Limassol Insurance. Affordable Insurance In Limassol.

Limassol Insurance - A Complete Guide

Numerous types of insurance contracts are available in Cyprus, all designed for various reasons. We will cover the main types of insurance that you can find in Limassol throughout this guide.

We will discuss what you should expect to pay for these insurance contracts, including the average and minimum prices and their ranges.

We will also give you tips on reducing your insurance’s overall cost. You can potentially save thousands on just one contract by using our advice.

Table of contents

• Types of insurance contracts
• How to save on insurance in Limassol?
• How much does insurance cost in Limassol in 2023?
• Affordable Limassol insurance
• Online Limassol insurance
• Best insurance in Limassol

Types of Limassol insurance

The various types of insurance in Limassol are sold under two main categories known as personal and business insurance.

Those two categories are sometimes known as individual or commercial insurance.

Personal insurance is designed to meet the needs of individuals, whereas business insurance is designed for commercial purposes.

We will introduce each type of insurance in the following section of our guide.

Personal insurance policies

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

Car Insurance

There are primarily three types of car insurance sold in Limassol.

1. Third-party liability
2. Third-party, fire and theft
3. Comprehensive

Third-party insurance

Third-party insurance is mandatory and required by law.

If you are part of an accident involving your vehicle, third-party liability insurance covers the other driver’s costs and third-party property damages, injury and even death.

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

Third-party, fire and theft insurance

Third-party, fire and theft insurance offers identical protection as standard third-party cover.

In addition, this coverage also helps to pay for any damage costs due to theft and fire involving your vehicle.

Comprehensive insurance

Comprehensive (or fully comprehensive) insurance contains identical terms to the previous two insurances, while it also offers more protection.

This coverage additionally helps to pay for damages due to natural disasters, and it also covers damages from car accidents, no matter who was responsible for the crash.

Limassol Car Insurance

To learn more, you can find our complete guide to car insurance in Cyprus here.

Boat Insurance

Boat insurance is not mandatory, but there are cases when you might need it. It is designed to protect your watercraft from covered risks, such as third-party injury and property damage.

This type of insurance can cover various private and commercial vessels, such as yachts, motorboats, inflatable boats, jet boats, and sailboats.

Limassol Boat Insurance

To learn more, you can find our complete guide to boat insurance in Cyprus here.

Home Insurance

Various types of home insurance are sold in Limassol, and each is designed for different purposes.

1. Homeowners insurance
2. Holiday home insurance
3. Contents insurance
4. Landlords insurance

Homeowners insurance

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

This coverage includes liability cover and works to financially protect you in case of certain damages and losses.

Holiday home insurance

Holiday home insurance is intended for property owners who temporarily live in their insured property and rent it out or leave it vacant when they aren’t residing there.

This type of insurance only covers a secondary place of residence, but it includes similar coverage as home insurance as well as some terms specifically designed for holiday homes.

Third party liability is obligatory for holiday or second home owners in Cyprus.

Contents insurance

Contents insurance (or personal property insurance) offers protection for your home’s contents and helps pay for damage costs resulting from covered risks.

Most standard contents insurance pays towards the replacement or repair costs of ordinary household items like personal effects, furnishings, furniture and electricals.

Landlords insurance

Landlord insurance is another policy with similar coverages to home insurance, such as personal liability, but it includes tailored cover for rental property protection.

If you are up against a damage or injury claim as a landlord, liability coverage will shield you from paying out-of-pocket costs.

Third party liability is obligatory for second home owners or landlords in Cyprus.

Limassol Home Insurance

To learn more, you can find our complete guide to home insurance in Cyprus here.

Health Insurance

Health insurance can cover healthcare costs associated with disease or bodily injury accidents.

Your insurance provider may be able to pay for your healthcare costs upfront, but you may be required to do so in other cases. See our article below to read about its various terms.

Limassol Health Insurance

To learn more, you can find our complete guide to health insurance in Cyprus here.

Life Insurance

Life insurance works to reduce financial issues in the event you pass away and leave behind your financial obligations to your loved ones.

This coverage gives you the peace of mind that your beneficiaries can pay off any debts or expenses related to your death as well as their living expenses after you pass away.

Limassol Life Insurance

To learn more, you can find our complete guide to life insurance in Cyprus here.

Critical Illness Insurance

Critical illness insurance goes into effect quickly to help pay for healthcare expenses for an urgent or unexpected medical issue.

This coverage can financially protect you if you are diagnosed with a serious critical illness that requires emergency attention and expensive treatment.

