Smart Insurance
It can be expensive if your phone, smartwatch, or laptop gets damaged and needs repairs or replacement. That’s why we recommend Smart Insurance.
Smart Insurance is designed for those aged 18–25 who still live at home. It provides coverage for these valuable devices, often offering better protection than traditional household contents insurance.
Frequently Asked Questions
Information regarding the insurance
What type of insurance is this?
Smart insurance is a simple insurance that insures smart devices, computers, bicycles and electric scooters and is intended for young people living with their parents. The deductibles are lower than in Family Protection and depreciation slower, which means that the compensation for damages can be higher.
What is covered? | What is not covered? |
|---|---|
| The insurance covers: | The insurance does not cover: |
Damage due to sudden, external events. | Wear and tear from normal use. |
Theft from the home. | Theft from anywhere but the home, unless it involves a burglary. |
Any limitations on what the insurance covers?
The insurance does not cover damage that only causes appearance defects but does not impair the item´s usefulness.
Where is the insurance valid?
Smart insurance is valid in Iceland and while travelling abroad for up to 90 days.
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.
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 cancelled.
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.