Paphos Insurance. Affordable insurance in Paphos.
A complete guide to Paphos insurance
In this analytical guide, we will present the insurance contracts you can expect to find in Paphos by covering the two main categories: individual and business insurance.
We will examine the average and minimum cost of most insurance contracts in Paphos as well as their ranges and suggest ways you can reduce the cost of your coverage.
By the end of this guide, you will know how to cut costs and potentially save thousands on one insurance contract.
Table of contents
- Insurance types in Paphos
- How much is Paphos insurance in 2023?
- How to save on your insurance?
- Affordable Paphos insurance
- Online Paphos insurance
- Best Paphos insurance
- Paphos insurance quotes
Insurance types
Insurances in Paphos are grouped into two broad categories: individual and business contracts.
Personal insurance policies
- Home Insurance
- Life Insurance
- Health Insurance
- Car Insurance
- Boat Insurance
- Immigration Health Insurance
- Travel Insurance
- Critical Illness Insurance
- Income Protection Insurance
- Personal Accident Insurance
- Saving Insurance - Private Pensions
Home Insurance
Several types of home insurance products are sold in Paphos, including the following:
- Content insurance
- Home insurance
- Holiday home insurance
- Landlords insurance
Content insurance
Content insurance (or personal property insurance) works to protect your home or belongings from damages that occur as a result of covered risks.
Everyday household items are covered by contents insurance, including personal belongings, electrical items, furnishings, and furniture.
Home insurance
Home insurance is intended to cover you and your permanent place of residence.
Most standard home insurance covers certain risks, but they have limits. Separate policies, such as all-risk policies, can cover exclusions.
Holiday home insurance
Unlike home insurance, holiday home insurance (or second home insurance) is intended to cover your temporary place of residence.
Holiday home insurance is ideal if you have a holiday home in Paphos and stay there while travelling.
Note: Third party liability insurance is mandatory for owners of holiday homes in Cyprus.
Landlords insurance
This coverage intends to protect a landlord and their rented property from covered risks. It contains personal liability coverage and covers cases of bodily injury and accidents.
Landlord insurance will help you pay for expenses arising from injuries or accidents and lawsuits due to covered risks.
Note: Third party liability insurance is mandatory for landlords in Cyprus.
Paphos Home Insurance
To read our complete guide about home insurance in Cyprus, see here.
Life Insurance
Life insurance works to protect you and your family members from the possibility of your death and the financial duties you might leave behind.
Your beneficiaries will receive the insurance payout to help pay for anything they need, such as living expenses, debts, and any medical or final expenses.
Paphos Life Insurance
To read our complete guide about life insurance in Cyprus, see here.
Health Insurance
Health insurance goes into effect to pay for your healthcare expenses in the event you suffer from a disease or bodily injury accident.
These covered risks are sometimes paid for by the insurance company upfront, and sometimes you must pay for the expenses to be compensated afterwards.
Paphos Health Insurance
To read our complete guide about health insurance in Cyprus, see here.
Car Insurance
Three types of car insurance coverage are sold in Paphos.
- Third-party liability
- Third-party, fire and theft
- Comprehensive
Third-party coverage in Paphos
This type of car insurance is a legal requirement in Paphos.
Third-party coverage exclusively pays for the other driver’s expenses in the event of a car accident and third-party property damage, injury, and death.
Any passengers and other drivers in your vehicle are also covered in the event of an accident.
Third-party, fire, and theft coverage in Paphos
This type of coverage covers everything from the above and more.
Third-party, fire, and theft coverage goes into effect to pay for any damage expenses if your vehicle is stolen or involved in a fire.
Comprehensive coverage in Paphos
This coverage offers the same protection as third party and third party, fire and theft, while it also covers natural disasters, such as storms, floods, hurricanes, and earthquakes.
Fully comprehensive car insurance helps to pay for vehicle damages if you are involved in a car accident, no matter who caused it.
Paphos Car Insurance
To read our complete guide about car insurance in Cyprus, see here.
