range of health insurance cost in Nicosia (annually): €780 - €3950
• Cheapest health insurance in Nicosia (annually): €780

To receive a personalised quotation with an accurate figure of what your health insurance will cost, complete our questionnaire here.

Car insurance cost in Nicosia

Average car insurance cost in Nicosia:

• Car insurance third party cost: €265
• Car insurance comprehensive cost: €475

Range of car insurance cost in Nicosia:

• Car insurance third party cost: €170 - €450
• Car insurance comprehensive cost: €250 - €2500

Cheapest car insurance in Nicosia:

• Car insurance third party cost: €170
• Car insurance comprehensive cost: €250

To receive a personalised quotation with an accurate figure of what your car insurance will cost, complete our questionnaire here.

Home insurance cost in Nicosia

• Average home insurance cost in Nicosia: €235
• Range of home insurance cost in Nicosia: €100 - €1750
• Cheapest home insurance in Nicosia: €100

To receive a personalised quotation with an accurate figure of what your home insurance will cost, complete our questionnaire here.

Personal accident insurance cost in Nicosia

• Average personal accident insurance cost in Nicosia (annually): €450
• Range of personal accident insurance cost in Nicosia (annually): €120 - €1600
• Minimum personal accident insurance cost in Nicosia (annually): €120

To receive a personalised quotation with an accurate figure of what your personal accident insurance will cost, complete our questionnaire here.

Critical illness insurance cost in Nicosia

• Average critical illness insurance cost in Nicosia (annually): €520
• Range of critical illness insurance cost in Nicosia (annually): €150 - €2000
• Minimum critical illness insurance cost in Nicosia (annually): €150

To receive a personalised quotation with an accurate figure of what your critical illness insurance will cost, complete our questionnaire here.

Income protection insurance cost in Nicosia

• Average income protection insurance cost in Nicosia (annually): €450
• Range of income protection insurance cost in Nicosia (annually): €120 - €1600
• Minimum income protection insurance cost in Nicosia (annually): €120

To receive a personalised quotation with an accurate figure of what your income protection insurance will cost, complete our questionnaire here.

Immigration medical insurance cost in Nicosia

• Average immigration medical insurance cost in Nicosia: €150
• Range of immigration medical insurance cost in Nicosia: €80 - €275

Minimum immigration medical insurance cost in Nicosia:

• With outpatient expenses: €80
• Without outpatient expenses: €120

To receive a personalised quotation with an accurate figure of what your immigration medical insurance will cost, complete our questionnaire here.

Business insurance costs in Nicosia

Directors and officers insurance cost in Nicosia

• Average directors and officers insurance cost in Nicosia: €1200
• Range of directors and officers insurance cost in Nicosia: €600 - €20,000
• Cheapest directors and officers insurance in Nicosia: €600

To receive a personalised quotation with an accurate figure of what your D&O insurance will cost, complete our questionnaire here.

Cyber insurance cost in Nicosia

• Average cyber insurance cost in Nicosia: €900
• Range of cyber insurance cost in Nicosia: €400 - €45,000
• Cheapest cyber insurance in Nicosia: €400

To receive a personalised quotation with an accurate figure of what your cyber insurance will cost, complete our questionnaire here.

Keyman insurance cost in Nicosia

• Average keyman insurance cost in Nicosia: €450
• Range of keyman insurance cost in Nicosia: €145 - €7000
• Minimum keyman insurance cost in Nicosia: €145

To receive a personalised quotation with an accurate figure of what your keyman insurance will cost, complete our questionnaire here.

Group health insurance cost in Nicosia

• Average group health insurance cost in Nicosia (per employee/monthly): €125
• Range of group health insurance cost in Nicosia (per employee/monthly): €35 - €450
• Cheapest group health insurance in Nicosia (per employee/monthly): €35

To receive a personalised quotation with an accurate figure of what your group health insurance will cost, complete our questionnaire here.

Professional indemnity insurance cost in Nicosia

• Average professional indemnity insurance cost in Nicosia: €550
• Range of professional indemnity insurance cost in Nicosia: €200 - €12,000
• Cheapest professional indemnity insurance in Nicosia: €200

To receive a personalised quotation with an accurate figure of what your professional indemnity insurance will cost, complete our questionnaire here.

