Self Risk

In a car rental contract, "Self Risk" refers to the amount the renter is responsible for in case of damage to the rental vehicle. This is often synonymous with an insurance excess or deductible. 

If the car is damaged or stolen, the renter must pay the self risk amount before the rental company's insurance covers the remaining costs. 

The self risk can vary based on the rental company's policy, the type of car, and whether additional insurance or waivers are purchased to reduce or eliminate this liability. It's crucial to understand these terms to avoid unexpected expenses.

The base Self Risk amount is 150.000 ISK. This can either be reduced or removed completely if you include one of the two insurance packages with your rental. 

With Partial Insurance, your self-risk is reduced to 90.000 ISK for most items included in the insurance package.

The exceptions to the self-risk amount in the Partial Insurance package are the tire and windscreen insurance. These do not incur any self-risk amount.

You can read more about what is included in the Partial Insurance package, here.

With Full Insurance no self-risk is expected from the renter. All damages are fully covered, with 0 ISK self-risk.

You can read more about the Full Insurance package, here.

There are exceptions to both insurance packages, where certain behaviour or actions, leading up to an accident, will invalidate your insurance and incur the full self-risk amount. 

You can read about those here.