Boat Insurance
Boat insurance covers different types of private and commercial watercraft, such as motorboats, sailboats, inflatable boats, and jet boats.
It works to protect you and your watercraft in the event of an accident, including damage to another’s property and third-party injury.
Paphos Boat Insurance
To read our complete guide about boat insurance in Cyprus, see here.
Immigration Medical Insurance
Immigration insurance is a necessity for anyone planning on moving to Cyprus.
All non-EU citizens and most EU citizens aiming to live or work in Cyprus must buy medical immigration insurance.
Paphos Immigration Medical Insurance
To read our complete guide about immigration medical insurance in Cyprus, see here.
Travel Insurance
Travel insurance is made to protect you from the risks associated with travelling.
The covered risks included in travel insurance span from slight issues like luggage delays to more severe ones like accidents and injuries.
Paphos Travel Insurance
To read our complete guide about travel insurance in Cyprus, see here.
Critical Illness Insurance
Critical illness insurance goes into effect if you are diagnosed with an illness that requires urgent medical attention.
If you experience an unexpected and serious medical event, this coverage can help to pay for your treatment and other medical expenses.
Paphos Critical Illness Insurance
To read our complete guide about critical illness insurance in Cyprus, see here.
Income Protection Insurance
If you are a self-employed person or businessman, income protection insurance can prove to be invaluable when you need it.
If you are unable to work for any length of time, this coverage will go into effect to provide you with a stable source of income.
Paphos Income Protection Insurance
To read our complete guide about income protection in Cyprus, see here.
Personal Accident Insurance
Personal accident insurance is another insurance product that is indispensable for businessmen and self-employed people.
Personal accident insurance is nearly identical to income protection insurance.
The main difference between both types of insurance is that personal accident insurance covers accidental death, whereas income protection does not.
Paphos Personal Accident Insurance
To read our complete guide about personal accident insurance in Cyprus, see here.
Saving Insurance - Private Pensions
If you are a tax resident in Cyprus, this insurance contract is indispensable, even if you are not permanently living in the country.
Cypriot tax authorities only accept savings insurance and private pensions as independent saving plans as valid tax exemptions.
Paphos Saving Insurance - Private Pensions
To read our complete guide about this insurance, see our article here.
Business insurances policies in Paphos
- Business Insurance
- General Public Liability Insurance
- Cyber Insurance
- Keyman Insurance
- D&O Insurance
- Professional Indemnity Insurance
- Employers Liability Insurance
- Marine Insurance
- Group Health Insurance
Business Insurance
Business insurance (also known as commercial insurance) is designed to protect you and your business from unprecedented events and potential financial losses.
It financially covers risks such as theft, professional errors, accidents, cyber-attacks, property damage, and lawsuits.
Paphos Business Insurance
To read our complete guide about business insurance in Cyprus, see here.
General Public Liability Insurance
General public liability insurance protects you and your business from various risks and covers claims made by the general public (i.e. your clients, customers, or visitors) against your company.
It will help to pay for any medical fees and other expenses resulting from injuries, or even death, and property damage involving you and your company.
Paphos General Public Liability Insurance
To read our complete guide about general public liability insurance, visit our website here.
Cyber Insurance
If you conduct your services online and handle sensitive data (i.e. credit card data, medical records, etc.), cyber insurance can be a lifeline if you experience a cyber-attack.
Cyber insurance goes into effect if your company is subject to a covered issue. It’s also an indispensable product for companies providing technology services to third parties.
Paphos Cyber Insurance
To read our complete guide about cyber insurance in Cyprus, visit our website here.
Keyman Insurance
Keyman insurance works to insure your employees, who are crucial to the running of your business. The term “key man” refers to a company’s most valuable employees.
This coverage aims to mitigate the financial loss of losing keymen and will go into effect to cover the costs associated with replacing them.
Paphos Keyman Insurance
To read our complete guide about keyman insurance in Cyprus, see here.
D&O Insurance
Directors and officers insurance (D&O insurance) works to protect you and your company from professional errors regarding its management.
