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 with full coverage. Comprehensive insurance costs approximately $356 a year, collision costs $668, and liability coverage is $364. A liability-only policy costs around $416 a year, with high-risk insurance costing $3,310 or more. Teen 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:
These estimates include $500 physical damage insurance deductibles, minimum liability limits, and includes both medical and uninsured motorist insurance. Rates are averaged for all U.S. states and Ioniq 5 trim levels.
Price Range by Coverage and Risk
For the average 40-year-old driver, prices range go from as cheap as $416 for minimum levels of liability insurance to a high of $3,310 for high-risk insurance.
Price Range by Location
Choosing to live in a large city has a large influence on the price of insurance. Rural locations tend to have fewer collision claims than larger metro areas.
The diagram below illustrates the difference location can make on auto insurance prices.
These examples demonstrate why it is important to compare rates quotes using their specific location and their own personal driving habits, rather than using price 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 Details
The chart below details estimated Hyundai Ioniq 5 insurance rates for additional coverage and risk scenarios.
- The lowest rate with discounts is $857
- Raising to $1,000 deductibles will save $1,292 annually
- The estimated rate for a 40-year-old driver who chooses $500 deductibles is $1,524
- Choosing low $100 deductibles costs an additional $454 each year
- Unlucky drivers with multiple violations and an at-fault accident could pay around $3,310 or more
- The cost with full coverage for a teenage driver can cost $5,510
Insurance rates for a Hyundai Ioniq 5 can also vary considerably based on the trim level of your Ioniq 5, your driving record, and physical damage deductibles and liability limits.
Older drivers with a clean driving record and high physical damage deductibles may only pay around $1,400 every 12 months on average for full coverage. Rates are highest 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 may be forking out anywhere from $1,800 to $2,500 extra per year, depending on your age. A high-risk auto insurance policy is expensive and can cost around 45% to 132% more than average. View High Risk Driver Rates
Choosing high deductibles can reduce rates by up to $690 a year, while buying higher liability limits will push rates upward. Moving 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 also has a big influence on Hyundai Ioniq 5 insurance rates. A middle-age driver might find rates as low as $1,100 a year in states like Utah, Ohio, and New Hampshire, or as much as $2,060 on average in New York, Michigan, and Florida.
| 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 find out who has the cheapest auto insurance rates is to get quotes and see how they stack up. Every auto insurance company uses a different rate calculation, 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 Cheap Hyundai Ioniq 5 Insurance
Saving money on auto insurance consists of being a low-risk driver, having a good credit history, eliminating unnecessary coverage, and maximizing policy discounts. Make time to compare rates every couple of years by requesting rates from direct companies like Progressive and GEICO, and also from your local independent and exclusive agents.
The items below are a brief summary of the material that was touched on in this article.
- Consumers who purchase more liability coverage will pay about $400 every year to raise from a minimum limit to higher 250/500 limits
- Teen drivers are expensive to insure, with premiums as much as $459 per month including comprehensive and collision insurance
- Drivers that tend to have accidents or serious violations may pay on average $1,790 more per year to insure their Ioniq 5
- 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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