Nicosia Insurance. Affordable Insurance In Nicosia.

Nicosia Insurance - A Complete Guide

In our complete guide to Nicosia insurance, we will introduce you to the various types of individual and business insurance products provided in the country's capital.

We will also present the statistical range of insurance costs, including the averages and minimums for most insurance contracts.

We will then highlight practical ways to reduce your insurance costs in Nicosia, helping you save hundreds or maybe thousands on one policy.

Table of contents

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

Types of insurances in Nicosia

You will find personal and business insurance contracts for sale in Nicosia.

These two insurance categories contain various types of contracts, which we will introduce in the following section of our guide.

Personal insurance policies in Nicosia

Life Insurance
Car Insurance
Health Insurance
Home Insurance
Personal Accident Insurance
Critical Illness Insurance
Income Protection Insurance
Immigration Health Insurance
Travel Insurance
Savings Insurance

Life Insurance

Life insurance works to protect your family from the financial obligations you might leave behind in case of your death.

It provides peace of mind for paying off debts, living costs, and medical or final expenses.

Life Insurance in Nicosia

For a full analysis of life insurance in Cyprus, read our complete guide here.

Car Insurance

There are three major categories of car insurance in Nicosia.

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

Third party car insurance in Nicosia

Third party liability is mandatory and required by Cypriot law.

If you are involved in a car accident, this coverage helps to pay for the other driver’s expenses, third-party property damage, and expenses related to injury and death.

In addition, any other drivers and passengers in the vehicle during the accident are also covered.

Third party, fire and theft car insurance in Nicosia

Like standard third party liability, this insurance covers the other driver’s expenses, third-party property damage, and injury and death.

In addition, this insurance will go into effect and help pay for damage expenses if your vehicle is damaged by a fire or stolen.

Comprehensive car insurance in Nicosia

Fully comprehensive insurance offers the same coverage as both insurance policies above and covers natural disasters like floods, storms, and earthquakes.

This insurance also works to cover vehicle damages caused by a vehicle accident, regardless of who caused it.

Car Insurance in Nicosia

For a full analysis of car insurance in Cyprus, read our complete guide here.

Health Insurance

Health insurance covers health care expenses for disease or bodily injury accidents that require treatment.

Some insurance companies pay for these expenses upfront. In other cases, you may have to pay for the expenses and wait for compensation after you provide evidence of the costs.

Health Insurance in Nicosia

For a full analysis of health insurance in Cyprus, read our complete guide here.

Home Insurance

The following types of home insurance are available in Nicosia.

Home insurance
Holiday home insurance
Landlords insurance
Content insurance

Home insurance

Standard home insurance is designed for homeowners who permanently live inside their property.

Most home insurance covers certain damages and losses, but they have limits. Separate policies like all-risk and professional equipment insurance can cover exclusions.

Holiday home insurance

Dissimilar to regular home insurance, holiday home insurance is designed for property owners who reside in their property temporarily, and it covers a secondary place of residence.

Holiday home insurance is ideal for those who use their second home while travelling in Cyprus.

Acquiring third party liability insurance is mandatory if you own a holiday home in Cyprus.

Landlords insurance

Landlord insurance is designed to protect a landlord’s rental property.

It contains personal liability coverage and can help to pay for damage or injury lawsuits and other legal expenses.

Acquiring third party liability insurance is mandatory if you rent property in Cyprus.

Content insurance

This insurance, sometimes known as personal property insurance, is designed to protect belongings in your home from any damages.

Most standard content insurance in Nicosia covers common household items.

Home Insurance in Nicosia

For a full analysis of home insurance in Cyprus, read our complete guide here.

Personal Accident Insurance

Personal accident insurance is ideal for self-employed persons and for those who own a business.

This coverage goes into effect if you become temporarily or permanently unable to work, and it can provide you with a stable source of income.

Personal Accident Insurance in Nicosia

For a full analysis of personal accident insurance in Cyprus, read our complete guide here.

Critical Illness Insurance

Critical illness insurance can be crucial coverage in case you are diagnosed with an illness requiring urgent medical attention.

This coverage will quickly take effect to financially protect you from such cases and can help to pay for medical treatment.

Critical Illness Insurance in Nicosia

For a full analysis of critical illness insurance in Cyprus, read our complete guide here.

Income Protection Insurance

Income protection insurance is another ideal type of insurance for those who are self-employed and for businessmen.

This coverage can bring in stable income if you cannot work, whether you are temporarily or permanently unable to do so.

Income Protection Insurance in Nicosia

For a full analysis of income protection insurance in Cyprus, read our complete guide here.

Immigration Medical Insurance

Immigration medical insurance is required for anyone moving to Cyprus.

This is compulsory medical coverage for all non-EU citizens and most EU citizens applying for residency and aiming to live or work in the country.

