Hyundai Ioniq 5 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 28, 2024
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Average auto insurance rates for a Hyundai Ioniq 5 are $1,524 annually including full coverage. Comprehensive insurance costs approximately $356 a year, collision costs $668, and liability is estimated at $364. A liability-only policy costs approximately $416 a year, with high-risk insurance costing $3,310 or more. Teenage drivers receive the highest rates at $5,510 a year or more.
Average premium for full coverage: $1,524
Rate estimates by individual coverage type:
Includes $500 policy deductibles, minimum liability limits, and includes additional medical/uninsured motorist coverage. Rates are averaged for all 50 U.S. states and Ioniq 5 trim levels.
Price Range by Coverage and Risk
Using a 40-year-old driver as an example, prices range go from as cheap as $416 for just the minimum liability insurance to a high of $3,310 for high-risk insurance.
Price Range by Location
Living in a larger city can make a big difference on car insurance prices. Rural locations tend to have fewer comprehensive and collision claims than densely populated cities.
The diagram below illustrates how rural and urban location affects auto insurance prices.
These examples highlight why it is important to get quotes using their specific location and their own personal driving habits, instead of making a decision based on average rates.
Use the form below to get customized rates for your location.
Enter your zip code below to view companies based on your location that have cheap auto insurance rates.
Additional Rate Analysis
The chart below breaks down estimated Hyundai Ioniq 5 insurance rates for additional coverage and risk scenarios.
- The best discount rate is $857
- Choosing higher $1,000 deductibles can save $1,292 every year
- The estimated rate for a 40-year-old driver who chooses $500 deductibles is $1,524
- Using low $100 deductibles for comp and collision coverage costs an additional $454 annually
- Higher-risk drivers who are prone to accidents and violations could pay around $3,310 or more
- The cost with full coverage for a 16-year-old driver can cost $5,510 each year
Insurance rates for a Hyundai Ioniq 5 can also vary considerably based on the trim level of your Ioniq 5, your driving characteristics, and physical damage deductibles and liability limits.
Older drivers with a clean driving record and high physical damage deductibles may pay as low as $1,400 annually on average for full coverage. Rates are much higher for teen drivers, where even without any violations or accidents they can expect to pay in the ballpark of $5,500 a year. View Rates by Age
If you like to drive fast or you caused a few accidents, you are likely paying anywhere from $1,800 to $2,500 extra per year, depending on your age. A high-risk auto insurance policy ranges from 45% to 132% more than a normal policy. View High Risk Driver Rates
Using high physical damage deductibles can save as much as $690 annually, while buying higher liability limits will push rates upward. Changing from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $327 more per year. View Rates by Deductible or Liability Limit
Where you live plays a big part in determining prices for Hyundai Ioniq 5 insurance prices. A good driver about age 40 could pay as low as $1,170 a year in states like Vermont, New Hampshire, and Missouri, or be forced to pay as much as $2,170 on average in Louisiana, New York, and Michigan.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,378 | -$146 | -9.6% |
| Alaska | $1,168 | -$356 | -23.4% |
| Arizona | $1,264 | -$260 | -17.1% |
| Arkansas | $1,524 | -$0 | 0.0% |
| California | $1,738 | $214 | 14.0% |
| Colorado | $1,454 | -$70 | -4.6% |
| Connecticut | $1,564 | $40 | 2.6% |
| Delaware | $1,722 | $198 | 13.0% |
| Florida | $1,904 | $380 | 24.9% |
| Georgia | $1,410 | -$114 | -7.5% |
| Hawaii | $1,096 | -$428 | -28.1% |
| Idaho | $1,034 | -$490 | -32.2% |
| Illinois | $1,136 | -$388 | -25.5% |
| Indiana | $1,150 | -$374 | -24.5% |
| Iowa | $1,028 | -$496 | -32.5% |
| Kansas | $1,446 | -$78 | -5.1% |
| Kentucky | $2,080 | $556 | 36.5% |
