When you’re looking to buy Hyundai insurance, it’s best to get quotes from top companies with strong reputations.
While many may offer lower rates, it’s more important to look for a policy that includes ample coverage for your driving needs.
The best insurance companies provide timely claims processing and plenty of coverage options. Discounts that reward items such as good driving and vehicle safety features are standard.
Many factors determine your rate. These include your age, gender, driving record, and make and model of your vehicle.
Insurance providers look at safety ratings, the cost of repairs, the value of your car, and the likelihood of theft when calculating your policy pricing.
Once you understand how insurers consider these elements, you’re better able to determine the best rates and coverages for your vehicle.
How Much Does Hyundai Insurance Cost?
Companies offering Hyundai insurance are a dime a dozen, and each one seems to provide a different price quote. While it is probably tempting to purchase your insurance from the cheapest provider, that usually isn’t the best choice.
Low prices can come at the expense of adequate coverage, or sky-high deductibles. Before you pick a provider, make sure you understand how much coverage you’ll receive for the quote it provides. It’s also best to research the company’s customer satisfaction ratings, reviews, and financial strength.
Below, we’ve provided a breakdown of the factors that insurance companies look at when quoting your rate. You’ll also see some other important considerations that can affect a Hyundai driver.
Hyundai Safety Rating and Damage Threshold
The Insurance Institute for Highway Safety (IIHS) performs safety tests on hundreds of passenger vehicles to determine safety ratings and damage thresholds.
These ratings affect the price of your Hyundai insurance. The IIHS rates vehicles in several categories and provides one of four scores: G (Good), A (Acceptable), M (Marginal), or P (Poor). Here are some examples of ratings for Hyundai’s recent models.
2019 Hyundai Santa Fe
The 2019 Santa Fe was named a Top Safety Pick+ as a result of the IIHS’s safety testing. The midsize SUV was rated “G” in all tested categories except for Child Safety Seat Anchors (Ease of Use), which was rated “A.” Additional testing on the Santa Fe’s Front Crash Prevention resulted in a rated of “Superior.”
2019 Hyundai Accent
Another Top Safety Pick, the 2019 Accent performed incredibly well in IIHS safety tests. The four-door sedan received a rating of “G” in all categories.
The only exceptions were Headlights and Small Overlap Front: Passenger Side, which received a rating of “A.” With optional equipment, the 2019 Accent rated “Superior” in additional Front Crash Prevention testing.
These outstanding ratings may help reduce your Hyundai car insurance.
Hyundai Comprehensive and Collision Coverage
The overall value of your Hyundai plays a significant role in the price you pay for insurance. The year and condition of your vehicle and your geographic location determine its value. The following examples are based on cars in new condition located in the 90055 ZIP code.
According to Kelley Blue Book, the 2019 Hyundai Santa Fe 2.4 SE with standard equipment is worth between $24,474 and $25,719.
For a 2019 Hyundai Accent SE, the fair market price is much lower, between $$14,687 and $15,290.
This price variance is reflected in your insurance rates. The more expensive cars equal a higher priced policy.
Hyundai Claims Frequency and Potential to Cause Damage
The IIHS collects claims data and publishes information on insurance loss as it relates to specific vehicles.
Each vehicle included in the study receives ratings in several loss categories.
Below are the ratings for both the Hyundai Santa Fe and the Hyundai Accent according to the IIHS’s 2015-2017 Insurance Loss Report.
|LOSS CATEGORY||HYUNDAI SANTA FE (4-Door)||HYUNDAI ACCENT|
|Comprehensive||Average||Substantially Worse than Average|
|Personal Injury||Average||Substantially Worse than Average|
|Medical Payments||Average||Substantially Worse than Average|
|Bodily Injury||Average||Substantially Worse than Average|
While the average ratings for the Hyundai Santa Fe aren’t likely to have much effect on insurance rates, the low ratings for the Hyundai Accent may result in a higher-priced insurance policy for Accent drivers.
Hyundai Insurance Discounts
Hyundai’s that include up-to-date safety features might qualify for insurance discounts with some of the top insurance companies.
Drivers of newer Hyundai models are most likely to see the most significant savings under this category.
Most newer Hyundai models include safety features such as automatic emergency braking, lane departure warning, and blind-spot detection.
What Are the Best Companies for Hyundai Insurance?
Whether you’re shopping for insurance for your Hyundai or for any other make of vehicle, it’s good to try and get quotes from at least three insurance companies.
Additionally, researching customer reviews and ratings gives you insight into how well the company serves its policyholders and helps you decide which insurance provider is the best fit for you.
You also might want to consider the following:
- Financial strength – This may not be top of mind, but researching a company’s financial standing can help you make sure they have the ability to meet their responsibilities.
- Licensing – Checking whether the company or agent is duly licensed can also help you catch any complaints or legal troubles they may have had.
- Customer service – The importance of how an insurer deals with consumers cannot be overstated, especially during the claims process. Make sure to look for any possible red flags.
- How comfortable you feel with the agent – Though your interaction with your agent may be limited to when he or she sells you the policy, it’s important to feel like you can ask any questions, and are helped through every step of the process.
When you’re ready to commit to a provider and purchase a policy, asking some of the following questions can help you obtain the best rate for your car insurance:
- Do I get a discount for being a better driver?
- If my mileage is low, do I pay less for my policy?
- Do I qualify for a lower rate with my vehicle’s safety features?
- If I pay in full or set up automatic payments, do I pay less?
What to Know About Hyundai
Hyundai is a multinational auto manufacturer with headquarters in Seoul, South Korea.
It produces a wide range of vehicles, including SUVs, sedans, and minicars. Hyundai is known for being affordable and reliable.
After reading the above information, we hope you have a better understanding of how insurance companies calculate risk and determine insurance rates.
Use this knowledge to negotiate the best price for your Hyundai insurance policy.
*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.