Lower Your 2019 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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Want cheaper auto insurance rates for your Hyundai Ioniq? There isn’t a single person who rejoices having to buy auto insurance, especially when they are aware that they could find lower prices if they just compared rates. Popular companies such as Allstate, Liberty Mutual and State Farm all promote huge savings with TV and radio ads and it is challenging if not impossible to see past the geckos and flying pigs and find the best price available.

It’s smart to compare rates periodically due to the fact that insurance prices change frequently. Even if you think you had the best rates on Ioniq coverage a couple years back you can probably find a lower rate today. Forget anything you know (or think you know) about auto insurance because you’re about to find out the easiest way to lower your rates without sacrificing coverage.

Drivers save money with these money-saving discounts

Some providers don’t always advertise the entire discount list very clearly, so the following is a list of both well-publicized and also the lesser-known ways to save on auto insurance. If you aren’t receiving every discount possible, you may be paying too high a price.

  • Safe Driver Discount – Accident-free drivers can save up to 40% or more on their insurance quote on Ioniq coverage compared to rates paid by drivers with frequent claims.
  • College Student – Children who are enrolled in a college that is more than 100 miles from home without a vehicle on campus could get you a discount.
  • Early Renewal Discounts – A few insurance companies give discounts for switching to them prior to the expiration date on your current policy. It could save around 10% when you buy insurance online.
  • Low Miles Discount – Fewer annual miles on your Hyundai can qualify you for discounted rates on garaged vehicles.
  • Policy Bundle Discount – When you have multiple policies and place coverage with the same company they may give you a discount of approximately 10% to 15%.
  • Payment Discounts – If you can afford to pay the entire bill rather than spreading payments over time you can actually save on your bill.
  • Discounts for Federal Employees – Being employed by or retired from a federal job can earn a discount up to 10% on Ioniq coverage with a few auto insurance companies.
  • Telematics Data – Policyholders that allow their insurance company to track when and where they use their vehicle by installing a telematics device like Drivewise from Allstate or In-Drive from State Farm could possibly reduce rates if they show good driving skills.
  • Buy New and Save – Buying a new car model can save you some money due to better safety requirements for new model year vehicles.

A little disclaimer on discounts, many deductions do not apply to your bottom line cost. Most only reduce individual premiums such as physical damage coverage or medical payments. So even though it sounds like having all the discounts means you get insurance for free, that’s just not realistic.

A list of auto insurance companies and a selection of discounts are included below.

  • Progressive offers discounts including continuous coverage, multi-policy, online signing, homeowner, online quote discount, good student, and multi-vehicle.
  • The Hartford policyholders can earn discounts including anti-theft, bundle, defensive driver, vehicle fuel type, driver training, and air bag.
  • Mercury Insurance may have discounts that include multi-policy, type of vehicle, ease of repair, age of vehicle, annual mileage, good driver, and low natural disaster claims.
  • GEICO offers premium reductions for driver training, federal employee, multi-vehicle, five-year accident-free, and defensive driver.
  • AAA has discounts for pay-in-full, multi-policy, anti-theft, good student, and good driver.
  • State Farm may include discounts for accident-free, passive restraint, defensive driving training, driver’s education, Drive Safe & Save, and Steer Clear safe driver discount.

It’s a good idea to ask each company which discounts you qualify for. Savings may not apply in your state.

The method we recommend to compare policy rates is to understand most larger insurance companies provide online access to give you rate quotes. The only thing you need to do is provide a small amount of information including an estimate of your credit level, how much school you completed, any included safety features, and whether you drive to work or school. The data gets sent immediately to many of the top insurers and they return cost estimate almost instantly.

To compare rates now, click here and enter your zip code.

Six factors that impact insurance premiums

Many factors are used in the calculation when you get a price on insurance. Some factors are common sense like your driving record, but other criteria are less obvious like your continuous coverage and annual miles driven.

  • How your age affects prices – Young drivers have a tendency to be less responsible in a vehicle so insurance rates are higher. Adding a youthful driver to your insurance policy can break the bank. Older, more experienced drivers are more cautious drivers, statistically cause fewer accidents , and usually have better credit.
  • Multiple policies with one company – The majority of insurance companies give discounts for people that have more than one policy. It’s known as a multi-policy discount. Even with this discount applied, you still need to get quotes from other companies to make sure you are getting the best deal. It’s possible to still find better rates by buying from different companies.
  • Occupation can influence prices – Do you work in a high-stress field? Occupations such as fire fighters, airline pilots and medical professionals tend to pay higher rates than average in part from intense work requirements and long work days. Other jobs such as scientists, historians and homemakers pay lower than average rates on Ioniq coverage.
  • Don’t abuse insurance claims – Companies provide discounts to policyholders who file claims infrequently. If you are the type of insured that files lots of claims you can expect either higher rates or even cancellation. Insurance coverage is intended to be relied upon for claims that you cannot pay yourself.
  • Having a spouse is a bonus – Getting married can get you a discount when shopping for insurance. Having a significant other demonstrates that you tend to be more financially stable and statistics prove drivers who are married file infrequent claims.
  • Poor credit decisions can cost you – Your credit history will be a significant factor in determining what you pay for insurance. Insureds that have excellent credit scores tend to file fewer claims and have better driving records than those with lower credit scores. If your credit history leaves room for improvement, you may save money insuring your 2019 Hyundai Ioniq by taking the time to improve your credit score.

