View 2021 Hyundai Ioniq Electric Insurance Rates in 2024

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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 12, 2024

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Trying to find the cheapest insurance rates for your Hyundai Ioniq Electric? Paying cheaper coverage rates for insurance might be very difficult for beginners to online price comparisons. You have so many choices that it can easily turn into a ton of work to find the best coverage rates.

This information will teach you the most effective way to quote insurance and some tips to save money. If you currently have a car insurance policy, you will be able to cut costs considerably using these tips. Nevertheless, consumers do need to learn how the larger insurance companies sell online and take advantage of how the system works.

How much is insurance?

To find more affordable prices, there are a couple of ways of comparing rate quotes from different companies. One of the best ways to find cheaper Hyundai Ioniq Electric rates is to perform an online rate comparison. This can be accomplished in a couple minutes as outlined below.

  1. If you don’t have a lot of time, the easiest way to find the lowest comparison rates is an all-inclusive rate comparison. This form eliminates the need for separate quotes to each individual insurance company. A single, simple form gets coverage cost estimates from many national carriers. It’s definitely the quickest method.
  2. A less efficient way to get comparison quotes requires a trip to each company’s website and repeat the quote process again and again. For example, we’ll pretend you want to view quotes from GEICO, State Farm and Liberty Mutual. You would need to visit each site and enter your policy data, which is why the first method is quicker.
  3. The final method to get price estimates is driving to insurance agencies in your area. Quoting online reduces the need to sit down with an agent unless you have a need for the professional guidance that can only be provided by a licensed insurance agent. Drivers can get the lowest quotes online but have a local agent actually write the policy.

Compare rates however you want, just be certain you are entering equivalent coverages and limits with every price quote. If you use different coverage information you can’t possibly make a fair comparison for your Hyundai Ioniq Electric. Just a small difference in limits can result in a big premium difference. It’s important to know that making a lot of price comparisons helps improve the odds of finding the best offered rates. Some regional insurers cannot provide price estimates online, so it’s recommended that you also compare price quotes from the smaller companies as well.

Find hidden discounts to get affordable insurance coverage rates

Insurance coverage is neither fun to buy or cheap, but you can get discounts that you may not even be aware of. A few discounts will be applied at quote time, but a few must be manually applied before you will receive the discount. If you aren’t receiving every discount possible, you are just wasting money.

  • Data Collection Discounts – Drivers who agree to allow data collection to study driving manner by using a small device installed in their vehicle such as State Farm’s In-Drive may see discounts if they show good driving skills.
  • Professional Organizations – Participating in certain professional organizations could trigger savings on insurance coverage.
  • Drive Less and Save – Low mileage vehicles may allow you to get lower rates due to less chance of an accident.
  • Distant Student – Any of your kids who live away from home to go to college and don’t have a car may be able to be covered for less.
  • Seat Belts Save – Buckling up and requiring all passengers to fasten their seat belts may be able to save a few bucks off PIP or medical payments premium.
  • Life Insurance Discount – Larger insurance coverage companies have a break if you buy auto and life insurance together.
  • Good Grades Discount – Maintaining excellent grades can earn a discount of 20% or more. The discount lasts until age 25.
  • New Vehicle Savings – Adding a new car to your policy can be considerably cheaper since new model year vehicles are generally safer.
  • Drive Safe and Save – Insureds without accidents can get discounts for up to 45% lower rates on Ioniq Electric coverage than drivers with accident claims.

You can save money using discounts, but most discount credits are not given to the overall cost of the policy. Some only reduce individual premiums such as comp or med pay. So despite the fact that it appears it’s possible to get free car insurance, it just doesn’t work that way.

A few popular companies and a partial list of their discounts are outlined below.

  • AAA includes discounts for anti-theft, pay-in-full, education and occupation, multi-car, AAA membership discount, and good student.
  • Progressive offers discounts for homeowner, online quote discount, multi-vehicle, multi-policy, online signing, good student, and continuous coverage.
  • State Farm policyholders can earn discounts including accident-free, anti-theft, multiple policy, driver’s education, and safe vehicle.
  • Esurance may include discounts for renters, homeowner, DriveSense, Pac-12 alumni, good driver, and anti-theft.
  • Nationwide has savings for business or organization, easy pay, Farm Bureau membership, multi-policy, accident-free, good student, and anti-theft.

