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Motor Insurance In Cyprus

Jun 15, 2021 (0) comment

In Cyprus there are around 700,000 register motor vehicles most of them passenger saloon cars. The
total area of Cyprus is 9251 kms of which 5896kms are under the control of the Republic of Cyprus.
So the 700,000 vehicles are moving in an area of 5896 kms. That’s a lot of cars in such a small area.

The insurance motor class constitutes almost 36% of the total non life insurance premiums. Total
motor insurance premium reached Euro 182 millions (2020) out of Euro 506 millions of total non- life
insurance premium.

Motor insurance coverage is obligatory in Cyprus covering the vehicle’s liability to third parties.
There are 3 different kind of covers you can buy as follows:

Third Party Only

It provides covers as follows:


Damage to other people’s property , and compensation for other people’s death and injury if you ar
at fault

Legal costs incurred in connection with a claim made against you

Emergency treatment resulting from an accident involving your car

24 hours accident & Road Assistance

Off Road extension to cover you in a private park and private roads- Please note that any accident to
be registered by the police must be in an official road . Private roads and parking places are not
included in the cover unless an off road cover is included.

Any amount noted on your policy for windscreen cover

Your liability to the passengers of the vehicle.

Towing

Third Part Fire &Theft

As Third Party coverage plus

Loss or damage to your car including accessories and spare parts relating to your car, following fire or
theft only

If your car is less than a year old and it is stolen or suffers damage at over 60% of its selling price
insurers will replace it with a new car of the same make, model and specification.

Comprehensive

All coverage included in Third Party and Third Party Fire & theft plus

Accidental damage to your car

Natural perils , flooding, storm, tempest, earthquake, hail as well as riots and strikes.

Windscreen cover at higher amount that TP

Driving other cars – In most cases drivers between the 25-75 holding a full license for more than 2
years cover is extended for the insured whilst driving a motor car not belonging to or hired to him or
his employer or his partner or his spouse. It usually covers TP only . Check your certificate if you have
this coverage.

What is not insured

If you violate the terms and conditions of the policy

If the car is being used for purposes not described on the certificate

Any accident , injury or loss or damage while the car is being driven by a person under the influence of
alcohol or drugs

War and terrorism situations

Accident if the car is use for racing, pace-making speed testing or off roading

Wear and tear, electronic damage, mechanical fault or computer equipment failure

Loss or damage while your car is unlock or the ignition keys have been left in or on the car.

There are 21 authorized Insurers offering this type of insurance in Cyprus.

For more information please contact us at info@pminsurancebrokers.com

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