| Louisiana | $2,258 | $734 | 48.2% |
| Maine | $942 | -$582 | -38.2% |
| Maryland | $1,260 | -$264 | -17.3% |
| Massachusetts | $1,216 | -$308 | -20.2% |
| Michigan | $2,646 | $1,122 | 73.6% |
| Minnesota | $1,278 | -$246 | -16.1% |
| Mississippi | $1,826 | $302 | 19.8% |
| Missouri | $1,354 | -$170 | -11.2% |
| Montana | $1,636 | $112 | 7.3% |
| Nebraska | $1,200 | -$324 | -21.3% |
| Nevada | $1,828 | $304 | 19.9% |
| New Hampshire | $1,098 | -$426 | -28.0% |
| New Jersey | $1,704 | $180 | 11.8% |
| New Mexico | $1,350 | -$174 | -11.4% |
| New York | $1,604 | $80 | 5.2% |
| North Carolina | $876 | -$648 | -42.5% |
| North Dakota | $1,250 | -$274 | -18.0% |
| Ohio | $1,052 | -$472 | -31.0% |
| Oklahoma | $1,564 | $40 | 2.6% |
| Oregon | $1,396 | -$128 | -8.4% |
| Pennsylvania | $1,454 | -$70 | -4.6% |
| Rhode Island | $2,032 | $508 | 33.3% |
| South Carolina | $1,382 | -$142 | -9.3% |
| South Dakota | $1,286 | -$238 | -15.6% |
| Tennessee | $1,334 | -$190 | -12.5% |
| Texas | $1,838 | $314 | 20.6% |
| Utah | $1,128 | -$396 | -26.0% |
| Vermont | $1,042 | -$482 | -31.6% |
| Virginia | $912 | -$612 | -40.2% |
| Washington | $1,176 | -$348 | -22.8% |
| West Virginia | $1,396 | -$128 | -8.4% |
| Wisconsin | $1,052 | -$472 | -31.0% |
| Wyoming | $1,356 | -$168 | -11.0% |
With so much variability in rates, the best way to figure out who has the best auto insurance rates is to get quotes from multiple companies. Each auto insurer uses a different method to calculate rates, so the rates can be significantly different between companies.
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Hyundai Ioniq 5 | $382 | $714 | $338 | $1,570 |
| 2023 Hyundai Ioniq 5 | $368 | $698 | $354 | $1,556 |
| 2022 Hyundai Ioniq 5 | $356 | $668 | $364 | $1,524 |
| 2021 Hyundai Ioniq 5 | $336 | $646 | $376 | $1,494 |
Rates are averaged for all Hyundai Ioniq 5 models and trim levels. Rates assume a 40-year-old male driver, full coverage with $500 deductibles, and a clean driving record.
How to Buy the Cheapest Hyundai Ioniq 5 Insurance
Saving money on insurance for a Hyundai Ioniq 5 takes being a good driver, having a good credit history, not filing small claims, and maximizing policy discounts. Set aside time to shop around every couple of years by requesting rates from direct car insurance companies like Progressive and GEICO, and also from local insurance agencies.
The following list is a recap of the material that was raised in the charts and tables above.
- Insureds who purchase an increased level of liability coverage will pay an extra $400 per year to raise limits from a minimum limit to higher 250/500 limits
- Drivers age 16 to 20 are expensive to insure, as much as $459 per month including comprehensive and collision insurance
- Drivers considered higher risk that have major violations or accidents may have to pay on average $1,790 more per year than a safer driver
- Increasing deductibles could save up to $675 each year
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $5,510 |
| 20 | $3,520 |
| 30 | $1,604 |
| 40 | $1,524 |
| 50 | $1,392 |
| 60 | $1,368 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $1,978 |
| $250 | $1,766 |
| $500 | $1,524 |
| $1,000 | $1,292 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,524 |
| 50/100 | $1,597 |
| 100/300 | $1,688 |
| 250/500 | $1,924 |
| 100 CSL | $1,633 |
| 300 CSL | $1,833 |
| 500 CSL | $1,979 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $7,914 |
| 20 | $5,606 |
| 30 | $3,396 |
| 40 | $3,310 |
| 50 | $3,152 |
| 60 | $3,124 |
Full coverage, $500 deductibles, two speeding tickets, and one at-fault accident
If a financial responsibility filing is required, the additional charge below may also apply.
Potential Rate Discounts
If you qualify for discounts, you may save the amounts shown below.
| Discount | Savings |
|---|---|
| Multi-policy | $83 |
| Multi-vehicle | $79 |
| Homeowner | $21 |
| 5-yr Accident Free | $119 |
| 5-yr Claim Free | $100 |
| Paid in Full/EFT | $75 |
| Advance Quote | $79 |
| Online Quote | $111 |
| Total Discounts | $667 |
Discounts are estimated and may not be available from every company or in every state.
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