Hyundai Ioniq 5 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 28, 2024
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Average insurance rates for a Hyundai Ioniq 5 are $1,524 a year for full coverage insurance. Comprehensive costs an estimated $356 each year, collision costs $668, and liability insurance costs $364. Liability-only coverage costs as little as $416 a year, with high-risk coverage costing around $3,310. Teenage drivers receive the highest rates at $5,510 a year or more.
Average premium for full coverage: $1,524
Rate estimates broken down by individual coverage type:
Rates are based on $500 policy deductibles, 30/60 bodily injury liability limits, and includes both medical and uninsured motorist insurance. Rates are averaged for all 50 states and Ioniq 5 models.
Price Range by Coverage and Risk
Using a 40-year-old driver as an example, prices range go from as low as $416 for minimum levels of liability insurance to a high rate of $3,310 for a driver who requires high-risk insurance.
Price Range by Location
Your location has a significant impact on the price of insurance. More rural locations tend to have a lower frequency of physical damage claims than densely populated cities.
The graphic below illustrates how rural and urban location affects insurance prices.
These examples illustrate why all drivers should compare rates for a targeted area and risk profile, rather than relying 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 Details
The chart below illustrates estimated Hyundai Ioniq 5 insurance rates for other coverage scenarios.
- The best discount rate is $857
- Drivers who choose higher $1,000 deductibles will pay approximately $232 each year
- The average rate for a 40-year-old driver who has $500 deductibles is $1,524
- Using low deductibles for comprehensive and collision insurance will increase the cost to $1,978
- High risk drivers who are prone to accidents and violations could pay up to $3,310 or more
- The cost for full coverage for a teen driver can cost as much as $5,510 a year
Car insurance rates for a Hyundai Ioniq 5 can also vary considerably based on your driver profile, the model year and trim level, and liability limits and deductibles.
More mature drivers with no driving violations and high deductibles could pay as little as $1,400 per year on average for full coverage. Rates are much higher for teen drivers, where even good drivers will be charged at least $5,500 a year. View Rates by Age
Where you live makes a big difference in Hyundai Ioniq 5 insurance rates. A 40-year-old driver could pay as low as $990 a year in states like North Carolina, Wisconsin, and Vermont, or be forced to pay as much as $2,060 on average in Florida, 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% |
Using high physical damage deductibles could save up to $690 each year, whereas increasing liability limits will increase premiums. Switching from a 50/100 limit to a 250/500 limit will cost as much as $327 extra every 12 months. View Rates by Deductible or Liability Limit
If you like to drive fast or tend to cause accidents, you are probably paying $1,800 to $2,500 extra per year, depending on your age. Insurance for high-risk drivers can cost anywhere from 45% to 132% more than a normal policy. View High Risk Driver Rates
With so much variability in rates, the only way to figure out which company is cheapest is to do a rate comparison from as many companies as possible. Every company uses a different method to calculate rates, so rate quotes can be significantly different from one company to the next.
| 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 Find the Best Cheap Hyundai Ioniq 5 Insurance
Saving money on Hyundai Ioniq 5 insurance not only requires being safe and accident-free, but also having above-average credit, avoid buying unnecessary coverage, and not having any coverage lapses. Set aside time to shop around at every other renewal by requesting quotes from direct insurance companies like GEICO and Progressive, and also from several local insurance agents.
Below you'll find a quick review of the concepts that were raised in the charts and tables above.
- High-risk drivers with a DUI or reckless driving violation pay on average $1,790 more annually than a low-risk driver
- Youthful drivers have the highest car insurance rates, costing up to $459 per month if full coverage is included
- It is possible to save approximately $190 per year simply by quoting online in advance
- Increasing deductibles can save around $675 each year
- It is possible to save approximately $190 per year simply by quoting online in advance
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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