Immigration Medical Insurance in Nicosia

For a full analysis of immigration medical insurance in Cyprus, read our complete guide here.

Travel Insurance

Travel insurance contains coverage designed to reduce the financial risks involved with travelling.

It includes various covered risks, ranging from minor problems to major ones, such as trip cancellations, booking errors, and even major illnesses and injuries.

Travel Insurance in Nicosia

For a full analysis of travel insurance in Cyprus, read our complete guide here.

Savings Insurance - Private Pensions

This type of insurance is designed for all tax residents of Cyprus.

Savings Insurance in Nicosia

For a full analysis of savings insurance in Cyprus, read our complete guide here.

Business insurances policies in Cyprus

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

Keyman Insurance

Keyman insurance is essential for businesses who want to insure their core team members. The company’s most valuable employees are identified as the “key men”.

This coverage is designed to mitigate the financial setbacks and interruptions to a business’ services if they lose core members of their team.

Keyman Insurance in Nicosia

For a full analysis of keyman insurance in Cyprus, read our complete guide here.

Marine Insurance

Marine insurance generally covers the costs associated with the damage or loss of goods that are transported for business purposes.

Products and any covered goods can be transported in more ways than ship and sea and still be covered by this insurance, such as by aeroplane and air, and vehicle and land.

Marine Insurance in Nicosia

For a full analysis of marine insurance in Cyprus, read our complete guide here.

D&O Insurance

D&O insurance works to protect you or your company from claims made by the public concerning the management of your company.

This insurance can help cover the expenses associated with your company’s actual or alleged wrongdoings.

D&O insurance is invaluable in Cyprus as claims have risen in recent years.

D&O Insurance in Nicosia

For a full analysis of D&O insurance in Cyprus, read our complete guide here.

Cyber Insurance

Cyber insurance protects companies that engage in online services.

It’s an indispensable insurance product for companies that provide IT services to third parties.

Cyber Insurance in Nicosia

For a full analysis of cyber insurance in Cyprus, read our complete guide here.

Business Insurance

Business insurance also goes by the name of commercial insurance in Cyprus. It’s designed to protect a business from the potential financial losses arising from various challenging events.

It financially covers risks like theft, professional errors, accidents, property damage, and cyber-attacks.

Business Insurance in Nicosia

For a full analysis of business insurance in Cyprus, read our complete guide here.

Group Health Insurance

Group health insurance is an insurance product an employer offers their employees. It can pay for healthcare expenses if you experience accidental bodily injury or disease.

Group plans typically include inpatient expenses (the costs arising from hospitalisation) and carry an option to cover outpatient expenses.

Group Health Insurance in Nicosia

For a full analysis of group health insurance in Cyprus, read our complete guide here.

Employers Liability Insurance

Business owners in Cyprus need employers liability insurance to protect them from lawsuits arising from employee work-related claims of illness or injury.

Your business could be responsible for covering the expensive legal costs of such circumstances without this insurance.

Employers Liability Insurance in Nicosia

For a full analysis of employers liability insurance in Cyprus, read our complete guide here.

Professional Indemnity Insurance

If a claim is made against you or your company for actual or alleged professional mistakes, professional indemnity insurance can help to pay for legal and compensation fees.

Whether or not you are found responsible, financial backing in the event of a claim can be a lifeline for your business.

Professional Indemnity Insurance in Nicosia

For a full analysis of professional indemnity insurance in Cyprus, read our complete guide here.

General Public Liability Insurance

General public liability insurance is a business insurance product that covers claims against a company made by the general public (i.e. clients and visitors).

It will help to pay for health care and other expenses resulting from injuries, property damage, and even death.

General Public Liability Insurance in Nicosia

For a full analysis of public liability insurance in Cyprus, read our complete guide here.

How much is Nicosia insurance in 2023?

Next, we present the average, minimum, and range of costs for each type of insurance.

We exclude the statistics for outlier costs, which are abnormally high due to abnormal conditions.

Personal insurance policy costs in Nicosia

The cost of car insurance in Nicosia

The average cost:

Third party cost (average): €265
Comprehensive cost (average): €475

The range of cost:

Third party cost (range): €170 - €450
Comprehensive cost (range): €250 - €2500

Cheapest Nicosia car insurance:

Third party cost (minimum): €170
Comprehensive cost (minimum): €250

We can provide you with a personalised quote detailing the accurate cost of your car insurance. Complete our online questionnaire here.

The cost of home insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your home insurance. Complete our online questionnaire here.

The cost of health insurance in Nicosia

The average cost (annually): €1450
The range of cost (annually): €780 - €3950
Cheapest Nicosia health insurance (annually): €780

We can provide you with a personalised quote detailing the accurate cost of your health insurance. Complete our online questionnaire here.