This insurance covers actual or alleged acts and helps to pay for legal fees, settlements, and other costs associated with D&O claims.
D&O insurance is invaluable for businessmen to carry in Cyprus.
Paphos D&O Insurance
To read our complete guide about D&O insurance in Cyprus, see here.
Professional Indemnity Insurance
Professional indemnity insurance helps to pay for legal costs and potential compensation fees if your company is sued for actual or alleged professional mistakes.
You might be falsely accused and not guilty of making mistakes, but financial protection can help your business continue without the risk of bankruptcy.
Paphos Professional Indemnity Insurance
To read our complete guide about professional indemnity insurance in Cyprus, see here.
Employers Liability Insurance
Employers liability insurance is compulsory in Cyprus if you are a business owner. It works to shield you from employee work-related illness or injury claims.
This coverage will go into effect if you face a claim to help pay for lawsuits, attorney fees, and settlement costs.
Paphos Employers Liability Insurance
To read our complete guide about employers liability insurance in Cyprus, see here.
Marine Insurance
Marine insurance covers you and your business for the damage or loss of goods and property you transport as part of your professional services.
Various covered goods and modes of transportation are covered by marine insurance in Cyprus.
Paphos Marine Insurance
To read our complete guide about marine insurance in Cyprus, see here.
Group Health Insurance
Group health insurance is an attractive health insurance option that an employer can choose to provide to their employees.
It provides coverage for covered medical expenses in case of disease and accidental bodily injury.
Paphos Group Health Insurance
To read our complete guide about group health insurance in Cyprus, visit our website here.
How much is Paphos insurance in 2023?
The following section of this guide presents the range of premiums in Paphos you can expect to see for each type of insurance.
Our statistics exclude what is known as “outliers” regarding insurance costs. Outlier premiums are much higher than normal due to abnormal conditions.
Costs of personal insurance policies in Paphos
Cost of Paphos car insurance
The average:
- Third-party cost: €265
- Comprehensive cost: €475
The range:
- Third-party cost: €170 - €450
- Comprehensive cost: €250 - €2500
The minimum:
- Third-party cost: €170
- Comprehensive cost: €250
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your car insurance will cost.
Cost of Paphos home insurance
- The average: €235
- The range: €100 - €1750
- The minimum: €100
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your home insurance will cost.
Cost of Paphos health insurance
- The average (annually): €1450
- The range (annually): €780 - €3950
- The minimum (annually): €780
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your health insurance will cost.
Cost of Paphos life insurance
- The average: €450
- The range: €145 - €7000
- The minimum: €145
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your life insurance will cost.
Cost of immigration medical insurance
- The average: €150
- The range: €80 - €275
The minimum cost of immigration medical insurance in Paphos:
- Including outpatient expenses: €80
- Excluding outpatient expenses: €120
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your immigration medical insurance will cost.
Cost of personal accident insurance
- The average (annually): €450
- The range (annually): €120 - €1600
- The minimum (annually): €120
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your personal accident insurance will cost.
Cost of critical illness insurance
- The average (annually): €520
- The range (annually): €150 - €2000
- The minimum (annually): €150
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your critical illness insurance will cost.
Cost of income protection insurance
- The average (annually): €450
- The range (annually): €120 - €1600
- The minimum (annually): €120
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your income protection insurance will cost.
Cost of Paphos boat insurance
- The average: €950
- The range: €550 - €7000
- The minimum: €550
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your boat insurance will cost.
Cost of Paphos travel insurance
- The average (7-day single trip): €45
- The range (7-day single trip): from €20 - €250
- The minimum (7-day single trip): €20
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your travel insurance will cost.
Costs of Paphos business insurance policies
Cost of Paphos business insurance
- The average: €350
- The range: €90 - €2,500
- The minimum: €90
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your business insurance will cost.
Cost of Paphos employers liability insurance policies
- The average: €250
- The range: €90 - €1,750
- The minimum: €90
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your employers liability insurance will cost.
