2023 Hyundai Ioniq 5 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: Mar 28, 2024

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Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

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If you’ve never shopped for insurance quotes online, by this point your are probably baffled by the confusing number of online insurance companies and websites vying for business.

Consumers should take time to shop coverage around occasionally because prices are usually higher with each renewal. Even if you think you had the lowest price on Ioniq 5 coverage two years ago other companies may now be cheaper. Forget all the misinformation about insurance because you’re about to find out the right way to save money, get proper deductibles and limits, all at the lowest rate.

How much does car insurance cost?

There are a lot of ways to shop for car insurance, but there is one way that is less time-consuming than others. You can waste a few hours (or days) talking about coverages with local insurance agents in your area, or you could use online quotes to get rate comparisons in just a few minutes.

Many popular insurance companies are enrolled in a marketplace that enables customers to submit one quote, and at least one company returns a rated price determined by their information. This eliminates the need for quote forms for each company you want a rate for. To compare rates now enter your zip code here.

The only downside to comparing rates this way is you are unable to specify the insurers you want pricing from. So if you want to choose specific insurance companies for rate comparison, we put together a list of the cheapest car insurance companies in your area. Click to enter zip code.

You can use whichever method you prefer to find lower rates, just ensure you are comparing the same coverages and limits with every price quote. If each company quotes different deductibles it will be next to impossible to truly determine the lowest rate. Just a small difference in limits could skew the results. It’s important to know that comparing a large number of companies increases your odds of finding the best rates. Some companies don’t provide quotes online, so it’s important to also get quotes from them, too.

Can you really save $471 a year?

Car insurance companies such as Allstate and Progressive continually stream ads on TV and radio. All the ads have a common claim about saving some big amount if you just switch your coverage to them. How do they all charge you a lower premium? You have to listen carefully.

Most companies can use profiling for a prospective insured that makes them money. An example of this type of driver might have to be a mature driver, insures multiple vehicles, and drives less than 7,500 miles a year. A prospective insured who meets those qualifications receives the best auto insurance rates and as a result will probably save quite a bit of money when switching.

Insureds who do not fit these stringent criteria will be charged a more expensive rate and this can result in the customer not purchasing. The ad wording is “drivers that switch” but not “all drivers who get quotes” can get the lowest rates when switching. That is how companies can advertise the way they do. This really illustrates why it’s extremely important to get as many free insurance quotes as possible. It is just not possible to predict with any certainty which company will have the lowest rate quotes.

Affordable insurance coverage rates with discounts

Some insurers don’t necessarily list every discount very well, so the following is a list of some of the best known and also the more inconspicuous discounts that you can inquire about if you buy insurance online.

  • Service Members Pay Less – Being on active deployment in the military could qualify you for better rates.
  • Student in College – Any of your kids living away from home attending college without a vehicle on campus can receive lower rates.
  • More Vehicles More Savings – Buying coverage for multiple cars on the same insurance coverage policy qualifies for this discount.
  • Federal Government Employee – Employees or retirees of the government may reduce rates when you quote insurance on Ioniq 5 coverage with some insurance coverage companies.
  • Telematics Data – Drivers who elect to allow driving data submission to monitor their driving habits by installing a telematics device like In-Drive from State Farm and Progressive’s Snapshot may see discounts if they show good driving skills.

One thing to note about discounts is that most discount credits are not given to the entire cost. A few only apply to the cost of specific coverages such as medical payments or collision. So even though they make it sound like all the discounts add up to a free policy, nobody gets a free ride. But all discounts should definitely cut the cost of your policy.

If you would like to view companies that offer the discounts shown above, enter your zip code here.

Tailor your insurance coverage to you

When buying adequate coverage for your personal vehicles, there really is no single plan that fits everyone. Everyone’s situation is a little different.

For example, these questions can aid in determining if your insurance needs might need professional guidance.

  • Am I covered if I wreck a rental car?
  • Are rental cars covered under my policy?
  • Do I need to file an SR-22 for a DUI in my state?
  • Exactly who is provided coverage by my policy?
  • Will I lose any money if I cancel my policy before it expires?
  • Should I have a commercial auto policy?

If you’re not sure about those questions but you think they might apply to your situation, you might consider talking to an insurance agent. If you want to speak to an agent in your area, fill out your zip code.

Car insurance 101

Knowing the specifics of auto insurance can help you determine which coverages you need for your vehicles. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring.

UM/UIM Coverage

Your UM/UIM coverage protects you and your vehicle’s occupants when the “other guys” are uninsured or don’t have enough coverage. This coverage pays for injuries sustained by your vehicle’s occupants and also any damage incurred to your 2023 Hyundai Ioniq 5.

Due to the fact that 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 important protection for you and your family.

Comprehensive or Other Than Collision

This coverage will pay to fix damage from a wide range of events other than collision. You first must pay your deductible and the remainder of the damage will be paid by comprehensive coverage.

Comprehensive coverage pays for claims such as hitting a bird, damage from flooding and falling objects. The most your auto insurance company will pay is the market value of your vehicle, so if it’s not worth much more than your deductible it’s probably time to drop comprehensive insurance.

Collision coverage

Collision insurance pays to fix your vehicle from damage caused by collision with another car or object. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims such as scraping a guard rail, sustaining damage from a pot hole, backing into a parked car and rolling your car. This coverage can be expensive, so consider removing coverage from vehicles that are 8 years or older. Drivers also have the option to bump up the deductible in order to get cheaper collision rates.

Auto liability insurance

Liability coverage protects you from damages or injuries you inflict on other’s property or people in an accident. This insurance protects YOU from claims by other people. It does not cover your injuries or vehicle damage.

Liability coverage has three limits: per person bodily injury, per accident bodily injury, and a property damage limit. Your policy might show liability limits of 50/100/50 that means you have a $50,000 limit per person for injuries, a limit of $100,000 in injury protection per accident, and $50,000 of coverage for damaged property.

Liability insurance covers things like medical expenses, repair bills for other people’s vehicles and legal defense fees. How much liability should you purchase? That is your choice, but it’s cheap coverage so purchase as large an amount as possible.

Medical costs insurance

Med pay and PIP coverage pay for expenses like pain medications, hospital visits, rehabilitation expenses and nursing services. The coverages can be used to cover expenses not covered by your health insurance policy or if there is no health insurance coverage. They cover you and your occupants and also covers if you are hit as a while walking down the street. Personal injury protection coverage is not an option in every state but can be used in place of medical payments coverage

Best coverage at the best price

Some insurance providers may not offer online rate quotes and most of the time these small, regional companies work with independent insurance agencies. Low-cost 2023 Hyundai Ioniq 5 insurance can be bought on the web and from local insurance agents, so compare prices from both in order to have the best price selection to choose from.

While you’re price shopping online, it’s not a good idea to skimp on critical coverages to save a buck or two. In many instances, consumers will sacrifice liability limits or collision coverage only to regret they didn’t have enough coverage. Your aim should be to buy the best coverage you can find for the lowest price but still have enough coverage for asset protection.

Consumers who switch companies do it for any number of reasons including high rates after DUI convictions, an unsatisfactory settlement offer, high prices or even policy cancellation. It doesn’t matter what your reason, choosing a new company can be pretty painless.

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