Limassol Critical Illness Insurance

To learn more, you can find our complete guide to critical illness insurance in Cyprus here.

Travel Insurance

Travel insurance is designed to cover risks associated with travelling.

Covered risks include various issues, from minor ones to major ones, such as missed flight connections, trip cancellations, luggage delays, and even illness, injuries, and death.

Limassol Travel Insurance

To learn more, you can find our complete guide to travel insurance in Cyprus here.

Immigration Medical Insurance

Immigration medical insurance is essential and compulsory coverage for people moving to Cyprus.

It’s a standardised government policy sold by insurance companies and designed for all non-EU and most EU nationals who will apply for a residency status aiming to live and work in Cyprus.

Limassol Immigration Medical Insurance

To learn more, you can find our complete guide to immigration medical insurance in Cyprus here.

Saving Insurance & Private Pensions

Savings insurance is an invaluable insurance product if you are a tax resident in Cyprus, whether or not you are permanently domiciled here.

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

Limassol Saving Insurance & Private Pensions

To learn more, you can find our complete guide to saving insurance in Cyprus here.

Income Protection Insurance

Income protection insurance is a crucial insurance product aimed at protecting self-employed people and businessmen from covered risks.

It immediately goes into effect to protect you from losing your income if you can’t work as usual - either temporarily or permanently.

Limassol Income Protection Insurance

To learn more, you can find our complete guide to income protection insurance in Cyprus here.

Personal Accident Insurance

Personal accident insurance is another invaluable contract for self-employed people and businessmen aimed to protect them from covered risks and loss of income.

This coverage offers identical protection to income protection insurance, while it also covers expenses related to accidental death.

Limassol Personal Accident Insurance

To learn more, you can find our complete guide to personal accident insurance in Cyprus here.

Business insurance in Limassol

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

Business Insurance

Business insurance is made to protect you and your business from many risks associated with managing a company and the financial losses that you may face as a result.

The coverages in business (or commercial) insurance include financial help for events such as professional errors, theft, cyber-attacks, third-party property damage, accidents and injuries.

Limassol Business Insurance

To learn more, you can find our complete guide to business insurance in Cyprus here.

Cyber Insurance

Cyber insurance protects you and your business from the potentiality of facing a cyber-attack, which is especially crucial if you handle sensitive information online.

It’s invaluable coverage no matter what business services you carry out online, and it’s also essential if you are an IT service provider to third parties.

Limassol Cyber Insurance

To learn more, you can find our complete guide to cyber insurance in Cyprus here.

Group Health Insurance

Group health insurance is an optional healthcare insurance product that employers offer their employees. It can pay for any costs necessitated by the treatment of accidental bodily injury or disease.

Group plans include expenses arising from hospitalisation (or inpatient expenses) and optional outpatient expenses, or those arising outside of hospitalisation.

Limassol Group Health Insurance

To learn more, you can find our complete guide to group health insurance in Cyprus here.

Employers Liability Insurance

Employers liability insurance provides business owners with legal defence protection as an outcome of employee work-related illness or injury claims.

Your business might face excessive legal fees and reputational harm born from claims, and employers liability insurance can help you to cover the damage.

Limassol Employers Liability Insurance

To learn more, you can find our complete guide to employers liability insurance in Cyprus here.

D&O Insurance

Directors and officers (D&O) insurance is essential coverage to own in Limassol.

D&O insurance protects you and your company from disreputable acts in managing your company, whether they’re actual or alleged.

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

Limassol D&O Insurance

To learn more, you can find our complete guide to D&O insurance in Cyprus here.

Keyman Insurance

Keyman insurance is designed to protect a company from losing valuable employees, or “key men”, who might be tricky and costly to replace, both in time and money.

Keyman insurance buys you time if you need to replace key employees and lessens the financial impact of losing them.

Limassol Keyman Insurance

To learn more, you can find our complete guide to keyman insurance in Cyprus here.

General Public Liability Insurance

General public liability insurance goes into effect to protect you and your company against claims made by your clients or visitors (or the general public).

This coverage helps you pay for any expenses related to the cause of such claims, such as injuries and property damage, or even death.

Limassol General Public Liability Insurance

To learn more, you can find our complete guide to public liability insurance in Cyprus here.

Professional Indemnity Insurance

Professional indemnity insurance is intended to lessen the damages to a company associated with an accusation of their making professional mistakes, whether actual or not.

