Vehicle Rental Insurance - Landsbankinn
This information document only specifies the main aspects of the insurance, such as what is included and what is not. It is not an exhaustive list or a personal overview of the insurance that customers choose. The information document has no legal significance and is intended solely to inform customers about the main aspects of the insurance. The insurance summary and detailed information on the applicable contract terms are available on the insurance policy, which can be accessed on Vörður’s My Pages. The terms and conditions of the insurance contain comprehensive information about the insurance coverage and are a part of the agreement between the parties together with the insurance certificate.
What kind of insurance is Landsbankinn’s Vehicle Rental Insurance?
The travel insurance protects cardholders from financial mishaps while travelling. The insurance includes car rental insurance, comprehensive insurance, and liability insurance.
What Is Covered?
Damage to a rental car where the cardholder is the registered main driver (1 driver) owned by an authorised car rental company due to the following events:
a. Damage to the vehicle itself and its normal accessories caused by lightning, fire, explosion, and collision. It is also paid if the vehicle is struck by another, overturns or veers off the road.
b. Theft and vandalism of the vehicle.
Compensation claims that may accrue to the insured, who is named in the car rental agreement, if the claim exceeds the insurance amount or the deductible of the statutory insurance.
What Is Not Covered?
If the insured has not obtained the right to drive the vehicle in question or has lost the right to drive it.
Damage due to a car race, a rally, test driving or training for such driving.
The vehicle is driven where driving is prohibited or off-road driving, such as on fields and pastures, on ice, across unbridged rivers or brooks, or across other off-road terrain.
The vehicle is being used in a manner that violates the conditions of the rental agreement and the provisions contained in the terms.
Damage caused due to material defects, design defects, construction defects, repair defects, or malfunction of the vehicle.
Damage caused by normal wear and tear or insufficient maintenance of the rental car.
The risks inherent in the car rental agreement are excluded.
Personal injury and property damage to those insured under this insurance.
A judgment of compensation for the purpose of punishment or as a preventive measure.
Any obligations for which the insured person may be made liable under legislation on compensation to workers due to occupational diseases, unemployment benefits, disability compensation, or similar legislation.
Personal injury or property damage due to transport, storage, handling, distribution, sale, or disposal of asbestos materials or goods or products containing asbestos.
Loss resulting directly or indirectly from automobile and motor sports or the use of motorcycles, whether the insured person is a driver or a passenger.
The liability of the insured person which directly or indirectly arises from, takes place because of or is the consequence of war, invasion, actions of foreign enemies, warfare, etc.
Personal injury or property damage due to goods that are known to contain multi-chlorate bisphenol, contain derived multi-chlorate bisphenols or are generally known in the chemical industry to be based on a similar formula or have similar effects.
Are There Any Restrictions or Precautionary Rules?
The insured must follow the precautionary rules of Vörður.
The insured is required to take every precaution in order to prevent accidents, insofar as is possible.
Where Is The Insurance Valid?
The insurance is valid when travelling abroad for up to 31 days during a 90-day travel period. Further information on the scope of application can be found in the terms and conditions of the insurance.
What Are The Insured's Obligations?
Provide all necessary information, whether during renewal, changes to the insurance, or when reporting a claim.
Notify the insurance company immediately in the event of an accident or any incident that may give rise to a claim.
Medical bills must be submitted within twelve months of the insured event.
Claims must be reported at the earliest opportunity and no later than one year from the date of the incident.
Take the necessary steps to prove that a loss occurred. For example, the insured must report theft, robbery, or burglary to the relevant authorities and obtain a report.
When And How Is The Insurance Paid for?
The insurance premium is included in the annual fee of the card. Therefore, the insured does not pay a separate premium to Vörður.
When Does Insurance Coverage Begin and How Does It End?
The insurance is valid for the duration of the card's validity period.
How Is The Insurance Terminated?
Since Landsbankinn is the policyholder, the insured — i.e., the cardholder — cannot cancel the insurance in the usual manner.