Comprehensive Collision Insurance
If your car is damaged in a traffic accident, repairs can be costly.
It is therefore important to have good Comprehensive Collision Insurance for your car so that it is covered for potential damages.
Frequently Asked Questions
Comprehensive Collision Insurance
What type of insurance is this?
Comprehensive collision insurance is an optional insurance that covers damage due to sudden and unexpected external events.
What is covered? | What is not covered? |
|---|---|
| The insurance covers damage: | The insurance does not cover: |
To a vehicle due to a traffic accident. | Damage or wear from normal use. |
Due to theft. | Damage due to a sandstorm. |
Due to fire. | Damage to the undercarriage from hitting the ground while driving on mountain roads, trails, or across unbridged rivers. |
Caused by water flowing into the vehicle from unexpected puddles on a paved road. | Damage due to water flooding the vehicle while driving over rivers, lakes, or streams. |
To a vehicle‘s engine or gearbox or an electric vehicle‘s battery from hitting the ground while driving or something hitting the vehicle from below. | Damage from wear and tear or inadequate maintenance. |
Vehicle theft while abroad. |
Any limitations on what the insurance covers?
The insurance does not cover damage due to participation in a driving competition.
Where is the insurance valid?
The insurance is valid in Iceland. If it is an annual insurance it is also valid while travelling in Europe for up to 90 days and during necessary international transport.
What responsibilities do I have?
You must report any damage as soon as possible and no later than one year from the date of the damage.
You must ensure that all the information in the insurance policy is accurate.
You must inform us of any changes in your address, telephone number, and email address.
You must follow all the precautions in the terms of the insurance policy.
When and how do I pay the premium?
The premium must be paid on the due date. When the insurance policy is issued or renewed an electronic claim is created in your online bank. You have the option to distribute the premium payments by:
Credit card payment, where the premium is charged monthly to a credit or debit card.
Direct payment, where your bank account is debited monthly.
Corporate distribution, where the premium can be paid in monthly payments.
When does the insurance start and when does it end?
The insurance policy takes effect when an offer is accepted and is renewed annually until it is canceled.
How do I cancel the insurance?
Individuals and companies with fewer than five full-time positions can cancel the insurance at any time and it will expire at the end of the following month after the cancellation is received. Other companies can cancel their insurance one month in advance before the end of the insurance period.
The cancellation must be in writing, for example with an electronic signature.
Loss of Use Protection
If you are self-employed or run a small business, Loss of Use Protection may be a good fit for you. It is available as an add-on to Comprehensive Collision Insurance.
Loss of Use Protection is designed for those who are self-employed and small businesses that cannot afford to have their vehicles out of operation due to damage. If your vehicle sustains damage covered by comprehensive collision insurance, you are entitled to a rental car or a cash payment for up to 7 days while your vehicle is being repaired.
Please note that Loss of Use Protection is only intended for smaller vehicles used for business purposes.
