Hyundai Ioniq 5 Car Insurance Cost for 2023

Is car insurance expensive on a Hyundai Ioniq 5?

From the SE model to the pricier Limited trim, we analyzed insurance rates on the Ioniq 5 to look at how average insurance prices rank against similar small SUVs.

Start a Free QuoteCompare Hyundai Ioniq 5 car insurance quotes and save on your next policy.

  • Car insurance rates for the electric Hyundai Ioniq 5 average $1,764 per year or around $147 per month.
  • The Ioniq 5 is one of the more expensive compact SUVs to insure for 2023, costing $158 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 $1,722 per year, while the Limited is the most expensive to insure at $1,824.

How much does Hyundai Ioniq 5 insurance cost?

Average car insurance rates on the Hyundai Ioniq 5 run $1,764 a year for full coverage, which is equal to $147 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 $45,500.

The Limited trim has the most expensive average car insurance rates, but also costs more with a sticker price of $52,600.

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 2023 Ioniq 5 using variations of driver age and policy deductibles.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Chart shows average insurance cost for a 2023 Hyundai Ioniq 5 with safe driver and claim-free discounts applied. Rates are for full-coverage insurance and averaged for all U.S. states and all Hyundai Ioniq 5 trim levels.Data last updated on December 30, 2022
Hyundai Ioniq 5 Car Insurance Cost Summary
2023 Hyundai Ioniq 5 Insurance Cost by Driver Age and Deductibles
Driver Age Deductible Annual Cost Monthly Cost
20$1,000$2,988$249
$500$3,520$293
$250$4,080$340
30$1,000$1,562$130
$500$1,858$155
$250$2,168$181
40$1,000$1,494$125
$500$1,764$147
$250$2,048$171
50$1,000$1,364$114
$500$1,608$134
$250$1,862$155
60$1,000$1,338$112
$500$1,578$132
$250$1,828$152

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 2023 model year. As shown in the table, rates vary from $1,722 to $1,824 per year based on the trim of vehicle.

2023 Hyundai Ioniq 5 Insurance Cost by Trim Level
Hyundai Ioniq 5 Trim Level Annual Policy Six-Month Policy Per Month
SE$1,722$861$144
SEL$1,750$875$146
Limited$1,824$912$152

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are for a 2023 Hyundai Ioniq 5, 40-year-old married male driver with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to policy premium. Physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on February 5, 2023
Hyundai Ioniq 5 Insurance Cost by Trim Level

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 2023 Hyundai Ioniq 5 insurance cost between a 60-year-old driver ($1,578 per year) and a 20-year-old driver ($3,520 per year) is $1,942, or a savings of 55.2%. 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 $277 per year versus a lower credit rating of 670-739. Conversely, a subpar credit rating could cost as much as $321 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 $300 per year on their insurance cost.
  • Raising deductibles makes insurance more affordable. Increasing deductibles from $500 to $1,000 could save around $270 per year for a 40-year-old driver and $532 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 $284 per year for a 40-year-old driver and $560 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 $468 per year. Major violations like hit-and-run, DUI or reckless driving could raise rates by an additional $1,634 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 $53 and $178 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 $130 more per year than the Toyota RAV4, $268 more than the Honda CR-V, and $142 more than the Nissan Rogue.

The Hyundai Ioniq 5 ranks 39th out of 47 comparison vehicles in the 2023 compact SUV class for overall insurance affordability. The Ioniq 5 costs an estimated $1,764 per year for full coverage auto insurance and the class median price is $1,606 per year, a difference of $158 per year.

Since the Ioniq is a new vehicle for 2023, 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 47 models in the class.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Average rates are for a 2023 model year Hyundai Ioniq 5, 40-year-old married male driver with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to policy premium, which is averaged for all Hyundai Ioniq 5 trim levels. Physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on December 30, 2022
Hyundai Ioniq 5 Insurance Cost vs Top 10 Small SUVs
Hyundai Ioniq 5 Insurance Cost Compared to All Small SUVs
Rank Make/Model Insurance Cost Difference
1Chevrolet Trailblazer$1,334-$430
2Subaru Crosstrek$1,346-$418
3Nissan Kicks$1,354-$410
4Nissan Rogue Sport$1,378-$386
5Mazda CX-5$1,386-$378
6Buick Encore$1,406-$358
7Buick Envision$1,410-$354
8Kia Seltos$1,430-$334
9Hyundai Venue$1,440-$324
10Honda HR-V$1,464-$300
11Hyundai Kona$1,480-$284
12Subaru Forester$1,486-$278
13Honda CR-V$1,496-$268
14Mazda CX-30$1,498-$266
15Chevrolet Trax$1,514-$250
16Volkswagen Tiguan$1,532-$232
17Ford Bronco Sport$1,536-$228
18Fiat 500X$1,564-$200
19GMC Terrain$1,566-$198
20Kia Soul$1,568-$196
21Mitsubishi Eclipse Cross$1,572-$192
22Chevrolet Equinox$1,588-$176
23Toyota Corolla Cross$1,592-$172
24Volkswagen Taos$1,600-$164
25Mazda CX-50$1,610-$154
26Hyundai Tucson$1,614-$150
27Ford Escape$1,616-$148
28Nissan Rogue$1,622-$142
29Toyota RAV4$1,634-$130
30Mazda MX-30$1,636-$128
31Kia Niro$1,638-$126
32Mini Cooper$1,648-$116
33Jeep Compass$1,652-$112
34Mini Cooper Clubman$1,674-$90
35Jeep Renegade$1,698-$66
36Chevrolet Bolt$1,710-$54
37Toyota bz4X$1,716-$48
38Kia Sportage$1,760-$4
39Hyundai Ioniq 5$1,764--
40Mini Cooper Countryman$1,812$48
41Mitsubishi Mirage$1,818$54
42Mitsubishi Outlander$1,820$56
43Volkswagen ID4$1,832$68
44Kia EV6$1,870$106
45Dodge Hornet$1,872$108
46Hyundai Nexo$1,938$174
47Ford Mustang Mach-E$1,996$232

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 ($45,500 to $52,600) 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.