Ökutækjaábyrgð

Ökutækjaábyrgð refers to the mandatory motor vehicle liability insurance in Iceland. This insurance is legally required for all owners of registered vehicles operating on public roads. The primary purpose of ökutækjaábyrgð is to provide financial protection for third parties who may suffer injury or damage to their property as a result of an accident caused by an insured vehicle.

The policy covers damages to other vehicles, property, and medical expenses for injured parties, including passengers in the at-fault vehicle and pedestrians. It does not typically cover damages to the insured vehicle itself or injuries sustained by the driver of the at-fault vehicle. These types of coverage are usually available through optional additional insurance policies, such as comprehensive or collision insurance.

In Iceland, ökutækjaábyrgð must be maintained at all times for a vehicle to be legally operated. Failure to have valid insurance can result in fines, confiscation of the vehicle, and personal liability for any damages caused. The insurance is typically purchased annually from registered insurance companies in Iceland. The cost of ökutækjaábyrgð varies depending on factors such as the type of vehicle, the driver's history, and the coverage limits chosen.