Regardless if you or your company are found to be guilty, help with legal defence and any compensation costs can be a lifeline for your company, helping you avoid bankruptcy.

Limassol Professional Indemnity Insurance

To learn more, you can find our complete guide to professional indemnity insurance in Cyprus here.

Marine Insurance

Marine insurance covers various goods while they are in transit as part of commercial services and aims to mitigate the risk of financial or other issues caused by their damage or loss.

Many modes of transportation are covered by marine insurance (e.g. boats, planes, and vehicles).

Limassol Marine Insurance

To learn more, you can find our complete guide to marine insurance in Cyprus here.

How to save on insurance in Limassol

Save money on various insurance products

Use our guidelines below to save money on your insurance in Limassol.

• Depending on your needs, it’s possible to save money by removing optional coverages you won’t require for personal or professional use.
• Raising your deductible allows you to save on your insurance, which most insurance providers in Limassol allow as part of their contracts.
• You can get a multiple policies discount if you buy more than one policy from one insurance company.
• Some insurance companies sell specialist expatriate insurance, which is perfect if you are an expat. These companies can help you to save money.
• Take advantage of family plans if you can. Family plans are always cheaper than individual policies, which are subject to an issuance fee per contract.
• Avoid choosing intermediaries for your insurance, as they charge intermediary fees (e.g. accountants and lawyers).

How to lower the cost of your car insurance policy in Limassol

• You can get a discount on your car insurance by bundling it with your home insurance through the same provider.
• Choose a Cyprus driving licence for affordability, as owners of Cyprus driving licences always pay less for their car insurance.
• You can automatically get a discount by having a clean driving record. You can prove this through your non-claims history document from your previous insurer.
• An “additional car discount” is available for those who insure all their vehicles with one provider.
• Instead of enabling all drivers aged 25 to 70 to drive your vehicle, only declare the people who will use it, including their age and driving experience. Add additional drivers to your policy with a cover note.
• Pitsas Insurances can provide inexpensive car insurance for non-EU citizens (e.g. Russia, Kazakhstan, Belarus, etc.) with driving licences from their native country.

How to lower the cost of your boat insurance policy in Limassol

• Provide updated reports to your insurer proving that you are maintaining your watercraft and taking precautions to keep it in good condition.
• Limit the regions or navigable waters on your contract to the specific countries you use your watercraft to avoid paying for unnecessary cover.
• Don’t omit coverage for part of the year, and ensure your watercraft is covered annually even if you do not use it consistently all year.
• You can get a layup discount if you do not use your watercraft throughout the year and if it is stored for part of the year.

How to lower the cost of your house insurance policy in Limassol

• Use a safe in your house to protect your expensive belongings and to easily reduce your premium.
• Insert alarms in your house, such as smoke and burglar, to reduce your insurance cost by 5% - 10%.
• If you have a housemaid, you can bundle her liability contract under your home insurance at a lower rate than normal.
• Choose an all-risk policy. Even though it is slightly more expensive upfront, it makes up for the initial cost by covering 25% more claims.
• Declare any expensive belongings you own on your insurance separately at their market value (e.g. jewellery). This will raise your premium but also increase the chances of getting paid accurately for a claim.
• Create an itemised list of your personal belongings and use it for your home’s content insurance application. This will reduce your premium and protect you in the event of a claim while you will also be prepared for one.
• Declare your property’s reconstruction value for an accurate home insurance cost. Pitsas Insurances can help you to calculate your reconstruction value correctly. See our article here for more information.
• Get dedicated second home or landlord insurance if you rent your property, as they are tailored to your needs and much cheaper than standard home insurance by around 20%.

How to lower the cost of your health insurance policy in Limassol

• Choose insurance companies that are lenient towards past medical conditions.
• Don’t opt for a plan with outpatient expenses as a GESY-registered member of Cyprus (the general healthcare system of Cyprus).
• Choose your employer’s group health insurance over a standard personal policy if you can. Group health plans are always cheaper than individual ones.
• Get insured by a local company instead of an international one if you can because they will have cheaper options.
• Look for an insurance company connected to many clinics in Cyprus, as this increases the likelihood of medical expenses being paid for upfront. In other cases, you may have to pay upfront, which can be problematic for expensive and urgent healthcare.

How to lower the cost of your life insurance policy in Limassol

• Look into a term life contract over a whole life if a savings and cash value component is unimportant for you.
• If you are paying off a mortgage, decreasing term life insurance is a cheaper choice than standard term life insurance.
• Make the most of your youth and good health by getting life insurance as soon as you can when it’s cheapest to do so.

