2020 Hyundai Ioniq Electric Insurance Quotes in 2024 – 9 Ways to Save

Are you regretting buying overpriced auto insurance? You’re in good company because there are many consumers feeling the pinch from expensive auto insurance.

Due to the large number of insurance companies to choose from, it’s difficult to pick the best auto insurance provider.

Which auto insurance is cheapest?

The are a couple different ways to compare rate quotes from many different insurance companies. The simplest method to find competitive 2020 Hyundai Ioniq Electric insurance rates involves getting comparison quotes online. It’s really quite simple and can be done in several different ways.

1. The easiest and least time consuming way consumers can make multiple comparisons would be an industry-wide quote request form. This method keeps you from doing boring form submissions for each price estimate. In just a few minutes this one form gets prices estimates from many national carriers.
2. A harder way to analyze rates is spending the time to visit each company’s website to request a price quote. For example, let’s say you want to see prices from Farmers, Safeco and GMAC. You would be required to spend time going to each site individually and enter your policy data, and that’s why the first method is more popular.
3. The final way to shop rates is to drive around to all the different insurance agencies. Quoting and buying insurance online reduces the need to sit down with an agent unless you’re the type of person who wants the professional advice that only an agent can give. You can, however, comparison shop online but still have the advice of a local agent.

Which method you use is up to you, but be certain you are entering exactly the same coverages with each company. If you use different liability limits you will not be able to determine which rate is truly the best. Having just a slight variation in coverage limits could skew the results. And when comparing auto insurance rates, know that quoting more helps improve the odds of finding a lower rate than you’re paying now. Not every company allows you to get online price quotes, so you need to compare quotes from them as well.

Nine discounts for cheap insurance coverage rates

Properly insuring your vehicles can get expensive, but there could be available discounts that can dramatically reduce your bill. Larger premium reductions will be automatically applied when you quote, but a few must be specifically requested before they will apply.

• Good Student – Maintaining excellent grades can earn a discount of 20% or more. Many companies even apply the discount to college students up until you turn 25.
• Discount for Multiple Policies – If you have multiple policies and insure them both with the same insurance company you will save at least 10 to 15 percent or more.
• Theft Prevention Discount – Vehicles optioned with advanced anti-theft systems have a lower chance of being stolen and therefore earn up to a 10% discount.
• Responsible Driver Discounts – Drivers without accidents can pay as much as 50% less on Ioniq Electric coverage than drivers with accidents.
• Seat Belts Save more than Lives – Drivers who require all vehicle occupants to use their safety belts can save 10% or more on the premium charged for medical payments and/or PIP.
• Student Discount for Driver Training – Have your child participate in a local driver’s education class if offered at their school.
• Professional Organizations – Having an affiliation with a qualifying organization may earn a discount on your next insurance coverage statement.
• Government Employee Discount – Federal government employees can earn a discount up to 10% on Ioniq Electric coverage with certain companies.
• ABS and Traction Control Discounts – Cars and trucks equipped with ABS or steering control can avoid accidents so companies give up to a 10% discount.

Don’t be shocked that most discount credits are not given to the entire policy premium. A few only apply to the cost of specific coverages such as comprehensive or collision. So when it seems like you would end up receiving a 100% discount, companies wouldn’t make money that way.

A list of companies and their offered discounts are outlined below.

• Progressive discounts include online signing, continuous coverage, multi-vehicle, online quote discount, homeowner, good student, and multi-policy.
• The Hartford offers discounts for air bag, anti-theft, defensive driver, good student, vehicle fuel type, bundle, and driver training.
• Mercury Insurance includes discounts for type of vehicle, professional/association, low natural disaster claims, multi-car, and ease of repair.
• GEICO may offer discounts for membership and employees, anti-theft, multi-policy, emergency military deployment, driver training, daytime running lights, and defensive driver.
• AAA policyholders can earn discounts including good driver, AAA membership discount, good student, education and occupation, anti-theft, multi-policy, and multi-car.
• State Farm may have discounts that include anti-theft, Drive Safe & Save, driver’s education, Steer Clear safe driver discount, and multiple policy.

It’s a good idea to ask each company or agent to give you their best rates. Some of the discounts discussed earlier may not apply to policyholders everywhere.

