Hyundai Ioniq 5 Car Insurance Cost for 2022

How much does insurance cost on the Hyundai Ioniq 5? We compare average car insurance quotes and rank them against other electric, hybrid, and standard SUV models.

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  • Car insurance rates for the electric Hyundai Ioniq 5 average $1,502 per year or around $125 per month.
  • The Ioniq 5 is one of the more expensive compact SUVs to insure for 2022, costing $86 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 $1,460 per year, while the Limited is the most expensive to insure at $1,552.

How much does Hyundai Ioniq 5 insurance cost?

Average car insurance rates on the Hyundai Ioniq 5 run $1,502 a year for full coverage, which is equal to $125 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.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Chart shows average insurance cost for a 2022 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 April 14, 2022
Hyundai Ioniq 5 Car Insurance Cost Summary
Hyundai Ioniq 5 Insurance Cost by Driver Age and Deductibles
Driver Age Deductible Annual Cost Monthly Cost
20$1,000$2,514$210
$500$2,990$249
$250$3,492$291
30$1,000$1,324$110
$500$1,588$132
$250$1,864$155
40$1,000$1,258$105
$500$1,502$125
$250$1,756$146
50$1,000$1,152$96
$500$1,370$114
$250$1,598$133
60$1,000$1,132$94
$500$1,346$112
$250$1,570$131

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 $1,460 to $1,552 per year based on the trim of vehicle.

2022 Hyundai Ioniq 5 Insurance Cost by Trim Level
Hyundai Ioniq 5 Trim Level Annual Policy 6-month Policy Per Month
SE$1,460$730$122
SEL$1,492$746$124
Limited$1,552$776$129

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are for a 2022 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 March 10, 2022
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 2022 Hyundai Ioniq 5 insurance cost between a 60-year-old driver ($1,346 per year) and a 20-year-old driver ($2,990 per year) is $1,644, 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 $236 per year versus a lower credit rating of 670-739. Conversely, a subpar credit rating could cost as much as $273 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 $254 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 $476 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 $502 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 $392 per year. Major violations like hit-and-run, DUI or reckless driving could raise rates by an additional $1,380 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 $158 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 $72 more per year than the Toyota RAV4, $176 more than the Honda CR-V, and $20 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 $1,502 per year for full coverage auto insurance and the class median price is $1,416 per year, a difference of $86 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.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Average rates are for a 2022 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 March 24, 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
1Mazda CX-5$1,152-$350
2Nissan Kicks$1,180-$322
3Chevrolet Trailblazer$1,188-$314
4Subaru Crosstrek$1,216-$286
5Toyota C-HR$1,250-$252
6Buick Encore$1,252-$250
7Nissan Rogue Sport$1,262-$240
8Hyundai Venue$1,286-$216
9Buick Envision$1,288-$214
10Kia Seltos$1,290-$212
11Toyota Corolla Cross$1,298-$204
12Hyundai Kona$1,310-$192
13Subaru Forester$1,312-$190
14Volkswagen Tiguan$1,314-$188
15Honda CR-V$1,326-$176
16Mazda CX-30$1,340-$162
17Honda HR-V$1,360-$142
18Ford Ecosport$1,372-$130
19Chevrolet Trax$1,386-$116
20GMC Terrain$1,394-$108
21Mitsubishi Eclipse Cross$1,396-$106
22Hyundai Tucson$1,406-$96
23Chevrolet Bolt$1,412-$90
24Chevrolet Equinox$1,416-$86
25Volkswagen Taos$1,420-$82
26Fiat 500X$1,424-$78
27Toyota RAV4$1,430-$72
28Kia Soul$1,432-$70
29Mazda MX-30$1,460-$42
30Jeep Compass$1,468-$34
31Kia Niro$1,470-$32
32Nissan Rogue$1,482-$20
33Ford Escape$1,490-$12
34Hyundai Ioniq 5$1,502--
35Mini Cooper Clubman$1,504$2
36Jeep Renegade$1,508$6
37Kia Sportage$1,514$12
38Ford Bronco$1,520$18
39Volkswagen ID4$1,542$40
40Mini Cooper$1,550$48
41Mini Cooper Countryman$1,572$70
42Mitsubishi Outlander$1,628$126
43Mitsubishi Mirage$1,642$140
44Ford Mustang Mach-E$1,712$210
45Hyundai Nexo$1,730$228
46Jeep Wrangler$1,732$230

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.