Cost of Paphos professional indemnity insurance policies
- The average: €550
- The range: €200 - €12,000
- The minimum: €200
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your professional indemnity insurance will cost.
Cost of Paphos directors and officers insurance policies
- The average: €1200
- The range: €600 - €20,000
- The minimum: €600
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your directors and officers insurance will cost.
Cost of Paphos cyber insurance
- The average: €900
- The range: €400 - €45,000
- The minimum: €400
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your cyber insurance will cost.
Cost of general public liability insurance
- The average: €450
- The range: €200 - €1,500
- The minimum: €200
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your general public liability insurance will cost.
Cost of Paphos group health insurance
- The average (per employee/monthly): €125
- The range (per employee/monthly): €35 - €450
- The minimum (per employee/monthly): €35
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your group health insurance will cost.
Cost of keyman insurance
- The average: €450
- The range: €145 - €7000
- The minimum: €145
Complete our online questionnaire to receive a tailor-made quote with an accurate figure of what your keyman insurance will cost.
How to save on your Paphos insurance
Tips to save money across many types of insurance in Paphos
Regardless of what contract you want to acquire, you can use these universal tips to save money on all insurance products in Paphos.
Bundle your policy. You can receive a multiple policies discount when you buy various policies with only one insurance company.
Remove redundant terms. Opt out of insurance terms and add-ons that you don’t need. You can choose to customise your insurance by removing the terms that don’t correspond to your personal or professional needs.
Raise your deductible amount. Most insurance policies in Paphos include a deductible option. Raising your deductible allows you to save on your insurance costs.
Choose family contracts. Opt for family contracts instead of individual ones if possible to avoid paying an issuance fee for each contract. Family insurance plans also include generous discounts.
Don’t choose intermediaries. Intermediaries like accountants and lawyers always charge an intermediary fee, so don’t acquire insurance with them unless you want to pay over the odds.
Seek a specialist insurer. Purchase your contract from an expatriate insurance company if you are an expat in Cyprus because they have specialised contracts for your needs.
Speak with Pitsas Insurances. Licensed insurance agents like ours can analyse your specific needs for free and help you to save money. Contact us at [email protected], Tel. 70070500 (RU/EN).
How to reduce the cost of your house insurance
Choose an all-risk policy. An all-risk contract might be more expensive than a standard plan but covers 25% more claims, so it’s worth the extra cost.
Create an itemised list. An itemised list detailing all your belongings can be used for your home’s content insurance application. You will be prepared in the case of a claim, and your insurance will cost less.
Insert alarm systems. Use alarm systems in your home, such as burglar alarms and smoke detectors. You can easily decrease your insurance premium by 5% - 10% by using alarm systems.
Use a safe for your belongings. Always protect your expensive belongings in a safe. You can easily reduce the cost of your home insurance by using a safe to protect your valuable belongings.
Know your options. If you hire a housemaid, you can use your home policy to cover her obligatory employer’s liability policy at a lower premium.
Choose the right policy. Buy a specific holiday home or landlord insurance if you have a holiday home or are renting your house. These contracts have tailored terms for those who are renting their residences, and they are beneficially cheaper than standard policies (on average, 20% cheaper).
Declare your expensive items. Declare any expensive items you own on your home insurance separately (e.g. fine art) and provide the item’s market value to your insurance provider. The cost of your insurance might be higher, but the likelihood of getting paid in the event of a claim is higher.
Declare your property’s reconstruction value. You need to declare the reconstruction value of your property for your home insurance. This figure is always lower than the market value of your property, which many insurance agents use. Pitsas Insurances can help you accurately calculate this figure.
How to reduce the cost of your life insurance
Decreasing term life insurance. Choose decreasing term life insurance if you are paying off a mortgage instead of choosing term life insurance.
Term life insurance. Choose term life insurance if you don’t want a saving or a cash value component as part of your insurance, as it’s significantly less expensive than standard whole life insurance.
Age and health conditions. Life insurance is cheaper for those who are younger and in good health, so opt for life insurance as soon as possible to make the most of the cheaper costs.
