The Insurance Institute for Highway Safety (IIHS) bills itself as an independent, nonprofit scientific and educational organization dedicated to reducing deaths, injuries and property damage from motor vehicle crashes through research and evaluation and through education of consumers, policymakers and safety professionals.
As mainstream customers enter the electric vehicle market, they are focusing on the same things that have mattered them in the past — styling, quality, reliability, safety, technology — according to the latest annual study of EV owners by J.D. Power.
The Model 3, which starts in the low $40K range, costs an average of $2,830 a year for full coverage. The Model Y isn’t far behind at $2,658. “Insurance for the Model 3 and other Tesla vehicles is so expensive because as a luxury car, Teslas are more expensive to repair and are a more enticing target for thieves,” the website noted.
Vehicles with powerful engines are typically more expensive to insure as they “more likely to be in damaging high-speed crashes than most other types of vehicles.” The cost to repair a vehicle also plays into how much an owner is charged for insurance.
Hyundai’s all-new Ioniq 5 isn’t the first ‘affordable’ EV launched by a mainstream brand and it’s not even Hyundai’s first EV. However, it is one of the most exciting and is the best EV on sale at this price point.
Underpinning the Ioniq 5 is the same Electric Global Modular Platform (E-GMP) as the Kia EV6 and Genesis GV60. It is the first in a long line of all-electric models that Hyundai is developing and borrows its name from the Ioniq liftback that was introduced a few years ago and sold as a hybrid, plug-in hybrid, and an EV. Don’t let the familiar name fool you, though; the Ioniq 5 is nothing like the original Ioniq, nor is it like any other electric vehicle on sale.
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