Before you buy a policy, ask each insurance company to apply every possible discount. Savings might not apply in your area.

Tailor your insurance coverage coverage to you

When buying coverage for your personal vehicles, there isn’t really a “perfect” insurance plan. Everyone’s situation is a little different.

For example, these questions might point out whether or not you would benefit from professional advice.

  • What discounts do I qualify for?
  • When should I buy a commercial auto policy?
  • I have a DUI can I still get coverage?
  • Is extra glass coverage worth it?
  • Do I have coverage if my license is suspended?
  • Is my teen driver covered when they drive my company car?
  • Is my camper covered by my car insurance policy?
  • What is the minimum liability in my state?
  • Is Motor Club coverage worth it?
  • Does insurance cover damages from a DUI accident?

If you’re not sure about those questions but you know they apply to you, you might consider talking to a licensed agent. If you want to speak to an agent in your area, take a second and enter your zip code.

Specific coverages for a 2021 Hyundai Ioniq Electric

Learning about specific coverages of your car insurance policy aids in choosing appropriate coverage for your vehicles. The coverage terms in a policy can be confusing and even agents have difficulty translating policy wording.

Collision coverage

Collision insurance will pay to fix damage to your Ioniq Electric resulting from a collision with another vehicle or an object, but not an animal. You will need to pay your deductible and the rest of the damage will be paid by collision coverage.

Collision coverage protects against claims like rolling your car, driving through your garage door, hitting a mailbox, backing into a parked car and colliding with a tree. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are older. You can also choose a higher deductible to bring the cost down.

Medical payments coverage and PIP

Med pay and PIP coverage reimburse you for immediate expenses for rehabilitation expenses, X-ray expenses and dental work. They are often used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. They cover not only the driver but also the vehicle occupants and will also cover being hit by a car walking across the street. PIP coverage is not available in all states but can be used in place of medical payments coverage

Uninsured/Underinsured Motorist coverage

Your UM/UIM coverage protects you and your vehicle when other motorists either have no liability insurance or not enough. Covered losses include injuries to you and your family as well as damage to your Hyundai Ioniq Electric.

Due to the fact that many drivers carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea. Normally your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Comprehensive coverage

This covers 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 can pay for claims such as damage from flooding, vandalism, fire damage and theft. The maximum amount your car insurance company will pay is the ACV or actual cash value, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Liability car insurance

Liability insurance provides protection from damages or injuries you inflict on other people or property by causing an accident. It protects YOU from claims by other people, and doesn’t cover your injuries or vehicle damage.

It consists of three limits, per person bodily injury, per accident bodily injury, and a property damage limit. You commonly see liability limits of 100/300/100 that means you have $100,000 in coverage for each person’s injuries, a limit of $300,000 in injury protection per accident, and a limit of $100,000 paid for damaged property. Occasionally you may see a combined limit which limits claims to one amount without having the split limit caps.

Liability insurance covers claims like bail bonds, repair costs for stationary objects, repair bills for other people’s vehicles, attorney fees and emergency aid. How much liability should you purchase? That is a personal decision, but it’s cheap coverage so purchase as large an amount as possible.

Save your hard earned cash

As you prepare to switch companies, it’s not a good idea to reduce needed coverages to save money. In many instances, someone sacrificed comprehensive coverage or liability limits only to regret that their decision to reduce coverage ended up costing them more. Your goal should be to purchase a proper amount of coverage for the lowest price.

People change insurance companies for a number of reasons such as denial of a claim, high prices, an unsatisfactory settlement offer and lack of trust in their agent. No matter why you want to switch, choosing a new company is pretty simple and you could end up saving a buck or two.

Throughout this article, we presented a lot of techniques to get a better price on 2021 Hyundai Ioniq Electric insurance. The key concept to understand is the more rate quotes you have, the better your chances of lowering your auto insurance rates. Consumers could even find that the lowest rates are with a small local company.

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