Tailor your auto insurance coverage to you

When buying adequate coverage, there isn’t really a one size fits all plan. Everyone’s situation is unique and your policy should reflect that. Here are some questions about coverages that may help you determine whether your personal situation could use an agent’s help.

• Does my policy cover me when driving someone else’s vehicle?
• Is my ex-spouse still covered by my policy?
• Does car insurance cover theft of personal property?
• Am I covered if I crash into my own garage door?
• What is PIP insurance?
• Can my teen drive my company car?

If it’s difficult to answer those questions, you may need to chat with a licensed agent. If you don’t have a local agent, fill out your zip code.

Advertising myths

Well-known car insurance companies like State Farm and Allstate continually stream ads on television and other media. They all seem to advertise the message that you can save if you get a free auto insurance quote and switch your policy. How can each company offer drivers better rates? It’s all in the numbers.

Many companies offer their best rates for the type of driver that earns them a profit. An example of a preferred risk may need to be over the age of 40, has no tickets, and drives less than 10,000 miles a year. Someone who matches those parameters will most likely get cheap auto insurance rates as well as cut their rates if they switch.

Potential insureds who fall short of the ideal profile will be quoted a more expensive rate and this can result in the customer not purchasing. If you listen to the ad wording, they say “customers who switch” but not “everyone who gets a quote” save that much. This is how companies can make claims that they all have the best rates. Because every company is different, you really should compare many company’s rates. It is impossible to predict with any certainty which company will have the lowest prices for your situation.

Specific coverages for a Hyundai Ioniq Electric

Understanding the coverages of your insurance policy can be of help when determining which coverages you need for your vehicles. The terms used in a policy can be ambiguous and reading a policy is terribly boring. Below you’ll find typical coverages found on the average insurance policy.

Comprehensive insurance – This coverage pays for damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for things such as theft, falling objects, a tree branch falling on your vehicle and rock chips in glass. The maximum payout a insurance company will pay at claim time is the market value of your vehicle, so if the vehicle’s value is low consider removing comprehensive coverage.

Collision coverage – Collision coverage pays for damage to your Ioniq Electric resulting from colliding with another vehicle or an object, but not an animal. You first must pay a deductible and then insurance will cover the remainder.

Collision coverage protects against claims such as crashing into a building, crashing into a ditch, sideswiping another vehicle and hitting a parking meter. This coverage can be expensive, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. You can also choose a higher deductible in order to get cheaper collision rates.

Coverage for medical expenses – Coverage for medical payments and/or PIP kick in for bills like rehabilitation expenses, dental work and X-ray expenses. The coverages can be utilized in addition to your health insurance policy or if you lack health insurance entirely. Medical payments and PIP cover both the driver and occupants and will also cover getting struck while a pedestrian. PIP coverage is not universally available but it provides additional coverages not offered by medical payments coverage

Coverage for uninsured or underinsured drivers – Your UM/UIM coverage provides protection from other motorists when they are uninsured or don’t have enough coverage. Covered claims include medical payments for you and your occupants and damage to your Hyundai Ioniq Electric.

Because many people only purchase the least amount of liability that is required, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage is a good idea.

Auto liability – Liability coverage protects you from damage that occurs to other’s property or people. This coverage protects you against other people’s claims, and doesn’t cover damage sustained by your vehicle in an accident.

It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have values of 50/100/50 that means you have $50,000 bodily injury coverage, $100,000 for the entire accident, and property damage coverage for $50,000.

Liability insurance covers things like legal defense fees, court costs, attorney fees, bail bonds and loss of income. The amount of liability coverage you purchase is up to you, but consider buying as large an amount as possible.

Final thoughts

When shopping online for car insurance, it’s not a good idea to reduce needed coverages to save money. In many instances, drivers have reduced collision coverage and learned later that the savings was not a smart move. Your goal is to get the best coverage possible at an affordable rate, not the least amount of coverage.

We covered some good ideas how to compare 2020 Hyundai Ioniq Electric insurance auto insurance rates online. The key concept to understand is the more rate comparisons you have, the higher your chance of finding affordable auto insurance. You may even find the lowest auto insurance rates are with a lesser-known regional company. These smaller insurers often have lower premium rates on specific markets as compared to the big name companies such as Allstate and Progressive.