The cost of life insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your life insurance. Complete our online questionnaire here.

The cost of immigration medical insurance in Nicosia

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

The minimum cost:

Plus outpatient expenses (minimum): €80
Minus outpatient expenses (minimum): €120

We can provide you with a personalised quote detailing the accurate cost of your immigration medical insurance. Complete our online questionnaire here.

The cost of personal accident insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your personal accident insurance. Complete our online questionnaire here.

The cost of critical illness insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your critical illness insurance. Complete our online questionnaire here.

The cost of income protection insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your income protection insurance. Complete our online questionnaire here.

The cost of travel insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your travel insurance. Complete our online questionnaire here.

Business insurance policy costs in Nicosia

The cost of business insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your business insurance. Complete our online questionnaire here.

The cost of employers liability insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your employers liability insurance. Complete our online questionnaire here.

The cost of professional indemnity insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your professional indemnity insurance. Complete our online questionnaire here.

The cost of directors and officers insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your D&O insurance. Complete our online questionnaire here.

The cost of cyber insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your cyber insurance. Complete our online questionnaire here.

The cost of general public liability insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your general public insurance. Complete our online questionnaire here.

The cost of group health insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your group health insurance. Complete our online questionnaire here.

The cost of keyman insurance in Nicosia

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

We can provide you with a personalised quote detailing the accurate cost of your keyman insurance. Complete our online questionnaire here.

How to save on Nicosia insurance

How to save on various insurance contracts in Nicosia

Choose to get insured by one insurance company for all of your contracts to receive a multiple policies discount.
In Cyprus, most insurance contracts allow you to have a deductible. You can cut costs by increasing your deductible amount.
If you are an expat in Cyprus, work with a specialist expatriate insurance company. They will have specialised contracts for expatriates.
Don’t buy insurance from intermediaries, such as lawyers and accountants, as they always charge an intermediary fee.
Remove redundant terms from your insurance contract that do not meet your personal or professional needs where possible.
Specialist insurance agents like ours can assess your needs for free and help you to save money on your contract. Contact Pitsas Insurances: Email: [email protected], Tel: 70070500 (RU/EN).
If you have a family, take advantage of family contracts instead of buying individual policies. Individual policies include an issuance fee for each, while family contracts include discounts.

How to save on your car insurance in Nicosia

Exclusively declare the drivers using your vehicle, including their age and experience, rather than enabling all drivers from 25 to 70 as drivers. If additional drivers want to use your vehicle, add it with a cover note.
We can insure non-EU nationals (e.g. Kazakhstan, Belarus, Russia, etc) with their local driving licences.
Use your non-claim history to your advantage. Evidence of a clean driving record can assure you get a discount. Ask your previous insurance company for your non-claim history document.
Buy car insurance with your home insurance contract (aka bundle your policies) to receive a discount.
Acquire a Cypriot driving licence which will automatically qualify you for a lower car insurance price.
You can receive an “additional car discount” by insuring all your vehicles with one insurance company.

How to save on your house insurance in Nicosia

An all-risk policy is more expensive up front, but it can save you money as it covers 25% more claims.
Protect your belongings in a safe to automatically lower your premiums.
Use alarm systems in your home to lower your premiums by 5% - 10%.
Detail all of your home’s belongings for your content insurance application. Your premium will be lower, and you will be ready if you need this itemised list for a claim.
If you have a maid, you can use your home insurance to cover her obligatory employer's liability policy for a lower price.
Declare expensive items (and their market value) on your home contract (e.g. jewellery, fine art, carpets etc.). The insurance might be more expensive up front, but this will help you have a higher success rate in case of a claim.
Declare your property’s reconstruction value on your contract. Pitsas Insurances can help you to calculate the reconstruction amount.
If you own a second home (holiday home or a rental), buy a holiday home or landlord insurance. These contracts are significantly cheaper by around 20%, plus they include specific protection for second home and rental owners.

How to save on your health insurance in Nicosia

Take advantage of your employer’s group health insurance if offered to you. Group premiums are always cheaper than an individual policy.
Choose an insurance company that can insure you even with past conditions you have suffered from in the past five years.
Choose an insurance plan without outpatient expenses if you are registered in the GESY.
Choose a local insurance provider over an international one if you have lived in Cyprus for over six months within a year.
Choose an insurance provider cooperating with a wide network of medical clinics across Cyprus. In the case of expensive medical care, there is more of a chance that the insurance company will make an advance payment, so you don’t have to.

How to save on your life insurance in Nicosia

Acquire term life over whole life insurance if you don’t want to have a cash value component to your insurance.
Acquire life insurance when you are healthy and young when it's the least expensive.
Choose decreasing term life instead of term life insurance if you have a mortgage.

