The deductible, or "excess", in insurance is the amount the policyholder must pay out-of-pocket toward a claim before the insurer begins covering the rest. Why excess exists? Reduce Small Claims Promote Responsibility Lower Premiums Risk-Sharing Align costs with Coverage Need

Several factors influence the cost of your motor insurance premium, including: Age. Vehicle type and age. Driving experience. Location. Usage. (private, professional) Driving record. (history of claims) Chosen coverage.

Value and Cost​: More expensive cars cost more to insure. Safety Features: Vehicles with advanced safety features may receive discounts. Repair Costs: Cars that are cheaper and easier to repair typically have lower premiums. Engine Size and Performance: High-powered engines can lead to higher premiums due to increased risk.

​Third-Party Liability: Covers damages to other people, vehicles, or property caused by your vehicle. This is often the minimum legal requirement in many countries. Comprehensive Coverage: Provides full protection, covering damage to your vehicle as well as third-party liability. This includes accidents, fire, theft, natural disasters, and vandalism.

A No-Claim Bonus is a discount offered for each claim-free year. The more years you drive without making a claim, the bigger the discount on your premium (up to a certain limit). Making a claim may reduce or reset this bonus.

Report the Accident Immediately Call the police (112) and report the accident. A police report is crucial for your claim. If possible, gather witness statements and take photos of the scene, including any visible damage and license plates (if available). The Motor Insurers’ Fund (MIF) in Cyprus covers victims of accidents caused by: Uninsured drivers Hit-and-run drivers (unknown registration) You can file a claim with the MIF to recover damages for injuries and property damage.

Yes, an insurer can cancel your policy for specific reasons, such as: Nonpayment of premiums. Fraud or misrepresentation on your application. Violation of policy terms. You’ll typically receive advance notice before cancellation.

Choosing the right coverage depends on your: Vehicle’s value Driving habits Budget for premiums and deductibles State requirements As your agent, I’ll guide you through the process to find the best coverage for your needs.

Increase your deductible. Drive safely to avoid claims and keep your No-Claim Bonus intact. Bundle policies (e.g., home and auto) with the same insurer. Consider a less expensive or lower-risk vehicle. Shop around and compare quotes.

Yes, you can cancel your insurance policy at any time. However, it’s important to review your policy terms as some insurers may require written notice or charge cancellation fees.