Hyundai Ioniq 5 Car Insurance Cost for 2022

• Car insurance rates for the electric Hyundai Ioniq 5 average $1,514 per year or around $126 per month.
• The Ioniq 5 is one of the more expensive compact SUVs to insure for 2022, costing $88 more per year on average when compared to the rest of the vehicles in the segment.
• The cheapest Ioniq 5 trim level to insure is the base SE model at an estimated $1,474 per year, while the Limited is the most expensive to insure at $1,564.

How much does Hyundai Ioniq 5 insurance cost?

Average car insurance rates on the Hyundai Ioniq 5 run $1,514 a year for full coverage, which is equal to $126 a month.

As mentioned in the article summary, the trim level of the vehicle does have some impact on the cost of insurance. For the Ioniq 5, the SE trim level is cheapest to insure, primarily due to the fact that it has the lowest MSRP at $43,650.

The Limited trim has the most expensive average car insurance rates, but also costs more with a sticker price of $50,600.

Other factors that can impact cost are driver age and the deductibles you choose for comprehensive and collision coverage. The chart below demonstrates average car insurance rates for a 2022 Ioniq 5 using variations of driver age and policy deductibles.

Along with your age and driving record, policy deductibles have a pretty large influence on the cost of car insurance. The higher deductibles you choose, the more you have to pay if you have a covered claim, but the less you will pay for your policy. And the opposite also applies, so lower deductibles result in a more expensive policy, but less out of your pocket if you have a claim.

The table below breaks down average rates for each of the Ioniq 5 trim levels for the 2022 model year. As shown in the table, rates vary from $1,474 to $1,564 per year based on the trim of vehicle.

Driver age, driving record, and deductibles have been mentioned as factors that affect insurance cost, but there are so many additional factors that insurance companies use to set the price you pay.

The list below gives you some examples of other things can impact your policy cost, along with a few ways you can cut the cost of your coverage.

• As you get older, rates tend to drop. The difference in 2022 Hyundai Ioniq 5 insurance cost between a 60-year-old driver ($1,354 per year) and a 20-year-old driver ($3,012 per year) is $1,658, or a savings of 55%. However, once over about the age of 65, rates start to creep back up.
• A good credit rating can save money. Having an over-800 credit score could save up to $238 per year versus a lower credit rating of 670-739. Conversely, a subpar credit rating could cost as much as $276 more per year. Not all states allow the use of credit scores in determining rates, however.
• Earn discounts to save money. Discounts may be available if the insured drivers are loyal customers, drive low annual mileage, insure their home and car with the same company, sign their policy early, are senior citizens, or many other discounts which could save the average driver as much as $256 per year on their insurance cost.
• Raising deductibles makes insurance more affordable. Increasing deductibles from $500 to $1,000 could save around $244 per year for a 40-year-old driver and $480 per year for a 20-year-old driver.
• Low physical damage deductibles may be wasting money. Cutting your deductibles from $500 to $250 could cost an additional $254 per year for a 40-year-old driver and $506 per year for a 20-year-old driver. If you have few claims, a low deductible may not be in your best interest.
• Tickets and violations can cost a lot. In order to get the cheapest insurance on a Hyundai Ioniq 5, you have to drive safely! Just a couple of traffic tickets can spike insurance rates as much as $394 per year. Major violations like hit-and-run, DUI or reckless driving could raise rates by an additional $1,392 or more.
• Save money due to your employer. Just about all car insurance companies offer discounts for being employed in occupations like doctors, emergency medical technicians, nurses, architects, firefighters, engineers, and others. Having this discount applied to your policy could save between $45 and $159 on your yearly insurance cost, depending on the coverage levels.

How does Ioniq 5 insurance compare to other SUVs?

When compared to other compact SUVs, auto insurance rates for a Hyundai Ioniq 5 cost an average of $74 more per year than the Toyota RAV4, $178 more than the Honda CR-V, and $22 more than the Nissan Rogue.

The Hyundai Ioniq 5 ranks #34 out of 46 comparison vehicles in the 2022 compact SUV class for overall insurance affordability. The Ioniq 5 costs an estimated $1,514 per year for full coverage auto insurance and the class median price is $1,426 per year, a difference of $88 per year.

Since the Ioniq is a new vehicle for 2022, rates can (and probably will) decrease over the next year or two. Once claim data is available, the safety of the vehicle can be better assessed. Insurance companies will be able to see how well the Ioniq 5 protects occupants in crashes, as well as how much repairs on the vehicle cost.

The next chart ranks the Ioniq 5 against other popular compact SUVs to see where insurance cost falls in comparison. The compact SUV segment has a lot of vehicles, so we included a table after the chart that ranks insurance cost for all 46 models in the class.

As show in the table, average insurance rates for a Hyundai Ioniq 5 tend to be a little higher than average. The values in the difference column indicate the amount each other brand is cheaper or more expensive to insure than the Ioniq 5.

As mentioned earlier, any newly introduced model takes a couple years of crash and claim data to establish a more accurate car insurance rate. The higher-than-average sticker price ($43,650 to $50,600) on the Ioniq 5 will keep it more expensive to insure than a lot of compact SUVs, but it could settle more towards the middle of the pack over time.