How to reduce the cost of your health insurance
Choose a local provider. Get insurance from a local insurance company instead of an international one if you have lived in Cyprus for more than six months within one year.
Exclude outpatient expenses. If you are registered in the general healthcare system of Cyprus (GESY), pick a health insurance plan excluding outpatient expenses.
Choose a renowned provider. By choosing a renowned insurance company that cooperates with a large network of clinics, the likelihood of them paying for medical expenses upfront is higher, so you don’t have to.
Group health insurance. Choose group health insurance if your employer offers you this health insurance scheme. It is designed to insure employees and is always cheaper than a standard plan.
Insurance with past conditions. Some insurance companies won’t insure those who have suffered from past conditions within the past five years, while some do. Opt for insurance with those who can insure you with your past conditions, if any.
How to reduce the cost of your car insurance
Declare the drivers of your vehicle. Exclusively declare the age of the drivers who will use your vehicle and their experience level rather than selecting the term that enables all drivers from 25 to 70 to drive your vehicle. You can add a cover note for additional drivers.
Prove your driving history. Give your insurance agent proof of a clean driving record to receive a discount. You can request a document (non-claim history document) from the insurance provider that previously insured your car to prove your clean record.
Bundle your policy. Like most insurance contracts, you can bundle your insurance to receive a discount, such as bundling your motor insurance with your house insurance.
Choose a local licence. Get insured under a Cypriot driving licence. Owners of Cyprus driving licences are insured at a lower rate for car insurance.
Use one insurance company. You can receive an “additional car discount” by insuring all your vehicles with one insurance company. Pitsas Insurances can insure non-EU nationals with their local driving licences (e.g. Belarus, Kazakhstan, and Russia.)
How to reduce the cost of your boat insurance
Limit the navigable waters. If you use your boat only in certain countries, you should declare those specific countries to avoid paying extra for cover in an extended region.
Maintain your watercraft. Provide your insurance provider with updated surveillance reports to prove you are maintaining your boat and that you abide by all security rules to keep it in good condition.
Ask about layup discounts. If you predicted to use your watercraft all year round but only used it for part of the year, ask about a layup discount. A layup discount is especially useful in the winter months.
Ensure you’re covered. Your premiums may decrease in the winter while your boat is in storage. However, ensure you check if your watercraft will remain covered while in storage to avoid the risk of extra costs.
How to reduce the cost of your immigration health insurance
Pick an optimum start date. Request that your insurance starts on the exact day of your appointment with the immigration authorities in Cyprus. Your insurance provider can help you with this process to save money.
Choose a family policy. Individual insurance policies are always more expensive than family plans. If you have a family, we recommend opting for a family policy to make your insurance cheaper.
Find the lowest premium. All insurance companies sell immigration insurance with the same terms as a standardised government policy. The only difference between the policies is the price, so try to find the lowest premium.
How to reduce the cost of your travel insurance
Choose an insurance provider. Travel agents charge more for their insurance than insurance companies, so we suggest you avoid buying from them.
Buy an annual plan. You can save money through a discount by choosing an annual travel insurance plan. This option is ideal for those who travel frequently.
How to reduce the cost of your business insurance
Get insured under one policy. Acquiring business contracts under one policy is cheaper than separate ones. Standard business insurance contracts in Cyprus include premises public liability, employers liability insurance, content insurance, and product liability.
Pick a small business policy. Small businesses have the advantage of cheaper insurance through a small business contract. If you manage a small company, enquire about small business policies.
Know your options. If it’s suitable for your needs, you should pick the minimum required covered amount for your employers liability insurance which is €170,000. If you work remotely from home, buy a home insurance package covering your professional equipment.
How to reduce the cost of your cyber insurance
Train your employees. Instead of buying many cyber insurance coverages, you can train your staff to handle specific cyber-attacks. A cybersecurity training program for your team can save you money in the long run.
Employ on-hand help. As well as training your staff, consider hiring data protection officers to be on hand to help in case you experience a specific data extortion cyberattack.
