Hyundai Ioniq 5 Insurance Rates
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UPDATED: Mar 28, 2024
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The average insurance rates for a Hyundai Ioniq 5 are $1,556 a year for full coverage insurance. Comprehensive costs on average $368 a year, collision costs $698, and liability costs $354. Buying just liability costs as little as $406 a year, with insurance for high-risk drivers costing around $3,374. 16-year-old drivers cost the most to insure at $5,590 a year or more.
Average premium for full coverage: $1,556
Policy rates by type of insurance:
Price estimates include $500 physical damage insurance deductibles, liability coverage up to 30/60, and includes additional medical/uninsured motorist coverage. Prices are averaged for all 50 states and Ioniq 5 trim levels.
Price Range Variability
For a driver around age 40, Hyundai Ioniq 5 insurance rates go from as low as $406 for just the minimum liability insurance to a high of $3,374 for a high-risk driver policy.
Urban vs. Rural Price Range
Your location can have significant affects on insurance rates. Rural areas are shown to have a lower frequency of physical damage claims than congested cities.
The diagram below illustrates the difference between rural and urban areas on car insurance rates.
The examples above illustrate why it is important to compare rates based on a specific location and risk profile, instead of using rate averages.
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 illustrates estimated Hyundai Ioniq 5 insurance rates for different risk profiles and scenarios.
- The best full coverage rate is $870
- Drivers who choose higher $1,000 deductibles will pay around $1,314 each year
- The average rate for a good driver age 40 with $500 deductibles is $1,556
- Buying low $100 deductibles for comprehensive and collision insurance will increase the cost to $2,028
- Higher-risk drivers with multiple tickets or accidents could pay upwards of $3,374 or more
- Policy cost for full coverage for a teen driver may cost $5,590 a year
Insurance rates for a Hyundai Ioniq 5 also range considerably based on your risk profile, the model year and trim level, and policy deductibles and limits.
Older drivers with a clean driving record and high deductibles may pay as little as $1,400 per year on average, or $117 per month, for full coverage. Rates are highest for teenagers, where even good drivers can expect to pay upwards of $5,500 a year. View Rates by Age
Your home state makes a big difference in Hyundai Ioniq 5 insurance prices. A 40-year-old driver could pay as low as $1,020 a year in states like Vermont, Wisconsin, and North Carolina, or at least $2,100 on average in Michigan, New York, and Florida.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,406 | -$150 | -9.6% |
| Alaska | $1,192 | -$364 | -23.4% |
| Arizona | $1,290 | -$266 | -17.1% |
| Arkansas | $1,556 | -$0 | 0.0% |
| California | $1,774 | $218 | 14.0% |
| Colorado | $1,484 | -$72 | -4.6% |
| Connecticut | $1,598 | $42 | 2.7% |
| Delaware | $1,760 | $204 | 13.1% |
| Florida | $1,944 | $388 | 24.9% |
| Georgia | $1,436 | -$120 | -7.7% |
| Hawaii | $1,116 | -$440 | -28.3% |
| Idaho | $1,054 | -$502 | -32.3% |
| Illinois | $1,158 | -$398 | -25.6% |
| Indiana | $1,172 | -$384 | -24.7% |
| Iowa | $1,050 | -$506 | -32.5% |
| Kansas | $1,476 | -$80 | -5.1% |
| Kentucky | $2,122 | $566 | 36.4% |
| Louisiana | $2,302 | $746 | 47.9% |
| Maine | $960 | -$596 | -38.3% |
| Maryland | $1,284 | -$272 | -17.5% |
| Massachusetts | $1,240 | -$316 | -20.3% |
| Michigan | $2,700 | $1,144 | 73.5% |
| Minnesota | $1,302 | -$254 | -16.3% |
| Mississippi | $1,864 | $308 | 19.8% |
| Missouri | $1,382 | -$174 | -11.2% |
| Montana | $1,670 | $114 | 7.3% |
| Nebraska | $1,224 | -$332 | -21.3% |
| Nevada | $1,864 | $308 | 19.8% |
| New Hampshire | $1,120 | -$436 | -28.0% |
| New Jersey | $1,740 | $184 | 11.8% |