Do I need special coverages?

When it comes to choosing adequate coverage, there really is not a best way to insure your cars. Everyone’s situation is unique and a cookie cutter policy won’t apply. Here are some questions about coverages that may help highlight whether you would benefit from professional advice.

  • Do I need PIP coverage since I have good health insurance?
  • Why is insurance for a teen driver so high?
  • Am I covered when pulling a rental trailer?
  • Does my policy cover me when driving someone else’s vehicle?
  • Are rock chip repairs covered?
  • Do I need an umbrella policy?

If it’s difficult to answer those questions but you know they apply to you, you may need to chat with a licensed insurance agent. If you don’t have a local agent, fill out your zip code. It only takes a few minutes and you can get the answers you need.

Don’t be fooled by advertising claims

Consumers can’t get away from ads that promise big savings from companies such as State Farm, GEICO and Progressive. All the companies convey the message that you’ll save big if you move your policy.

How can each company give you a lower rate? You have to listen carefully.

Companies have strict underwriting profiles for the driver that will add to their bottom line. A good example of a preferred risk could be over the age of 50, has other policies, and does not commute to work. A driver that matches those criteria will probably get the lowest prices and as a result will probably cut their rates substantially.

People who do not match the ideal profile may receive higher rates which results in business going elsewhere. The wording the ads use say “customers who switch” but not “all drivers who get quotes” save that much. That’s why insurance companies can advertise the way they do. Because of this risk profiling, it’s extremely important to do a rate comparison at every renewal. Because without a comparison, you cannot know which insurance companies will provide you with the cheapest rates.

Car insurance coverage options for a 2019 Hyundai Ioniq

Having a good grasp of your car insurance policy can be of help when determining appropriate coverage and the correct deductibles and limits. Car insurance terms can be confusing and nobody wants to actually read their policy. Shown next are the normal coverages found on most car insurance policies.

Collision insurance

Collision coverage pays for damage to your Ioniq caused by collision with another vehicle or an object, but not an animal. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers things like damaging your car on a curb, sideswiping another vehicle, colliding with a tree, crashing into a building and driving through your garage door. This coverage can be expensive, so analyze the benefit of dropping coverage from older vehicles. You can also raise the deductible to bring the cost down.

Uninsured/Underinsured Motorist (UM/UIM)

Your UM/UIM coverage provides protection when the “other guys” either have no liability insurance or not enough. This coverage pays for hospital bills for your injuries and damage to your Hyundai Ioniq.

Since many drivers carry very low liability coverage limits, their liability coverage can quickly be exhausted. So UM/UIM coverage is very important.

Liability coverages

Liability coverage can cover injuries or damage you cause to other people or property that is your fault. This insurance protects YOU against claims from other people, and doesn’t cover your injuries or vehicle damage.

Coverage consists of three different limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. You commonly see values of 100/300/100 which means $100,000 in coverage for each person’s injuries, a limit of $300,000 in injury protection per accident, and $100,000 of coverage for damaged property.

Liability insurance covers things like medical services, structural damage, medical expenses, bail bonds and emergency aid. The amount of liability coverage you purchase is a personal decision, but buy as high a limit as you can afford.

Med pay and Personal Injury Protection (PIP)

Coverage for medical payments and/or PIP reimburse you for bills like EMT expenses, nursing services, prosthetic devices, surgery and chiropractic care. They are often used in conjunction with a health insurance policy or if there is no health insurance coverage. It covers both the driver and occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not available in all states but it provides additional coverages not offered by medical payments coverage

Comprehensive insurance

Comprehensive insurance covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage pays for claims like hail damage, vandalism, fire damage and falling objects. The maximum amount you’ll receive from a claim is the actual cash value, so if the vehicle is not worth much it’s not worth carrying full coverage.

Final thoughts

As you restructure your insurance plan, do not skimp on critical coverages to save a buck or two. There are many occasions where an insured cut uninsured motorist or liability limits only to discover later they didn’t have enough coverage. Your goal is to buy enough coverage for the lowest price, but don’t skip important coverages to save money.

In this article, we presented a lot of ways to save on 2019 Hyundai Ioniq insurance. The most important thing to understand is the more price quotes you have, the better your comparison will be. Consumers may even find the lowest priced insurance comes from some of the lesser-known companies. These smaller insurers may have significantly lower rates on certain market segments than their larger competitors like Allstate, GEICO and Progressive.

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