Most of what is worth seeing in Iceland is free and you can drive to it. A handful of things you cannot: the glacier, the highlands, the water off Húsavík. Five categories below. I did three of them myself, and I say so where I did not.
The operator matters more than the tour itself. These are the platforms I compared when I was planning, sorted by category below.
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I did this one, and it was the best few hours of the northern half of my trip. A minke whale first, then a humpback that came clear out of the water. Two things nobody tells you beforehand. It gets properly cold out there — the operator hands you an overall, but wear your own layers underneath anyway. And if you are prone to seasickness, take something before you board or give it a miss: a young woman on my boat spent the trip being sick over the side and saw none of it.

I walked on Falljökull with a guide, about ten minutes from the campsite, and of the two this was the one I would repeat: crampons on, moving across a surface that is moving itself. The ice cave I did not do. People I spoke to who had rated it, so if you are there in winter it is worth booking. In summer the only caves you can get into are the man-made tunnels, which is a different thing altogether.

I took a guided day tour out here rather than driving it myself. The F-roads need a proper 4x4 and river-crossing nerve, and standard rental insurance does not cover them at all. I walked one of the loops through the rhyolite hills; the colours are why people come. It is a long day out of Reykjavík and it was worth it.

Hvammsvík sits on the fjord about an hour out of Reykjavík and is the one paid soak I would pay for again. In the north I went to the Mývatn Nature Baths before the rebuild. They reopened as the Earth Lagoon in July 2026 and I have only seen the new building in pictures, so take my verdict as being about the old one.

I did not ride in Iceland, so I cannot tell you what it is like from the saddle. What is true: the Icelandic horse has a fifth gait, the tölt, that other breeds do not have, and the tours run year-round over black sand and lava fields. This is one of two things on this page I am pointing at without having done it myself.