Is the Hyundai Ioniq expensive to insure?

The Hyundai Ioniq 5 is more expensive to insure than the national average, thanks in part to the higher repair costs associated with electric vehicles. However, it may have lower insurance costs than similar EVs, such as the Tesla Model Y.

Are electric car insurance costs high?

In general, electric car insurance costs more than insurance for traditional internal combustion engine vehicles. That's because the repair process for EVs is typically more complex, leading to higher labor costs and longer claim cycles. Because EVs put a greater burden on insurers following a crash, their insurance premiums are typically higher.

How can I save money on electric car insurance?

Some insurance companies, such as Travelers, offer special discounts to customers who own electric or hybrid vehicles. However, even if your insurer doesn't give you an EV discount, shopping around for competitive rates and investigating other discounts may help you save on insurance for an electric car.

Car insurance for Hyundai Ioniq 5

How much does it cost to insure a Hyundai Ioniq 5?

On average, car insurance premiums for a Hyundai Ioniq 5 are $2,996 per year or $250 per month for full coverage, 12 percent more than the national average cost of car insurance.

While the Ioniq 5's insurance premiums put it on the more affordable end for electric vehicles, the exact cost of coverage can vary significantly from the average. Your location, driving record, credit history and other factors may raise or lower your premiums. Vehicle information — like your Ioniq's model year, trim level and safety features — can also impact the amount you pay to insure it.

$2,996 Avg annual full coverage
insurance premium

$815 Avg annual min coverage
insurance premium

Manufacturer’s suggested retail price (MSRP): From $42,600

Trims available: SE Standard Range, SE, SEL, XRT and Limited

Repair costs

Like most EVs, the Ioniq 5 may cost more to repair than a standard gas-powered vehicle thanks to the high number of tech components. Insurance premiums may be slightly higher to compensate for this added cost.

Safety features

Driver assistance tech comes standard on all Ioniq 5 models and includes adaptive cruise control, blind-spot warnings and intervention and forward collision warning with automated emergency braking, all of which can reduce your risk of a crash.

Crash ratings

The 2025 Hyundai Ioniq 5 earned a Top Safety Pick+ designation from the Insurance Institute for Highway Safety, indicating that it may carry a lower risk of costly accidents than most vehicles on the road.

Cheapest car insurance companies for a Hyundai Ioniq 5

The best way to find affordable rates on Hyundai Ioniq car insurance is to compare personalized quotes that take your unique risk profile into account. To help you get started, Bankrate analyzed average premiums from Quadrant Information Services for a Hyundai Ioniq 5 to find the top-rated providers with the lowest average rates for this car.

How much does it cost to insure a Hyundai Ioniq 5?

The table below compares average premiums from some of the cheapest car insurance companies for a Hyundai Ioniq 5. Keep in mind that your own rates may be higher or lower than the average.

Hyundai Ioniq 5 car insurance premium by carrier


AAA	$1,738	- $1,258
Travelers	$2,265	- $731
Geico	$2,126	- $870
Erie	$2,245	- $751
Nationwide	$2,196	- $800

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Insurance disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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Powered by Coverage.com (NPN: 19966249)

Advertising disclosure

This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Insurance disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Other car insurance coverage for a Hyundai Ioniq 5

The average rates shown above are for a standard full coverage policy, but your actual coverage needs may be different. When shopping for Ioniq 5 insurance, you may want to work with a licensed agent to determine how much coverage to carry. Consider the following options:

High liability limits: The default coverage limits required in your state or offered by carriers might not be enough in the event of an at-fault crash. In order to avoid steep out-of-pocket costs or lawsuits, consider raising your liability limits.
Gap insurance or new car replacement: An Ioniq 5 is a significant investment. Both gap coverage and new car replacement insurance can help to protect that investment by providing financial support if your Ioniq is stolen or totaled shortly after purchase.
Rental reimbursement coverage: Claim cycle times are often longer for EVs, which may require specialized technicians and equipment to repair. Adding rental reimbursement to your policy could offset the cost of alternative transportation while your Ioniq is in the shop following a covered loss.

