Motor insurance renewal in Iceland
Renewing motor insurance in Iceland typically involves reviewing the existing policy terms and conditions, and either accepting the renewal offer from the current insurer or seeking quotes from other providers. Most policies are renewed automatically unless cancelled.
It is advisable for vehicle owners to review their insurance policies and renewal offers well in advance of the policy's expiration date, typically at least a month beforehand. This allows sufficient time to compare options, make informed decisions, and ensure continuous coverage without any gaps.
Start 30 days ahead
To allow time for comparing offers, making a decision, and ensuring continuous coverage.
The process
- 1Receive a renewal offer from the current insurance provider, usually sent by mail or electronically, prior to the policy's expiration.
- 2Review the terms, conditions, and premium of the renewal offer.
- 3Compare the renewal offer with quotes from other insurance companies, if desired.
- 4Decide whether to accept the current insurer's renewal offer or switch to a new provider.
- 5If accepting the renewal, ensure the premium is paid according to the insurer's instructions. If switching, formally cancel the old policy and activate the new one.
- 6Confirm that the new policy is active and that the vehicle is continuously insured.
What to bring
- Vehicle registration number (kennitala ökutækis)
- Personal identification number (kennitala eiganda)
- Current insurance policy details (for comparison)
Who handles it
Ísland Tryggingar (Icelandic Insurance Companies) and Financial Supervisory Authority of the Central Bank of Iceland (Fjármálaeftirlit Seðlabanka Íslands)
The cost of motor insurance varies significantly based on factors such as the vehicle type, driver's history, coverage level, and chosen insurance provider. Specific fees should be confirmed directly with individual insurance companies.
What commonly goes wrong
- Not comparing quotes from multiple providers, which could lead to missing out on better rates or coverage.
- Failing to update personal or vehicle details with the insurer, which might affect coverage or premiums.
- Not formally cancelling an old policy if switching insurers, potentially leading to dual insurance or unexpected charges.
- Allowing the policy to lapse, which means driving uninsured and facing potential penalties.
Sources
Other documents in Iceland
Motor insurance renewal in other countries
Often renewed together
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