2021 Hyundai Ioniq Insurance Rates in 2024 – 10 Policy Discounts

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: May 17, 2024

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Searching for low-cost insurance for a Hyundai Ioniq can normally be a lot of work, but you can use these tips to save time. There is a better way to find insurance online so we’re going to tell you the quickest way to compare rates for a Hyundai and get the cheapest rates from local insurance agents and online providers.

Choosing the best insurance company for you is not that difficult. If you are insured now or need new coverage, you can learn to shop for the lowest rates and possibly find even better coverage. Consumers just need to understand the most effective way to compare rates online.

Discount insurance quotes

Some providers don’t always publicize every available discount very clearly, so the list below gives a summary of some of the more common as well as the least known credits available to lower your premiums when you buy insurance online.

  • Military Deployment Discount – Having an actively deployed family member may lower your prices slightly.
  • Discount for Switching Early – Some companies reward drivers for switching to them before your current coverage expires. You may see this discount when you get insurance quotes online.
  • Distant Student – Any of your kids who are enrolled in a college that is more than 100 miles from home without a vehicle on campus may qualify for this discount.
  • ABS and Traction Control Discounts – Anti-lock brake equipped vehicles have fewer accidents and qualify for as much as a 10% discount.
  • Life Insurance – Not all insurance companies offer life insurance, but some may give you a break if you buy life insurance from them.
  • Auto/Home Discount – If you insure your home and vehicles with the same company you could get a discount of up to 20% off your total premium.
  • Low Mileage Discounts – Driving less could earn cheaper premium rates.
  • Federal Government Employee – Federal government employees could provide a small rate reduction for Ioniq insurance with select insurance companies.
  • Seat Belt Usage – Drivers who always wear seat belts and also require passengers to buckle up can save up to 15% off the PIP or medical payment premium.
  • Discount for Passive Restraints – Options like air bags or automatic seat belts may qualify for discounts of 20% or more.

Consumers should know that many deductions do not apply to the entire policy premium. A few only apply to the price of certain insurance coverages like comprehensive or collision. So even though you would think it’s possible to get free car insurance, you won’t be that lucky.

The best insurance companies and a partial list of their discounts are included below.

  • State Farm offers discounts including passive restraint, anti-theft, good student, student away at school, and defensive driving training.
  • Farmers Insurance discounts include early shopping, bundle discounts, homeowner, good student, pay in full, electronic funds transfer, and youthful driver.
  • GEICO policyholders can earn discounts including federal employee, military active duty, anti-theft, multi-policy, emergency military deployment, good student, and driver training.
  • American Family may include discounts for TimeAway discount, defensive driver, good student, Steer into Savings, early bird, and multi-vehicle.
  • Nationwide has savings for good student, accident-free, Farm Bureau membership, family plan, business or organization, and easy pay.
  • Progressive may offer discounts for good student, online quote discount, multi-vehicle, continuous coverage, multi-policy, and homeowner.

When comparing rates, check with each insurance company to apply every possible discount. A few discounts may not apply to policies in your area. To see a list of insurance companies that offer multiple discounts, enter your zip code here.

First Step: Get free insurance quotes

Finding a better price on insurance is a fairly straight forward process. You just have to invest a little time comparing price quotes to find out which insurance company has inexpensive insurance quotes. This can be accomplished by following the guidelines below.

  1. One of the simplest ways consumers can make multiple comparisons is to use a rate comparison form. This form keeps you from doing separate quote forms for each company you want a rate for. Taking the time to complete one form compares rates instantly. Just one form and you’re done.
  2. A more time consuming way to find better pricing requires visiting the website for every company you want to compare to complete their respective quote request forms. For example, we’ll pretend you want to compare prices for Nationwide, 21st Century and State Farm. To get rate quotes you would need to go to every website and enter your information, and that’s why the first method is more popular.
  3. If you have time to kill, the last method to quote and compare insurance rates is calling or driving to local insurance agencies. The ability to get quotes online makes this unnecessary unless you have a need for the extra assistance of a local agent. Drivers can comparison shop online but have your policy serviced through an agent.

