Insurance costs in Cyprus
Insurance costs in Cyprus vary based on coverage type, provider, and individual circumstances. This guide breaks down average prices for common insurance policies.
1. Car Insurance Costs
Car insurance is mandatory in Cyprus. Prices depend on vehicle type, driver age, and coverage level.
Third-Party Liability (Minimum Legal Requirement)
Average cost: €150–€400 per year
Covers damage to others but not your own vehicle
Younger drivers (under 25) pay higher premiums
Comprehensive Car Insurance
Average cost: €300–€800+ per year
Covers theft, accidents, and fire damage
Luxury or high-performance cars cost more to insure
Factors Affecting Car Insurance Prices
Driver’s age and experience
Car model and engine size
Claims history and no-claims discounts
Location (urban vs. rural areas)
2. Health Insurance Costs
Cyprus has public healthcare, but many expats and locals buy private insurance for better access.
Basic Private Health Insurance
Average cost: €500–€1,500 per year
Covers doctor visits, tests, and basic treatments
Cheaper for young, healthy individuals
Comprehensive Health Insurance
Average cost: €1,500–€4,000+ per year
Includes private hospitals, surgeries, and specialist care
Pre-existing conditions may increase costs
International Health Insurance (For Expats)
Average cost: €2,000–€6,000+ per year
Covers treatment abroad and emergency evacuations
Popular among retirees and digital nomads
3. Home Insurance Costs
Home insurance protects against fire, theft, and natural disasters.
Basic Home Insurance (Apartment)
Average cost: €100–€300 per year
Covers fire, theft, and basic damages
Cheaper for secure buildings with alarms
Full Home & Contents Insurance (House)
Average cost: €300–€700+ per year
Includes furniture, electronics, and liability coverage
High-value homes cost more to insure
Factors Affecting Home Insurance Prices
Property location (flood/earthquake risk)
Home security systems
Rebuild value vs. market price
4. Life Insurance Costs
Life insurance provides financial security for families.
Term Life Insurance (10–30 Years)
Average cost: €200–€600 per year
Pays out if the policyholder dies during the term
Cheaper for young, non-smoking applicants
Whole Life Insurance (Permanent Coverage)
Average cost: €1,000–€3,000+ per year
Includes savings/investment components
More expensive but lasts a lifetime
5. Travel Insurance Costs
Travel insurance is essential for trips abroad.
Single-Trip Insurance
Average cost: €20–€100 per trip
Covers medical emergencies, cancellations, and lost luggage
Duration and destination affect price
Annual Multi-Trip Insurance
Average cost: €100–€300 per year
Best for frequent travelers
Excludes extreme sports unless specified
6. Business Insurance Costs
Businesses in Cyprus need protection against risks.
Public Liability Insurance
Average cost: €300–€1,000+ per year
Covers customer injuries or property damage
Required for many professions
Professional Indemnity Insurance
Average cost: €500–€2,000+ per year
Protects against legal claims for errors/negligence
Common for consultants, lawyers, and architects
How to Save on Insurance in Cyprus
Compare quotes from multiple providers
Increase deductibles to lower premiums
Bundle policies (e.g., home + car insurance)
Maintain a good claims history
Ask about loyalty discounts
Conclusion
Insurance costs in Cyprus depend on coverage needs and risk factors. Shopping around ensures the best deal. Always read policy details before buying.