How to lower the cost of your travel insurance policy in Limassol

• Travel agents charge more for insurance. It’s cheapest to choose a regular insurance provider’s plan.
• Buy an annual travel policy if you are a frequent traveller because annual contracts are discounted.

How to lower the cost of your immigration health insurance policy in Limassol

• Choose a family immigration health plan so you don’t have to pay an issuance fee per individual contract.
• All terms of immigration medical contracts are identical in Cyprus, making it easy to choose one. You can select the one with the lowest premium.
• Arrange for your insurance contract to start when you meet the immigration authorities for your first appointment.

How to lower the cost of your business insurance policy in Limassol

• Pick the minimum required covered amount for insurance where possible. For example, €170,000 for employers liability insurance.
• If you work from home, cover your business equipment under your homeowners policy.
• Ask about small business insurance, if applicable, as this is substantially cheaper than regular business insurance.
• Choose a business insurance plan; it will contain all the protection you need and include coverage like premises public liability, product liability, content insurance, and employers liability insurance.

How to lower the cost of your cyber insurance policy in Limassol

• Implement a cybersecurity training event for your employees, instead of buying various cyber insurance coverages. Your employees may be able to handle certain cyber-attacks for you.
• As well as training your employees, consider hiring a data protection officer to help in case you experience a cybersecurity issue.
• Set your territorial limits to the countries and locations where you do business and exclude other regions.
• Drop optional cyber coverage if you likely won’t use them, such as phone hacking, multimedia coverage, or ransomware.
• Regularly update your cyber security to decrease the risk of issues and learn ways to increase your company’s computer security.

How to lower the cost of your D&O insurance policy in Limassol

• Choose your contract’s jurisdiction for accurate coverage.
• Exclude optional coverages you might not use, e.g. employment practices liability.
• Ensure you fill out the D&O application form correctly to avoid unnecessarily paying extra.
• Set your contract’s territorial limits to only those locations where you do business and exclude other regions.
• Bundle directors & officers insurance with your professional indemnity insurance.

How to lower the cost of your professional indemnity insurance policy in Limassol

• Choose your contract’s jurisdiction for accurate coverage.
• Set your conditions for cooperation with subcontractors or freelancers by asking them to acquire their own professional indemnity insurance.
• Set your contract’s territorial limits exclusively to the countries you serve and exclude other regions.
• The better you describe your business activities, the easier it will be for underwriters to insure you correctly. An accurate application form will ensure you receive the right coverage for your needs, limiting the possibility of paying extra.

How much is Limassol insurance in Cyprus in 2023?

We will now outline the statistical range of premiums for the various types of insurance you will find in Limassol.

Our statistics exclude the “outliers”, or those premium costs that are abnormally high due to abnormal circumstances, which are quite rare.

Personal insurance policies cost in Limassol

Limassol car insurance cost

The average cost:

• Third party: €265
• Comprehensive: €475

The range of cost:

• Third party: €170 - €450
• Comprehensive: €250 - €2500

The minimum cost:

• Third party: €170
• Comprehensive: €250

For a tailor-made quote and a precise calculation of your car insurance cost, use our questionnaire.

Limassol boat insurance cost

• The average cost: €950
• The range of cost: €550 - €7000
• The minimum cost: €550

For a tailor-made quote and a precise calculation of your boat insurance cost, use our questionnaire.

Limassol home insurance cost

• The average cost: €235
• The range of cost: €100 - €1750
• The minimum cost: €100

For a tailor-made quote and a precise calculation of your home insurance cost, use our questionnaire.

Limassol health insurance cost

• The average cost (annually): €1450
• The range of cost (annually): €780 - €3950
• The minimum cost (annually): €780

For a tailor-made quote and a precise calculation of your health insurance cost, use our questionnaire.

Limassol life insurance cost

• The average cost: €450
• The range of cost: €145 - €7000
• The minimum cost: €145

For a tailor-made quote and a precise calculation of your life insurance cost, use our questionnaire.

Limassol critical illness insurance cost

• The average cost (annually): €520
• The range of cost (annually): €150 - €2000
• The minimum cost (annually): €150

For a tailor-made quote and a precise calculation of your critical illness insurance cost, use our questionnaire.

Limassol travel insurance cost

• The average cost (7-day single trip): €45
• The range of cost (7-day single trip): from €20 - €250
• The minimum cost (7-day single trip): €20

For a tailor-made quote and a precise calculation of your travel insurance cost, use our questionnaire.