General public liability insurance cost in Nicosia

• Average general public liability insurance cost in Nicosia: €450
• Range of general public liability insurance cost in Nicosia: €200 - €1,500
• Cheapest general public liability insurance in Nicosia: €200

To receive a personalised quotation with an accurate figure of what your general public liability insurance will cost, complete our questionnaire here.

Business insurance cost in Nicosia

• Average business insurance cost in Nicosia: €350
• Range of business insurance cost in Nicosia: €90 - €2,500
• Minimum business insurance cost in Nicosia: €90

To receive a personalised quotation with an accurate figure of what your business insurance will cost, complete our questionnaire here.

Employers liability insurance cost in Nicosia

• Average employers liability insurance cost in Nicosia: €250
• Range of employers liability insurance cost in Nicosia: €90 - €1,750
• Cheapest employers liability insurance in Nicosia: €90

To receive a personalised quotation with an accurate figure of what your employers liability insurance will cost, complete our questionnaire here.

How to save on your insurance in Nicosia

Advice to save across various insurance contracts in Nicosia

Use these tips to save money on insurance in Nicosia.

• Buy various insurances with one provider to receive a multiple policies discount.
• Opt out of add-ons and unnecessary insurance terms that do not match your personal or business needs.
• Choose family contracts if you have the opportunity to avoid paying a contract issuance fee per contract. Family plans are always discounted.
• Ask to raise your deductible. Most insurance providers allow the opportunity for a deductible.
• Work with an expatriate insurance company if you are an expat for a tailored service and a specialised contract.
• Licensed insurance agents like ours can offer you free quotes, assess your needs, and suggest ways to cut your insurance costs. Email us here at [email protected], or call us on 70070500 (RU/EN).
• Choose to work with a traditional insurance company and not an intermediary like a lawyer or an accountant since they always charge extra fees.

How to decrease your travel insurance costs in Nicosia

• Choose a traditional insurance provider, not a travel agent, to avoid paying more.
• Buy an annual travel insurance contract if you’re a frequent traveller, as annual plans always come with a discount.

How to decrease your life insurance cost in Nicosia

• Buy life insurance when it’s cheapest, i.e. when you are young and healthy.
• Acquire a term life insurance contract (if you are not interested in savings and a cash value component), as that’s significantly less expensive than standard whole life insurance.
• Choose decreasing term life insurance if you have a mortgage, as that is always cheaper than term life insurance.

How to decrease your health insurance cost in Nicosia

• Group health insurance is always cheaper than a personal policy, so opt for that if your employer offers you group health.
• Pick an insurance plan without outpatient expenses if you are registered in GESY.
• Choose a local insurance company instead of an international one as a resident of Cyprus who has resided here for over six months within one year.
• Choose an insurance company cooperating with a wide network of clinics in Cyprus.
• Choose insurance companies that do not discriminate against past medical conditions that occurred five years ago.

How to decrease your car insurance cost in Nicosia

• Acquire a Cyprus driving licence.
• Purchase car insurance with home insurance to immediately receive a discount.
• Use your non-claim history document from your previous insurance company to prove your clean driving record.
• Don’t enable all drivers from 25 to 70 to drive your car and exclusively declare those people who will instead. Add a cover note for those who want to use the car.
• Insure all your vehicles with one insurance provider to receive an “additional car discount”.
• Pitsas Insurances can inexpensively cover non-EU nationals with their local driving licences (e.g. Belarus, Russia, Kazakhstan etc.).

How to decrease your house insurance cost in Nicosia

• Protect your most valuable belongings in a safe.
• Choose an all-risk policy which can cover 25% more claims.
• Insert alarm systems to decrease your house insurance by 5% - 10%.
• Cover your maid’s obligatory employer’s liability policy under your home insurance.
• You must declare the reconstruction value of your property with your application - Pitsas Insurances can help you to decipher what that amount is.
• If you own a second home, you should buy holiday home insurance. It’s 20% cheaper than standard homeowners insurance.
• Create an itemised list of your belongings for your home’s content insurance, send it with your application, and declare any expensive items separately.

How to decrease your immigration health insurance cost in Nicosia

• Family plans are cheaper than individual ones, so choose a family contract if you can.
• Start your insurance on the exact day you have your immigration appointment.
• Choose the provider with the lowest premium, as all immigration insurance is identical in Cyprus.

