Car insurance in Cyprus is generally affordable compared to other European countries, but the cost will depend on factors such as the driver’s age, driving experience, and type of vehicle.
And now, in greater depth
Car insurance in Cyprus is generally affordable compared to other European countries, but the cost will depend on factors such as the driver’s age, driving experience, and type of vehicle.
According to Cyprus Driving, “the price of car insurance is influenced by a number of factors, including age, sex, driving experience, car value, claims history and cover required.” It’s important for drivers to compare quotes from different insurance companies in order to find the best deal for their specific situation.
Despite the affordable prices, it’s still important for drivers to have comprehensive insurance coverage in Cyprus. In fact, it’s required by law to have at least third-party liability insurance in order to drive on the roads.
Interesting facts about car insurance in Cyprus:
- The Cyprus Insurance Association represents all insurance companies in Cyprus and provides resources for consumers to learn about insurance options.
- Some insurance companies offer discounts for safe driving habits or for installing certain safety features in vehicles.
- According to the Cyprus Statistical Service, the number of licensed automobiles in Cyprus increased by 4.7% in 2020 despite the COVID-19 pandemic.
- In addition to car insurance, there are also options for motorcycle insurance, boat insurance, and home insurance in Cyprus.
Here is a table comparing the average annual cost of car insurance in Cyprus to other European countries:
| Country | Average annual cost of car insurance |
|---|---|
| Cyprus | €500 – €700 |
| United Kingdom | €800 – €1000 |
| Spain | €400 – €600 |
| France | €600 – €800 |
| Germany | €700 – €900 |
As British journalist Spike Milligan once said, “Insurance is like marriage. You pay, pay, pay, and you never get anything back.” While this may be true in some cases, it’s important for drivers to have car insurance to protect themselves and others on the road.
Response to your question in video format
The Cyprus Registrar of Insurers is the independent body that provides insurance licenses, and requires insurance brokers or agents to be licensed to operate. Insurance company directors must also pass necessary exams before receiving a license. Cyprus-based insurance companies can passport in Europe, allowing them to sell their products throughout the EU. Financial statements for insurance firms differ from trading companies with different terminology and presentation.
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Also Know, Do I need car insurance in Cyprus? Under EU law all vehicles driving in member states should have third party liability insurance as a minimum. It is mandatory for a vehicle owner to have insurance against personal injury and material damage caused by their vehicle. Residents Health Insurance If you are working in Cyprus, you are covered by Cyprus social insurance.
What is third party car insurance in Cyprus? The answer is: In Cyprus, it is compulsory to have Third Party Car Insurance and you cannot drive without this policy. This is a policy that protects you if you have an accident with another vehicle and you are liable. This is different to Third Party Insurance in the UK as it does not cover anything to do with your vehicle in terms of fire and theft.
Similarly one may ask, Can you take a hire car into South Cyprus?
In reply to that: You are not permitted to take a Northern Cyprus hire car into south Cyprus. However, you can take a south Cyprus hire car into North Cyprus, but you will need to purchase additional insurance at the border crossing. This is because there is no insurance company in the south that covers accidents in the north.
Are second-hand cars expensive in Cyprus? Second-hand cars in Cyprus are expensive, due to historically high customs/import duty. Duty-paid vehicles are available for anyone to purchase. When selling a vehicle in Cyprus that was imported with an excise duty and VAT waiver, the seller (or buyer) must pay duty and VAT on the value of the vehicle if it is sold within 10 years of import.
Thereof, Do I need car insurance in Cyprus? Response will be: Under EU law all vehicles driving in member states should have third party liability insurance as a minimum. It is mandatory for a vehicle owner to have insurance against personal injury and material damage caused by their vehicle. Residents Health Insurance If you are working in Cyprus, you are covered by Cyprus social insurance.
What is third party car insurance in Cyprus? The reply will be: In Cyprus, it is compulsory to have Third Party Car Insurance and you cannot drive without this policy. This is a policy that protects you if you have an accident with another vehicle and you are liable. This is different to Third Party Insurance in the UK as it does not cover anything to do with your vehicle in terms of fire and theft.
People also ask, Can you take a hire car into South Cyprus? As a response to this: You are not permitted to take a Northern Cyprus hire car into south Cyprus. However, you can take a south Cyprus hire car into North Cyprus, but you will need to purchase additional insurance at the border crossing. This is because there is no insurance company in the south that covers accidents in the north.
Just so, Are second-hand cars expensive in Cyprus?
Second-hand cars in Cyprus are expensive, due to historically high customs/import duty. Duty-paid vehicles are available for anyone to purchase. When selling a vehicle in Cyprus that was imported with an excise duty and VAT waiver, the seller (or buyer) must pay duty and VAT on the value of the vehicle if it is sold within 10 years of import.