How Much Does 2018 Hyundai Ioniq Car Insurance Cost 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 17, 2024

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Trying to find lower auto insurance rates for your Hyundai Ioniq? Did a good deal turn out to be an underperforming, overpriced auto insurance policy? Believe me, there are many drivers thinking the same thing.

You have multiple car insurance companies to insure vehicles with, and although it’s a good thing to have multiple companies, having more auto insurance companies makes it harder to locate the cheapest rates.

Choosing the best insurance company for you is quite easy. If you currently have car insurance, you will most likely be able to save some money using these methods. Nevertheless, drivers do need to understand the way companies price insurance differently.

Buy auto insurance online

There are multiple methods to compare auto insurance quotes, but there is one way that is less labor-intensive and much quicker. You could spend your day talking to insurance companies in your area, or you could use online quotes to quickly compare rates.

Many of the larger companies participate in an industry program that allows shoppers to enter their coverage request one time, and each company can give them a price determined by their information. This system prevents you from having to do quote forms to each individual auto insurance company. To get comparison pricing now enter your zip code here.

The only downside to doing it this way is that consumers can’t choose which insurance companies you want to price. So if you prefer to choose specific providers to compare, we put together a list of low cost auto insurance companies in your area. Click to enter zip code for insurance companies.

It’s up to you how you get prices quotes, just make absolute certain that you use the exact same coverage information for every company. If you are comparing different deductibles you will not be able to get a fair rate comparison. Having just a slight variation in coverage limits can mean a large discrepancy in price. And when quoting auto insurance, remember that comparing all the rates in your area will improve the odds of getting a lower rate. Some companies don’t provide quotes online, so you need to compare price quotes from them as well.

Why you might pay lower rates

Lots of things are used when you get your auto insurance bill. A few of the factors are predictable such as your driving history, but some are not quite as obvious such as your marital status or your commute time. Part of the car insurance buying process is learning the rating factors that go into determining your car insurance rates. If you know what influences your rates, this allows you to make educated decisions that may result in lower premium levels.

Shown below are most of the major factors that factor into your rate level.

  • Rates can drop if you have more than one policy – Lots of companies will award a discount to clients who buy several policies from them such as combining an auto and homeowners policy. Even though this discount sounds good, it’s still a good idea to comparison shop to help ensure you have the lowest rates. Drivers may still save even more than the discount by insuring with multiple companies.
  • Reserve car insurance claims for larger damages – Car insurance companies generally give most affordable rates to people who file claims infrequently. If you file a lot of claims you can pretty much guarantee higher premiums or even policy non-renewal. Auto insurance is intended to be relied upon for claims that pose a financial burden.
  • Marriage brings a discount – Getting married can actually save you money on your car insurance policy. Marriage demonstrates that you tend to be more responsible and statistics prove married drivers tend to file fewer claims.
  • Get a ticket, pay higher costs – A bad driving record has a lot to do with how much you pay for insurance. Getting just one chargeable violation can increase the cost of insurance twenty percent or more. Drivers who don’t get tickets get better prices than people who have multiple driving citations. People who have license-revoking citations such as hit and run, DWI or reckless driving convictions may find that they have to to prove financial responsibility to the state department of motor vehicles in order to continue driving.
  • Rental and towing coverage may not be needed – There are a lot of optional add-on coverages that may not really be needed but may not be useful. Coverages for rental car reimbursement, death and dismemberment, and motor club memberships could be just wasting money. These coverages may sound good when deciding what coverages you need, but if they’re wasting money remove them and pocket the money.
  • Experienced drivers pay less – Young drivers tend to be inattentive and easily distracted when behind the wheel and because of this, their car insurance rates are much higher. If you’ve ever had to add a youthful driver onto a policy can really hurt. Older, more experienced drivers tend to be more responsible, tend to file fewer claims .

Insurance coverage companies offer lots of discounts

Properly insuring your vehicles can get expensive, but you might find some hidden discounts that you may not even know about. Certain credits will be shown when you get a quote, but once in a while a discount must be inquired about prior to getting the savings.

  • Senior Citizen Rates – If you qualify as a senior citizen, you may be able to get lower premium rates on Ioniq insurance.
  • Good Students Pay Less – Being a good student can get you a discount of up to 25%. Most companies allow this discount until age 25.
  • Drivers Ed for Students – It’s a good idea to have your young drivers successfully complete driver’s ed class in school.
  • Military Discounts – Being deployed with a military unit could be rewarded with lower prices.
  • Sign Online – A few companies will give you a small discount shop insurance over the internet.
  • Federal Government Employee – Having worked for a branch of the government can earn a discount up to 10% on Ioniq insurance but check with your company.
  • Safe Driver Discount – Drivers who avoid accidents can save up to 40% or more on their insurance quote on Ioniq insurance than less cautious drivers.
  • Multi-Vehicle Discounts – Having multiple vehicles on a single policy can get a discount for every vehicle.