How to decrease your directors & officers insurance cost in Nicosia

• Choose “Cyprus” as the jurisdiction for your insurance contract.
• Drop additional coverages that don’t meet your needs, like employment practices liability.
• Add D&O insurance under your professional indemnity insurance if you carry it.
• Specify the contract’s territorial limits to the countries you serve.

How to decrease your cyber insurance cost in Nicosia

• Hire data protection officers.
• Implement employee training programs for cybersecurity purposes.
• Limit your contract’s territorial limits to the countries you provide services to.
• Increase your company’s computer security, e.g. using multi-factor authentication.
• Drop add-ons, such as ransomware, telephone hacking, and multimedia coverage.

How to decrease your professional indemnity insurance cost in Nicosia

• Choose “Cyprus” as the jurisdiction for your contract.
• Ask freelancers or subcontractors you cooperate with to acquire their own professional indemnity insurance.
• Limit your contract’s territorial limits to the countries you provide services to.
• Analytically answer your application form describing the breadth of your activities. Underwriters will thus be able to cover your specific needs, and you won’t need to pay extra for your insurance.

How to decrease your business insurance cost in Nicosia

• Choose a small business contract if possible, as they are significantly cheaper.
• Choose employer liability insurance’s minimum required covered amount (€170,000).
• Bundle your business insurance under one policy instead of separate ones since it is significantly cheaper. A business insurance contract in Cyprus includes content insurance, employers liability insurance, premises public liability, and product liability.
• Insure your professional equipment under your home insurance package, when possible, if you work from home.

Affordable insurance in Nicosia

Pitsas Insurances is a leading choice for affordable insurance in Nicosia.

In addition, we are a highly-rated insurance company for expatriates and international companies in Cyprus.

We are able to offer our clients the most affordable insurance contracts in Cyprus through our cooperation with the most prominent underwriters globally and all of the top local underwriters.

We reward our clients’ loyalty by further discounts on their premiums, providing additional discounts on our underwriter’s already generous predetermined premiums.

Cheap Insurance in Nicosia

Pitsas Insurances can find you the cheapest insurance contract in Nicosia. What’s more, you can buy everything you need online.

Online insurance in Nicosia

Pitsas Insurances is the biggest online provider of insurance in Cyprus, with highly rated customer service.

More clients are choosing their insurance products online since we expanded our company’s horizons and increased our online services in 2004.

Still, we maintain certain traditional values here at Pitsas Insurances and welcome our customers to visit our office for a face-to-face consultation.

For ease of communication, we can also provide free consulting through video calls and conferences if you would rather save time and not visit the office.

Your safety is of paramount importance to us. We routinely implement updated security measures to guarantee your personal data is kept safe.

An experienced consultant will be with you every step of the way when dealing with our company, including when you need to receive what you are owed in the event of a claim.

One of our consultants will handle your account to guide you through receiving your compensation, so you don’t have to worry about being left to wait.

Thanks to our equally analytical and client-led approach, we have the highest claims satisfaction ratio in the country.

We endeavour to help you achieve your financial aims. Contact us here with any questions if you don’t know where to start.

Best insurance in Nicosia

To find you the best insurance in Nicosia, we must analyse your needs with the details you provide.

We can try to find you the best insurance option once we know what you’re looking for.

While there isn’t one best insurance contract suited to everyone, we can pick the best one for you. We’ll work together to understand what your ideal insurance should look like.

We first decipher the minimum number of terms that should be included in your contract.

We must then analyse your network’s requirements, if any, to ensure you are adequately covered.

We can then suggest other ways you can raise your protection level with optional policy terms and separate coverages.

Insurance plans in Nicosia

Our insurance contracts have fewer exceptions than comparable ones in Nicosia.

Pitsas Insurances can find you the best insurance plans by joining forces with more international underwriters than any other insurance provider in Cyprus.

The relationships we have with our clients, who are seen more like friends, are of utmost importance to us, and we assure their trust with our loyalty.

Insurance quotes Nicosia

Pitsas Insurances is one of Cyprus's oldest and most trusted insurance companies and has been serving its capital since 1985.

We work alongside all the local underwriters and the biggest international ones, and we can prepare every quote for you with every insurance product that interests you.

To find out what else we offer and for more insurance deals in Nicosia, visit our website here.

Pitsas Insurances Team