No, you don't have to do anything.
All individuals with a valid auto insurance policy on 1 May will receive a one-month reduction, in the form of a cancellation, reduction or refund, as applicable.
If you pay your insurance through a monthly payment equalisation service, then the billing for the month of May will be reduced by the equivalent of that month’s auto insurance premium. If your payment equalisation service is less frequent than monthly, the equivalent of one monthly auto insurance premium will be deducted from the billing for May.
Note: if you are paying your insurance premiums with regular credit card installments, it will be the June premium that will be lower.
If you pay your entire insurance in a single payment, have paid the annual premium and have no other premiums in arrears, you will receive a refund of the monthly payment before 15 May. Please note that it is the person who is registered as paying for the insurance who will receive the refund, so it is important to check if the bank account information is correct on My Pages on the Sjóvá website.
If you have yet to pay your annual premium, the amount of the billing in your online bank will be reduced by 5 May.