It’s up to you how you get prices quotes, just compare equivalent coverage data on every price quote you get. If you use higher or lower deductibles it’s impossible to determine the best price for your Hyundai Ioniq.

Tailor your insurance coverage to you

When it comes to choosing proper insurance coverage for your vehicles, there really is not a single plan that fits everyone. Every insured’s situation is different.

These are some specific questions could help you determine if your situation could use an agent’s help.

  • What are the best liability limits?
  • Why do I need rental car insurance?
  • Am I insured when driving a different vehicle?
  • What companies insure drivers after a DUI or DWI?
  • Does my insurance cover damage caused when ticketed for reckless driving?
  • How high should my medical payments coverage be?
  • When should I not file a claim?
  • Do I need PIP coverage since I have good health insurance?
  • How does medical payments coverage work?

If it’s difficult to answer those questions but you know they apply to you, you might consider talking to an insurance agent. If you want to speak to an agent in your area, simply complete your zip code. It’s fast, doesn’t cost anything and may give you better protection.

Insurance policy specifics

Knowing the specifics of insurance can help you determine the right coverages at the best deductibles and correct limits. The terms used in a policy can be difficult to understand and nobody wants to actually read their policy.

Comprehensive coverage – Comprehensive insurance will pay to fix damage from a wide range of events other than collision. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims such as hail damage, damage from flooding, falling objects, damage from getting keyed and a tree branch falling on your vehicle. The most you can receive from a comprehensive claim is the market value of your vehicle, so if the vehicle’s value is low consider dropping full coverage.

Collision – This covers damage to your Ioniq caused by collision with another vehicle or an object, but not an animal. You have to pay a deductible and then insurance will cover the remainder.

Collision coverage protects against things like sustaining damage from a pot hole, colliding with another moving vehicle, backing into a parked car and colliding with a tree. Paying for collision coverage can be pricey, so consider removing coverage from older vehicles. It’s also possible to choose a higher deductible to get cheaper collision coverage.

Uninsured/Underinsured Motorist coverage – Your UM/UIM coverage gives you protection when other motorists do not carry enough liability coverage. Covered losses include injuries to you and your family and also any damage incurred to your Hyundai Ioniq.

Since many drivers only carry the minimum required liability limits, it doesn’t take a major accident to exceed their coverage limits. This is the reason having UM/UIM coverage is a good idea.

Liability insurance – This protects you from damages or injuries you inflict on a person or their property that is your fault. It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see liability limits of 25/50/25 which stand for $25,000 in coverage for each person’s injuries, $50,000 for the entire accident, and a total limit of $25,000 for damage to vehicles and property.

Liability can pay for things like loss of income, funeral expenses and pain and suffering. How much liability coverage do you need? That is a personal decision, but you should buy as much as you can afford.

Medical payments coverage and PIP – Medical payments and Personal Injury Protection insurance provide coverage for bills for ambulance fees, hospital visits and surgery. The coverages can be used to fill the gap from your health insurance plan or if you are not covered by health insurance. It covers all vehicle occupants in addition to getting struck while a pedestrian. PIP coverage is not universally available and gives slightly broader coverage than med pay

Coverage on a shoestring budget

Cheaper 2021 Hyundai Ioniq insurance is available both online in addition to many insurance agents, and you should compare price quotes from both in order to have the best chance of saving money. Some insurance companies do not offer the ability to get quotes online and many times these small, regional companies only sell through independent insurance agencies.

Insureds switch companies for many reasons like lack of trust in their agent, questionable increases in premium, poor customer service or even denial of a claim. It doesn’t matter why you want to switch finding a new insurance company is not as hard as you think.

When getting insurance quotes online, never reduce needed coverages to save money. In many cases, drivers have reduced physical damage coverage to discover at claim time that they should have had better coverage. The goal is to find the BEST coverage at a price you can afford, not the least amount of coverage.

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