| New Mexico | $1,376 | -$180 | -11.6% |
| New York | $1,636 | $80 | 5.1% |
| North Carolina | $896 | -$660 | -42.4% |
| North Dakota | $1,274 | -$282 | -18.1% |
| Ohio | $1,072 | -$484 | -31.1% |
| Oklahoma | $1,594 | $38 | 2.4% |
| Oregon | $1,426 | -$130 | -8.4% |
| Pennsylvania | $1,484 | -$72 | -4.6% |
| Rhode Island | $2,074 | $518 | 33.3% |
| South Carolina | $1,410 | -$146 | -9.4% |
| South Dakota | $1,312 | -$244 | -15.7% |
| Tennessee | $1,360 | -$196 | -12.6% |
| Texas | $1,874 | $318 | 20.4% |
| Utah | $1,150 | -$406 | -26.1% |
| Vermont | $1,062 | -$494 | -31.7% |
| Virginia | $932 | -$624 | -40.1% |
| Washington | $1,200 | -$356 | -22.9% |
| West Virginia | $1,426 | -$130 | -8.4% |
| Wisconsin | $1,074 | -$482 | -31.0% |
| Wyoming | $1,384 | -$172 | -11.1% |
Opting for high physical damage deductibles could save up to $720 every year, while buying higher liability limits will cost you more. Switching from a 50/100 limit to a 250/500 limit will raise rates by up to $318 more per year. View Rates by Deductible or Liability Limit
If you have a few points on your driving record or tend to cause accidents, you are probably paying at a minimum $1,800 to $2,500 extra every year, depending on your age. A high-risk auto insurance policy can cost as much as 45% to 129% more than the average rate. View High Risk Driver Rates
Because rates have so much variability, the only way to figure out exactly what you will pay is to get quotes and see which company has the best rate. Every company utilizes a different rate formula, so the rates will be varied from one company to the next.
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Hyundai Ioniq 5 | $398 | $720 | $332 | $1,586 |
| 2023 Hyundai Ioniq 5 | $382 | $714 | $338 | $1,570 |
| 2022 Hyundai Ioniq 5 | $368 | $698 | $354 | $1,556 |
| 2021 Hyundai Ioniq 5 | $356 | $668 | $364 | $1,524 |
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 Find Cheaper Hyundai Ioniq 5 Insurance
Finding cheaper rates on car insurance not only requires being a low-risk driver, but also maintaining good credit, being claim-free, and bundling your home and auto policies. Set aside time to compare rates every time your policy renews by getting price quotes from direct insurance companies like GEICO, Progressive, and Esurance, and also from local independent and exclusive agents.
The items below are a condensed summary of the information covered above.
- It is possible to save as much as $200 per year simply by quoting early and online
- Teen drivers pay the highest rates, possibly costing $466 each month for full coverage
- Increasing comprehensive and collision deductibles can save around $725 each year
- Higher risk drivers with multiple at-fault accidents pay an average of $1,820 more each year to insure their Ioniq 5
- Policyholders who require more liability coverage will pay around $390 annually to go from a 30/60 limit to 250/500 limits
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $5,590 |
| 20 | $3,592 |
| 30 | $1,640 |
| 40 | $1,556 |
| 50 | $1,418 |
| 60 | $1,392 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $2,028 |
| $250 | $1,808 |
| $500 | $1,556 |
| $1,000 | $1,314 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,556 |
| 50/100 | $1,627 |
| 100/300 | $1,715 |
| 250/500 | $1,945 |
| 100 CSL | $1,662 |
| 300 CSL | $1,857 |
| 500 CSL | $1,999 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,034 |
| 20 | $5,718 |
| 30 | $3,468 |
| 40 | $3,374 |
| 50 | $3,216 |
| 60 | $3,188 |
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 | $85 |
| Multi-vehicle | $81 |
| Homeowner | $21 |
| 5-yr Accident Free | $123 |
| 5-yr Claim Free | $103 |
| Paid in Full/EFT | $78 |
| Advance Quote | $81 |
| Online Quote | $114 |
| Total Discounts | $686 |
Discounts are estimated and may not be available from every company or in every state.
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