Customers can choose from several payment options for personal or business insurance.
You can either pay the full amount upfront or distribute payments in a way that suits you best, through recurring payments, direct debit, or monthly invoices.
Customers pay the premium period for each insurance policy with a single invoice.
Payment Fee for One-Time Payments:
Recurring Payment
Direct Debit
Monthly Invoices
The cost of payment distribution is based on an annual interest rate of 6.75%. The cost is distributed over monthly payments according to the number of months:
Payment Frequency | Percentage on monthly payments |
|---|---|
One-time payment: | 0.00% |
3 months: | 0.56% |
6 months: | 1.41% |
9 months: | 2.25% |
12 months: | 3.09% |
If an invoice is not paid within two days after the final due date, we will send a reminder via SMS or email.
It is very important to have correct contact information registered so we can reach you before collection proceedings begin. You can always update your email and phone number on My Sjóvá.
If you anticipate being unable to pay on time, please contact us, and we will work with you to find a solution.
Late payment interest is applied according to the interest rates published by the Central Bank of Iceland.
Motus and Lögheimtan handle overdue premium collections on behalf of Sjóvá. The cost of collection letters is as follows: