Payment Methods

You can choose the payment method that suits you and choose between receiving a request for payment in your online bank or paying according to a credit card payment agreement.

Payment distribution

You can choose to pay your insurance premiums in one lump sum or spread the payments over three, six, nine or twelve months. The cost of distributing premiums is based on a 11.5% annual interest rate. Which means that the cost:

of a three-month payment distribution is 0.96% of the premium.
of a six-month payment distribution is 2.40% of the premium.
of a nine-month payment distribution is 3.83% of the premium.
of a twelve-month payment distribution is 5.27% of the premium.

Payment fee

There is no payment fee for automatic credit card payments.
The payment fee for paying premiums through an online bank is ISK 190.
The payment fee for invoices sent by post is ISK 390.

Collection costs

Penalty interest is charged in accordance with penalty interest rates published by the Central Bank of Iceland.
Collection process begins when an invoice is five days overdue.
Motus and Lögheimtan collect overdue premiums for VIS. The cost of collection letters is in accordance with the price schedule of Motus and Lögheimtan.