Sure, you can ride around a bus and see the main sites of Iceland from a short drive from the city. You'll get a couple of nice pictures, but you'll be sitting with crowds (why come to Iceland only to fight with a bunch of other people for the same space...) and a strained neck from leaning in all day trying to hear the (hopefully working) intercom...
But wouldn't it be so much more memorable and fun to spend the day in the front seat, talking with the people who helped shaped the country, who are proud to be Icelandic and are willing to share their PhD level understanding of the geology, the history and the culture of such an amazing place?
How much do you know about Iceland? Really know about Iceland? Unless you are from there, probably not as much as you think. Hawk and Finnur taught me so much about their beautiful country- I'd book the tour just to sit down to have a coffee with them. You get the added benefit of some of the most amazing landscape rolling past your front-seat view.
Added bonus- if you are a photographer, chances are they are chasing the light and know EXACTLY when to show up to certain spots to hit the best light. They will even point out the rainbows when you aren't looking... (ahem. Thanks Hawk.)
But more than that, Hawk looked out for me my entire trip- suggesting the perfect hotel, tips on how to socialize in Icelandic... When you are traveling solo, having someone do a little extra for you is like having a traveling companion keeping an eye out for the both of you. He even suggested to go on Northern Lights tours when the forecast showed for clear skies. That's not even a TOUR I BOOKED WITH THEM.
You could book with another company. But honestly, you would be missing out on one of the best, authentic and premium experiences this country has to offer. You can wear running shoes, or you can wear Nikes. You can listen to some guy on a fiddle, or you can listen to Beethoven. You can book a tour with any other company, or you should book with Nature Explorer.
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