Insuring a Hyundai

Although it's a relative newcomer to the U.S. auto industry, Hyundai has made quite a name for itself. The Korean automaker has carved out a niche for itself as a producer of feature-packed cars that have remarkably affordably price tags. To sweeten the deal, these vehicles also come with some of the best warranties in the industry. When you buy one, you can rest assured that it will be reliable and durable. As if having low starting MSRPs isn't good enough, the average cost to insure these cars is exceptionally low too. The average annual price of a policy is $1,398.93, which ranks it sixth on a list of 36 vehicles. Many of the popular models are also fuel efficient, so you can save money on gas too.

Model Statistics

ELANTRA

What type of Coverage do Elantra Owners Choose?

$1,121

Average Annual Cost to Insure

SONATA

What type of Coverage do Sonata Owners Choose?

$920

Average Annual Cost to Insure

ACCENT

What type of Coverage do Accent Owners Choose?

$788

Average Annual Cost to Insure

SANTA FE

What type of Coverage do Santa Fe Owners Choose?

$691

Average Annual Cost to Insure

TUCSON

What type of Coverage do Tucson Owners Choose?

$977

Average Annual Cost to Insure

TIBURON

What type of Coverage do Tiburon Owners Choose?

$600

Average Annual Cost to Insure

GENESIS

What type of Coverage do Genesis Owners Choose?

$1,837

Average Annual Cost to Insure

AZERA

What type of Coverage do Azera Owners Choose?

$675

Average Annual Cost to Insure

VELOSTER

What type of Coverage do Veloster Owners Choose?

$1,400

Average Annual Cost to Insure

XG350

What type of Coverage do Xg350 Owners Choose?

N/A

Average Annual Cost to Insure

ENTOURAGE

What type of Coverage do Entourage Owners Choose?

$700

Average Annual Cost to Insure

VERACRUZ

What type of Coverage do Veracruz Owners Choose?

N/A

Average Annual Cost to Insure

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How the Company Began

The brand make did not appear in the United States until 1986, but the company had a long history before that. When it was originally founded by Chung Ju Yung in Korea in 1947, the company was named the Hyundai Civil Engineering Company. As its name implied, it engineered various products. The company finally decided to start producing automobiles during the 1960s, and its name was changed to be Hyundai Motor Company in 1967. The following year, it formed an alliance with Ford Motor Company. That alliance definitely changed things for the fledgling automaker. Its U.S. debut, the Excel, proved to be wildly popular, and the make has flourished ever since.

Rock-Bottom Theft Rates Drive Down Premiums

Insurers look at several different things when calculating premiums. The average theft rate of a vehicle comes into play. The low cost to cover these automobiles is partly due to the fact that these cars aren't popular with thieves. Indeed, not a single Hyundai vehicle appears on the nationwide top-ten list that is published by the National Insurance Crime Bureau. No models appear on individual top-ten lists for the fifty states either. Since these cars are unlikely to be stolen, their premiums are kept in check.

Fairly Decent Safety Ratings Help Too

In the scheme of things, safety ratings for these vehicles are so-so. There are definitely economy brands out there that have better safety scores, but the automaker's track record for safety isn't abysmal either. The Elantra, for example, has generally received perfect "Good" ratings in crash tests by the Insurance Institute for Highway Safety. The government only gave it two stars out of five for front passenger safety. The Accent fared alright with the IIHS, receiving a mix of "Goods," "Acceptables" and "Marginals." The Sonata has received the best safety ratings among popular vehicles.

Low MSRPs Really Drop Insurance Rates

Expensive cars cost a lot of money to repair, which is why rates for pricey vehicles tend to be quite high. These cars have very low MSRPs, so they are usually very affordable to cover. The Elantra, for instance, has a starting MSRP of $15,345. The Sonata's starting MSRP of $19,745 is very low. Finally, the Accent has a starting MSRP of $12,545, which puts it within easy financial reach of just about any driver. It's easy to see why people like these cars.

The annual cost to protect popular models is as follows:

• Elantra Sedan 4-Cylinder - $1,356.00
• Accent Sedan 4-Cylinder - $1,371.00
• Sonata Sedan 4-Cylinder - $1,311.00