Drivers should understand that some of the credits will not apply to all coverage premiums. Most only apply to specific coverage prices like medical payments or collision. If you do the math and it seems like all the discounts add up to a free policy, that’s just not realistic. Any amount of discount should definitely cut your premiums.

A few of the larger companies and the discounts they provide are shown below.

  • Progressive includes discounts for homeowner, online signing, multi-vehicle, good student, continuous coverage, multi-policy, and online quote discount.
  • SAFECO offers premium reductions for accident prevention training, multi-car, teen safe driver, safe driver, teen safety rewards, anti-theft, and bundle discounts.
  • American Family may offer discounts for early bird, TimeAway discount, mySafetyValet, good driver, bundled insurance, good student, and multi-vehicle.
  • MetLife has savings for good driver, multi-policy, defensive driver, accident-free, claim-free, and good student.
  • GEICO may include discounts for membership and employees, five-year accident-free, emergency military deployment, driver training, and good student.
  • The Hartford has discounts for air bag, bundle, anti-theft, good student, vehicle fuel type, and driver training.

Double check with every prospective company which discounts you qualify for. Some of the discounts discussed earlier may not apply to policyholders everywhere. To find insurers that offer the discounts shown above, enter your zip code here.

Do I just need basic coverages?

When buying the right insurance coverage for your personal vehicles, there isn’t really a “perfect” insurance plan. Your needs are not the same as everyone else’s so your insurance should reflect that For example, these questions may help highlight whether your personal situation would benefit from an agent’s advice.

  • If my 2018 Hyundai Ioniq is totaled, can I afford another vehicle?
  • Why do I need rental car insurance?
  • Does my medical payments coverage pay my health insurance deductible?
  • Do I need replacement cost coverage?
  • Do I get a pro-rated refund if I cancel my policy early?
  • Is my ex-spouse still covered by my policy?
  • Is a fancy paint job covered?
  • Do I need an umbrella policy?
  • Is extra glass coverage worth it?

If you can’t answer these questions but one or more may apply to you then you might want to talk to an insurance agent. To find an agent in your area, take a second and enter your zip code.

Specific coverages for a Hyundai Ioniq

Learning about specific coverages of auto insurance aids in choosing which coverages you need and proper limits and deductibles. Auto insurance terms can be impossible to understand and even agents have difficulty translating policy wording. Listed below are the normal coverages found on most auto insurance policies.

Uninsured/Underinsured Motorist (UM/UIM)

This protects you and your vehicle’s occupants from other motorists when they either are underinsured or have no liability coverage at all. Covered losses include hospital bills for your injuries as well as your vehicle’s damage.

Since a lot of drivers have only the minimum liability required by law, it only takes a small accident to exceed their coverage. So UM/UIM coverage is very important.

Comprehensive insurance

This coverage pays to fix your vehicle from damage from a wide range of events other than collision. A deductible will apply then your comprehensive coverage will pay.

Comprehensive coverage protects against claims such as fire damage, damage from a tornado or hurricane and vandalism. The maximum amount a auto insurance company will pay at claim time is the market value of your vehicle, so if the vehicle’s value is low it’s probably time to drop comprehensive insurance.

Liability coverages

Liability insurance will cover damage or injury you incur to other people or property that is your fault. This coverage protects you from legal claims by others. It does not cover your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You might see liability limits of 50/100/50 that translate to $50,000 bodily injury coverage, $100,000 for the entire accident, and a total limit of $50,000 for damage to vehicles and property.

Liability insurance covers things such as emergency aid, funeral expenses, attorney fees and structural damage. How much liability should you purchase? That is your choice, but buy higher limits if possible.

Collision coverage protection

Collision coverage pays for damage to your Ioniq caused by collision with a stationary object or other vehicle. A deductible applies then your collision coverage will kick in.

Collision insurance covers things like crashing into a building, damaging your car on a curb and colliding with another moving vehicle. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. Drivers also have the option to choose a higher deductible to bring the cost down.

Med pay and Personal Injury Protection (PIP)

Med pay and PIP coverage provide coverage for bills such as rehabilitation expenses, ambulance fees and X-ray expenses. They are often used in conjunction with a health insurance policy or if you do not have health coverage. Coverage applies to both the driver and occupants in addition to being hit by a car walking across the street. Personal Injury Protection is not an option in every state but it provides additional coverages not offered by medical payments coverage

Final considerations

Cheaper insurance coverage is possible from both online companies and with local insurance agents, so you should be comparing quotes from both to have the best rate selection. Some insurance coverage companies do not offer price quotes online and most of the time these smaller providers sell through local independent agencies.

As you shop your coverage around, it’s very important that you do not skimp on coverage in order to save money. There have been many cases where someone dropped full coverage only to regret at claim time that the savings was not a smart move. The goal is to buy enough coverage at the best possible price while still protecting your assets.

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