Limassol immigration medical insurance cost

• The average cost: €150
• The range of cost: €80 - €275

The minimum cost:

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

For a tailor-made quote and a precise calculation of your immigration medical insurance cost, use our questionnaire.

Limassol income protection insurance cost

• The average cost (annually): €450
• The range of cost (annually): €120 - €1600
• The minimum cost (annually): €120

For a tailor-made quote and a precise calculation of your income protection insurance cost, use our questionnaire.

Limassol personal accident insurance cost

• The average cost (annually): €450
• The range of cost (annually): €120 - €1600
• The minimum cost (annually): €120

For a tailor-made quote and a precise calculation of your personal accident insurance cost, use our questionnaire.

Business insurance policies cost in Limassol

Limassol business insurance cost

• The average cost: €350
• The range of cost: €90 - €2,500
• The minimum cost: €90

For a tailor-made quote and a precise calculation of your business insurance cost, use our questionnaire.

Limassol cyber insurance cost

• The average cost: €900
• The range of cost: €400 - €45,000
• The minimum cost: €400

For a tailor-made quote and a precise calculation of your cyber insurance cost, use our questionnaire.

Limassol group health insurance cost

• The average cost (per employee/monthly): €125
• The range of cost (per employee/monthly): €35 - €450
• The minimum cost (per employee/monthly): €35

For a tailor-made quote and a precise calculation of your group health insurance cost, use our questionnaire.

Limassol employers liability insurance cost

• The average cost: €250
• The range of cost: €90 - €1,750
• The minimum cost: €90

For a tailor-made quote and a precise calculation of your employers liability insurance cost, use our questionnaire.

Limassol directors and officers insurance cost

• The average cost: €1200
• The range of cost: €600 - €20,000
• The minimum cost: €600

For a tailor-made quote and a precise calculation of your D&O insurance cost, use our questionnaire.

Limassol keyman insurance cost

• The average cost: €450
• The range of cost: €145 - €7000
• The minimum cost: €145

For a tailor-made quote and a precise calculation of your keyman insurance cost, use our questionnaire.

Limassol general public liability insurance cost

• The average cost: €450
• The range of cost: €200 - €1,500
• The minimum cost: €200

For a tailor-made quote and a precise calculation of your public liability insurance cost, use our questionnaire.

Limassol professional indemnity insurance cost

• The average cost: €550
• The range of cost: €200 - €12,000
• The minimum cost: €200

For a tailor-made quote and a precise calculation of your professional liability insurance cost, use our questionnaire.

Affordable Limassol insurance

The increasing number of contracts we handle and our team’s expertise enable us to offer our clients the most affordable insurance deals in Limassol.

Pitsas Insurances is a top choice for expatriates and international companies in Limassol, and one of the country's most significant insurance providers.

Online Limassol insurance

Pitsas Insurances is the largest online insurance provider in Cyprus, and we have been able to serve more clients worldwide since taking more of our services online in 2004.

Our online services enable you to easily acquire insurance contracts anytime and anywhere.

Moreover, our reliable insurance agents are on hand to provide excellent customer service, and we use strict security measures to make sure your personal data is kept safe.

We can also answer any of your questions via a free video call. Nevertheless, we maintain certain traditions here, and you are welcome to visit our office for a face-to-face consultation.

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 insurance in Limassol

What constitutes the best insurance contract is subjective and will be determined by your needs.

Pitsas Insurances use the answers and information you provide on your questionnaire to tailor the best insurance contract for you.

We implement a methodical process to determine the minimum number of terms that will work best for your needs, and then we analyse your network’s requirements, if any.

Once we have done that, we suggest ways in which you can increase your protection.

Limassol Insurance

We offer our clients the most affordable contracts in Limassol, with fewer exceptions than comparable ones in Cyprus.

We work side by side with more international underwriters than any other insurance provider in the country.

Insurance in Limassol quotes

Pitsas Insurances is a well-trusted and top-rated insurance company in Cyprus, one of the oldest in the country.

We have been serving our clients since 1985 and are constantly developing our business to meet their needs.

By working with the largest international and local underwriters, we are able to bring you an unparalleled insurance service in Cyprus.

We can prepare every type of insurance quote for you within minutes of your request.

To see our full range of services and for more helpful guides on saving money on your insurance in Limassol, visit our website.

Use our online form to contact us if you have any questions.

Pitsas Insurances Team