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 for full coverage insurance. Comprehensive costs on average $356 a year, collision costs $668, and liability coverage costs $364. A policy with just liability insurance costs as little as $416 a year, with coverage for high-risk drivers costing around $3,310. Teens receive the highest rates at $5,510 a year or more.
Average premium for full coverage: $1,524
Rate estimates by individual coverage type:
Price estimates include $500 physical damage insurance deductibles, minimum liability limits, and includes medical and uninsured motorist coverage. Rates are averaged for all 50 states and Ioniq 5 trim levels.
Price Range by Coverage and Risk
For the average driver, prices range go from as cheap as $416 for just liability coverage to a high of $3,310 for high-risk insurance.
Price Range by Location
Your location has a large influence on insurance rates. Rural areas tend to have fewer physical damage claims than cities with more traffic congestion.
The diagram below illustrates how location impacts car insurance rates.
These examples illustrate why it is important to compare rates based on a specific location and their own personal driving habits, rather than using averaged prices.
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.
Detailed Rate Analysis
The chart below illustrates estimated Hyundai Ioniq 5 insurance rates for different risk profiles and scenarios.
- The cheapest rate after discounts is $857
- Drivers who choose higher $1,000 deductibles will pay around $1,292 each year
- The estimated rate for a 40-year-old driver with $500 deductibles is $1,524
- Selecting low $100 deductibles for comprehensive and collision insurance will cost $1,978
- High-risk insureds with serious driving violations could pay upwards of $3,310 or more
- The cost with full coverage for a teenage driver may cost $5,510 a year
Insurance rates for a Hyundai Ioniq 5 can also vary considerably based on the trim level of your Ioniq 5, your risk profile, and policy deductibles and limits.
Older drivers with no violations or accidents and high physical damage deductibles may only pay around $1,400 per year on average for full coverage. Rates are much higher for teen drivers, where even without any violations or accidents they should be prepared to pay upwards of $5,500 a year. View Rates by Age
If you like to drive fast or you caused a few accidents, you are probably paying at a minimum $1,800 to $2,500 additional per year, depending on your age. A high-risk auto insurance policy can cost around 45% to 132% more than the average policy. View High Risk Driver Rates
Choosing higher comprehensive and collision insurance deductibles could save up to $690 a year, while buying higher liability limits will cost you more. Switching from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $327 more each year. View Rates by Deductible or Liability Limit
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 Vermont, Wisconsin, and North Carolina, or have to pay at least $2,060 on average in Michigan, New York, 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 only way to figure out exactly what you will pay is to get quotes and see how they stack up. Every company calculates rates differently, and 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 Cheaper Hyundai Ioniq 5 Insurance
Saving money on auto insurance not only requires being a low-risk driver, but also having good credit, avoid buying unnecessary coverage, and insuring your home and auto with the same company. Spend time shopping around every couple of years by getting rate quotes from direct insurance companies like Progressive and GEICO, and also from local exclusive and independent agents.
The items below are a condensed summary of the material that was touched on above.
- Consumers who require more liability coverage will pay approximately $400 annually to go from a minimum limit to higher 250/500 limits
- Teen drivers pay higher rates, costing up to $459 per month if they have full coverage
- Drivers with multiple at-fault accidents may pay on average $1,790 more each 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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