Payment Plans & Fees

InsuranceIndividuals

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.

  • Payments can be divided into 3, 6, 9, or 12 payments (months), or made as a one-time payment.
  • If you wish to adjust your payment plan or make changes, please contact us.
  • The cost of payment distribution can be found in the fee schedule below.

Payment Distribution

Recurring Payment

  • Charged to a credit or debit card.
  • Please contact us to register your card number.
  • If you need to update your card number, you can do so on My Sjóvá.

Direct Debit

  • Charged to a bank account according to contract.
  • Please contact us, and we will send you an electronic contract for you to sign.
  • The due date and final payment date for the charge is the first business day of each month.

Monthly Invoices

  • An invoice is generated in your online bank with a due date on the first day of each month and a final payment date on the 15th of each month.

One-Time Payment

Customers pay the premium period for each insurance policy with a single invoice.

Payment Fee for One-Time Payments:

  • For customers with paperless transactions: ISK 130
  • For customers not with paperless transactions: ISK 390

Payment Distribution Fee Schedule

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 and Cost Per Monthly Payment

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%

Debt Collection

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:

  • Reminder letter / collection warning: ISK 950
  • Final collection notice: ISK 1,500

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