Cover your specific needs. To make your insurance cheaper, you can limit your territorial limits to only those countries where you provide services and exclude other countries and regions.
Exclude unnecessary coverage. Don’t opt to buy additional cybersecurity coverage or add-ons, such as telephone hacking or ransomware, if you know you won’t require them.
Boost security measures. To mitigate risks, increase your company’s computer security by using multi-factor authentication and frequently updating your security systems.
How to reduce the cost of your directors and officers insurance
Provide detailed information. One of the easiest ways to reduce the cost of your D&O insurance is to fill out the application form analytically with accurate answers.
Be specific. To make your insurance cheaper, pick “Cyprus” as the jurisdiction for the contract.
Drop unnecessary coverage. Like most insurance options, you can exclude additional coverages you might not need. In this case, you may want to exclude employment practices liability.
Insure your specific needs. You can decrease the cost of your insurance by specifying the territorial limits of where you provide your business services.
Bundle your coverage. If you carry it, you can ask your insurance consultant to add D&O insurance with your professional indemnity insurance.
How to reduce the cost of your professional indemnity insurance
Be specific. To lower the cost of your insurance, pick “Cyprus” as the jurisdiction for the contract.
Outline your cooperation conditions. Ask any freelancers or subcontractors you work with to buy their own professional indemnity insurance.
Include your territorial limits. Specify the territorial limits to the countries you provide services to decrease the cost of your insurance.
Be detailed in your application. The more specific you are on your application, the easier it will be for underwriters to insure you correctly. By doing so, you can receive coverage corresponding to your business needs, thus minimising any extra terms in your contract and higher costs.
Affordable Paphos insurance
Pitsas Insurances is a top-rated choice for international companies and expatriates in Paphos and is among Cyprus’s most prominent insurance providers.
We are able to acquire the most affordable insurance deals for our clients with our team’s expertise and with the vast number of contracts we handle.
We join forces with all of the local underwriters in the country and the biggest international ones, providing our clients with generous discounts on their predetermined premiums.
Cheap Paphos insurance
Pitsas Insurances can find you the most affordable insurance in Paphos. Moreover, we make it easy. You can buy everything you need online.
Online Paphos insurance
Pitsas Insurances is the largest provider of insurance contracts online in Paphos.
We took more of our services online in 2004 to allow us to serve you while you sit in the comfort of your home.
We desire to offer you an outstanding customer experience online, and our business implements tight cybersecurity to ensure your personal data is safe.
Your satisfaction and safety are paramount to us and pillars of our company values.
To make life easier, we can provide you with a free consultation via video calls and conferences.
Nevertheless, if you would like to communicate with us face-to-face, you are welcome to make an appointment to visit our office for a consultation.
We straddle both traditional and modern methods of working and are both an online provider and a “phygital” insurance company.
Even though we carry out much of our services online, we never let our clients go without an actual insurance agent to guide them through any process, including receiving compensation.
At Pitsas Insurances, we believe in building strong interpersonal relationships with our clients and consider them friends.
We aim to help all clients we serve to achieve their insurance needs and financial goals.
Best Paphos insurance
Pitsas Insurances work with you and the information you provide to customise the best insurance contract to suit your needs.
Our consultants use a methodical process to arrange the best insurance contract for you by first determining the minimum number of terms your policy should include.
We must then assess your suppliers, clients, partners and regulators’ requirements to make sure you are adequately covered.
We can then suggest ways in which you can increase your protection with extra coverage.
Paphos insurance plans
We find our clients the most affordable contracts in Paphos, and they all have fewer exceptions than comparable ones.
We cooperate with more international underwriters than any other insurance provider in Cyprus.
Paphos insurance quotes
Pitsas Insurances is an award-winning insurance company and one of the oldest in Cyprus, having opened its doors in 1985.
We work alongside the most prominent local and international underwriters, and together we can prepare quotes for you within minutes of the insurances that interest you.
To browse our offerings and view more Paphos insurance policies, visit our website here.
Pitsas Insurances Team