How to get a Hyundai Ioniq car insurance quote

You can get an insurance quote for your car online, over the phone or in person, depending on the insurer. If you're in the market for a new vehicle, comparing quotes before you sign on the dotted line can help you determine how different models would fit into your budget. Here’s a step-by-step guide to gathering and comparing quotes:

Gather personal details: You’ll likely be asked to provide your name, address, date of birth and driver’s license number, as well as the make, model and year of your car — and potentially the vehicle identification number (VIN). If you haven't purchased a car yet, you may be able to get sample quotes by providing an agent with the make and model.
Use online quote tools: To expedite the process of shopping around, you might consider using comparison websites or apps that allow you to get quotes from multiple insurers at once. Alternatively, go directly to insurance company websites and use their online quote tools to receive personalized quotes.
Provide driver details and mileage: You could be asked for specific details about your vehicle, including add-on features or modifications. You might also need to provide your average annual mileage and how the vehicle is primarily used (e.g., for business purposes or personal use). Additionally, you’ll need to provide accurate information about all drivers who will be covered by the policy, including their driving history, age and relationship to you.
Review quotes: Compare the quotes you receive, paying attention to coverage options, limits, deductibles and overall cost. Insurance experts also recommend reviewing customer service scores, financial strength ratings, digital tools and customer reviews to get a holistic view of how a carrier will meet your needs.
Select carrier and apply: Choose the insurance policy that best fits your needs and budget. Complete the application process by providing any additional required information and making your first premium payment.

Compare Hyundai Ioniq 5 with other similar cars

Hyundai Ioniq 5 Avg annual full coverage premium $2,996 Read More	Tesla Model Y Avg annual full coverage premium $3,813 Read More	Kia EV6 Avg annual full coverage premium $2,953 See more models
Price (MSRP)
$42,600	$44,990	$42,900
NHTSA Safety rating The NHTSA uses a 5-star rating program to evaluate how vehicles perform in crash tests based on frontal, side and rollover collisions.
Not rated	5 stars	5 stars
Gas mileage
100-131 MPGe	117-134 MPGe	103-128 MPGe
IIHS/HLDI Collision insurance losses The IIHS and HLDI collect data on how insurance losses for specific models compare to the average for all passenger vehicles. These results are adjusted for deductible and specifically for collision claim losses.
Substantially worse than average	Substantially worse than average	Substantially worse than average

Frequently asked questions

The Hyundai Ioniq 5 is more expensive to insure than the national average, thanks in part to the higher repair costs associated with electric vehicles. However, it may have lower insurance costs than similar EVs, such as the Tesla Model Y.
In general, electric car insurance costs more than insurance for traditional internal combustion engine vehicles. That's because the repair process for EVs is typically more complex, leading to higher labor costs and longer claim cycles. Because EVs put a greater burden on insurers following a crash, their insurance premiums are typically higher.
Some insurance companies, such as Travelers, offer special discounts to customers who own electric or hybrid vehicles. However, even if your insurer doesn't give you an EV discount, shopping around for competitive rates and investigating other discounts may help you save on insurance for an electric car.

Bankrate utilizes Quadrant Information Services to analyze September 2025 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates for our base profile are based on the following characteristics and full coverage limits with bundling and paperless billing discounts applied:

40 year old

Single male and female driver

2023 Toyota Camry

Primary vehicle

Good credit score

Clean driving record

Commutes 5 days

Bodily injury liability

$100,000 per person
$300,000 per accident

Property damage liability

$50,000 per accident

Personal injury protection

$100,000 per accident

Uninsured motorist bodily injury

$100,000 per person
$300,000 per accident

Collision deductible

$500

Comprehensive deductible

$500

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. These are sample rates and should only be used for comparative purposes. Your quotes will differ.

If otherwise specified, the base profile has been modified with the following driver characteristics:

Other profiles

Rates were calculated based on the following insurance credit tiers assigned to our drivers: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. Four states prohibit or limit the use of credit as a rating factor in determining auto insurance rates: California, Hawaii, Massachusetts and Michigan.
Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket, single DUI conviction and lapse in coverage.
Rates were calculated by evaluating our base profile with the following differences in mileage: 2K, 5K, 12K (base), 15K and 20K.
Unless otherwise stated, rates are for 2023 vehicle models. For new vs used vehicles, we included the following year in our calculations: 2013.
Rates were calculated by evaluating our base profile with the ages 18-70 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations. For teen drivers, rates were determined by adding a 16- or 17-year-old teen to their 40-year-old married parents' policy. The rates displayed reflect the total cost of a driver this age added to their parents’ policy.
The following states do not use gender as a determining factor in calculating premiums: California, Hawaii, Massachusetts, Michigan, North Carolina, Pennsylvania.
Rates were evaluated based on the following marital/family status: single (base), married, 40-year-old married man and woman. Marital status is not a rating factor in Hawaii and Massachusetts.