How much is insurance on a Hyundai Ioniq 5?

A 2024 Hyundai Ioniq 5 runs about $1,950 a year for a typical 45-year-old, about the same as an average car of the same age: higher crash-repair losses and higher non-crash losses and fewer injury claims and less damage to others' property about even out. Putting a new 16-year-old on a family policy with the Ioniq 5 adds about $1,290 a year (#22 of 26 small SUVs we compare).

2024 Hyundai Ioniq 5 (Ioniq 5 Long range AWD), national average

about $1,950 a year (about $165 a month)

Estimated range: $1,300–$3,000. Actual quotes can fall outside it.

An average car of the same age (what HLDI's 2022–24 results measure against) runs about $1,940 a year. A used 2022 Ioniq 5 drops to about $1,830 (see the table below).

A Hyundai Ioniq 5 from the 2022–present generation. Photo: Elise240SX, CC BY-SA 4.0, via Wikimedia Commons, cropped (credits).

Priced for the 2024 Ioniq 5 Long range AWD, the newest year covered by HLDI's loss data (2022–24 models), for a 45-year-old driver with a clean record and full coverage. HLDI's results combine drivers of all ages. We apply them to one example driver (a 45-year-old with a clean record) so pages are comparable; they aren't specific to 45-year-olds. Each state raises or lowers every car's price by the same percentage, so the Ioniq 5's rank is the same in every state.

Why the Hyundai Ioniq 5 costs what it does

What HLDI reports (2022–24 models, all drivers combined)

The Highway Loss Data Institute (HLDI) compares each model's insurance losses with an average car's. For the Hyundai IONIQ 5 electric 4dr 4WD, on HLDI's scale where 100 is an average car and lower is better, it reports 133 for crash repairs, 111 for non-crash damage, 94 for damage to others' property, and 76 for injury claims.

Crash repairs (collision)fixing this car after a crashWorse than average33% worse than average25th best of the 26 small SUVs we compare
Non-crash damage (comprehensive)theft, weather, fire, vandalism, glass, and animal strikesAverage11% worse than averageworst of the 26 small SUVs we compare
Damage to others' property (property damage liability)other people's cars and property, when this car's driver is at faultAverage6% better than average12th best of the 26 small SUVs we compare
Injuries to others (bodily injury liability)how often injury claims are filed against this car's drivers, not how much they costBetter than averagefiled 24% less often than average4th best of the 24 small SUVs we compare

HLDI's ratings, best to worst:Substantially better than averageBetter than averageAverageWorse than averageSubstantially worse than averageInsufficient data

HLDI rates results within about 20% of average as “Average.”

Source: HLDI, insurance losses by make and model, 2022–24 models.

What we estimate that means for price

Prices move less than loss results do: a car's loss record is only one of many things insurers weigh, and each weighs it differently. So we count only part of HLDI's difference. Combining crash repairs and non-crash damage (weighted about 71% and 29%, the share each makes up of industry claim costs), the Ioniq 5 comes out about 27% worse than average. We count about 40% of that difference, so the part of the bill that fixes the car is about 10% more than average: about $1,050 a year vs $950. On the liability side, damage to others and injury claims combine to about 16% better than average. We count about half, so that part is about 8% less: $910 a year vs $990.

How the math works

The Hyundai Ioniq 5 is an electric small SUV that HLDI benchmarks among small SUVs; on electric models like the Ioniq 5, battery pack and sensor repair costs shape collision losses alongside low injury-claim frequency.

Expensive and electric cars can cost more or less to insure than their repair records suggest.
This car's repair losses run a bit above the cars we could check against real prices, so the range reaches higher.

Matched to HLDI series “Hyundai IONIQ 5 electric 4dr 4WD” (HLDI, 2022–24 models).

A used Hyundai Ioniq 5, by model year

One model year per age group. Liability only: no coverage for the car itself. Teen columns: a new 16-year-old. Each row uses the HLDI report that covers that model year.
Model year	Full coverage	Liability only	Adding a teen	Teen on their own policy
2024 Ioniq 5 Long range AWD (0–3 years old)	about $1,950	about $910	+$1,290	about $5,610
2022 Ioniq 5 AWD (Long Range) (4–7 years old)	about $1,830	about $910	+$1,210	about $5,250

Our catalog covers the Hyundai Ioniq 5 across model years 2022–2027. Full coverage on a used 2022 Ioniq 5 (4–7 years old) runs about $1,830 a year, $120 less than on a 2024. Dropping collision and comprehensive on that 2022 brings liability-only coverage to about $910 a year. Each photo shows that year's generation of the car. Photo credits.

All 3 versions of the 2024 Hyundai Ioniq 5 in our catalog (Ioniq 5 Long range RWD, Ioniq 5 Standard range RWD and Ioniq 5 Long range AWD) price within about $50 a year of each other.

On a policy of their own with a 2024 Hyundai Ioniq 5, a 22–25-year-old pays about $2,540 a year ($590 more than a 45-year-old), a 26–39-year-old about $2,170, and a driver 65 and older about $2,050.

Adding a 16-year-old with a Hyundai Ioniq 5

Adding a new 16-year-old who drives the Hyundai Ioniq 5 raises the family bill by about $1,290 a year ($110 a month), about the same as adding a teen with an average car of the same age. A separate policy for the 16-year-old runs about $5,610 a year, so keeping them on the family policy saves about $4,320 a year.

For adding a teen driver, the Hyundai Ioniq 5 ranks 49th most expensive out of all 121 models we track. Stepping down to a used 2022 Ioniq 5 (4–7 years old) brings the teen add-on to about $1,210 a year.

That increase is how much the family bill goes up with a new 16-year-old driving this car. Cheapest cars to insure for a teen.

Similar small SUVs

Among these 26 small SUVs, the Hyundai Ioniq 5 is the 5th most expensive to insure. Right next to it are the Ford Escape (about $1,930 a year) and the Kia Sportage (about $2,010).

Photos from Wikimedia Commons contributors. Photo credits.

What a Hyundai Ioniq 5 costs in your state

In six sample states, a 2024 Hyundai Ioniq 5 runs from about $1,300 a year in North Dakota through Montana, Alaska, Arizona and Rhode Island to about $2,350 in Texas:

North Dakotaabout $1,300/yr · +$860 teen
Montanaabout $1,610/yr · +$1,060 teen
Alaskaabout $1,710/yr · +$1,130 teen
Arizonaabout $2,040/yr · +$1,350 teen
Rhode Islandabout $2,320/yr · +$1,530 teen
Texasabout $2,350/yr · +$1,550 teen

All 50 states and DC · Updated November 5, 2026.

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