How to save on your immigration health insurance in Nicosia

Start your insurance on the day of your immigration appointment with the local authorities in Cyprus.
If you have a family, choose a family plan instead of an individual policy to avoid paying an issuance fee per contract.
Choose the insurance provider with the lowest premium. All immigration policies in Cyprus include identical terms.

How to save on your business insurance in Nicosia

When buying employers liability insurance, choose the minimum required covered amount (€170,000).
Bundle all your business coverages under one commercial policy instead of separate ones. The standard business insurance contract in Cyprus includes the following: employers liability insurance, product liability, premises public liability, and content insurance.
If you manage a small business, specifically ask about a dedicated and cheaper contract for small businesses.
If you work from your home office, buy a home insurance contract that can also insure your professional, business equipment.

How to save on your professional indemnity insurance in Nicosia

Describe your business activities in detail on your application form to ensure you receive accurate coverage for your needs. The underwriters assessing your application will be able to comprehend your specific risks, thus offering you accurate insurance so you avoid paying over the odds for extra coverage you don’t need.
Ask the freelancers or subcontractors you cooperate with to acquire their own professional indemnity contract.
Specify Cyprus as a jurisdiction for your insurance and specify the contract’s territorial limits to only the countries where you provide services.

How to save on your directors & officers insurance in Nicosia

If you already carry a professional indemnity insurance contract, ask your insurance provider to add directors & officers insurance under the contract.
Complete the application form accurately and drop additional coverages you might not need, such as employment practices liability.
Specify Cyprus as a jurisdiction for your insurance and specify the contract’s territorial limits to only the countries where you provide services.

How to save on your cyber insurance in Nicosia

Schedule a cybersecurity training program for employee members rather than buying certain cyber insurance.
Don’t choose certain coverages like ransomware and multimedia coverage if you won’t use them.
Hire data protection officers to protect your company from cyberattacks.
Specify only the countries that you provide services to and limit your contract’s territorial limits.
Boost your computer security in clever ways, such as using multi-factor authentication.

How to save on your travel insurance in Nicosia

Avoid travel agents’ insurance to avoid paying more than regular insurance providers.
Acquire an annual travel policy for an instant discount on your policy.

Affordable Nicosia insurance

Thousands of expatriates and international companies in Cyprus are choosing Pitsas Insurances for their insurance.

We operate as one of the leading insurance providers in the country and cooperate with the biggest underwriters worldwide and all local underwriters.

As a result of our cooperation and the number of contracts we handle, we are able to acquire the most desirable insurance deals for our clients.

Cheap Nicosia Insurance

We offer our clients generous discounts on our underwriter’s predetermined premiums.

Pitsas Insurances acquire the most affordable and cheap insurance contracts in Cyprus, and it’s possible to buy everything you need online.

Online insurance Nicosia

We are the largest online insurance provider in Nicosia.

As an online provider, we can offer you significantly lower premiums than other insurance providers due to our low operating costs.

Since 2004, more of our services were taken online to allow clients to easily shop for insurance from the comfort of their homes.

Our clients’ safety is paramount to our company’s values, and we use the highest quality cybersecurity to keep your personal data safe.

If you need to speak to an insurance agent at any time, we can offer you free consulting via video conferences or calls for ease of communication.

However, we are more than an online insurance provider, and our customers are welcome to visit our office for a traditional consultation that takes place face-to-face.

A key aspect of insurance is compensation for claims. We make sure to assign you a dedicated consultant to guide you through receiving the compensation you are owed.

Best Nicosia insurance

Each individual’s insurance goals shape the best insurance contract. Pitsas Insurances can find you the best policy tailored to your needs.

Our systematic procedure guarantees to find you the best insurance contract in Nicosia.

We start by using the details you provide to determine the minimum amount of terms your insurance contract should include.

Then we have to analyse your network’s requirements, such as your suppliers, customers, clients, partners and regulators, if applicable, to ensure you are correctly covered.

After that point, we can also show you optional terms that you can add to your insurance policy to add to your protection.

Nicosia insurance plans

Not only can we offer you accurate coverage for your needs, we can find you the most affordable contract in Cyprus.

Beneficially for our customers, our insurance contracts have fewer exceptions than comparable ones in the country.

Pitsas Insurances work with more international underwriters than any other insurance company in Cyprus, enabling us to find you the best insurance deals.

Nicosia insurance quotes

We opened our doors in 1985 and have been serving Cyprus’s capital ever since.

Pitsas Insurances work with the largest underwriters worldwide and locally, and together we can present you with any insurance quote that interests you.

At Pitsas Insurances, our foundation is built upon strong interpersonal relationships.

Our customers are considered more like friends, and we invest significant resources in helping them reach their financial goals.

To discover more about what we can offer you and your business, and for more Nicosia insurance products, visit our website.

Pitsas Insurances Team