Information on mandatory insurances in Iceland is available here. Information on the most common types of insurance offered by Icelandic insurance companies can be found on the following websites:
Some types of insurance are mandatory in Iceland.
- Mandatory vehicle insurance includes, firstly, third-party liability insurance and, secondly, accident insurance for the driver and owner of the vehicle.
- Fire insurance is mandatory for real estate and covers damage to a property due to fire.
- Mandatory natural catastrophe insurance provides compensation for natural catastrophes, such as avalanches, earthquakes, volcanic eruptions, floods and landslides.
Common types of insurance
Insurance companies provide more information on the types of insurance they offer. The terms and conditions offered by different insurance companies may vary, which makes it important to check carefully what the insurance covers and make regular comparisons between companies. Children are insured under their parents' insurance up to the age of 18.
Examples of common types of insurance include:
- Household insurance covers damage that occurs to property in the home and is usually defined by the amount of insurance.
- Comprehensive vehicle insurance (CDW) provides compensation for damage that you cause to your own vehicle.
- Life insurance is paid in the event of the death of the policy holder to his/her estate. The amount depends on the policy.
- Sickness insurance comes in handy to cover loss of work income due to serious illness; the benefit amount depends on the policy.
More details can be found on the insurance companies' websites.
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