Hyundai Elantra Insurance: Why The High Cost?

The Hyundai Elantra is a popular car model that has been around since 1990 and is known for its good safety and reliability ratings, as well as its excellent fuel economy. However, insurance costs for the Hyundai Elantra can be high, ranging from $21 to $86 per month or $2,640 per year, which is more than $1,000 above the national average. There are several factors that contribute to the high insurance costs of the Hyundai Elantra, including its safety ratings, fuel efficiency, and the likelihood of theft. Additionally, the make and model of the car, as well as the driver's record and location, can also impact insurance premiums.

Safety ratings and safety records

Hyundai is known for its good safety ratings and safety records. The brand has a good insurance rating compared to many other car manufacturers, which helps lower insurance premiums. The Hyundai Elantra, in particular, has good safety ratings from the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS). The IIHS gave the Elantra its highest safety rating, the Top Safety Pick+, and scored the highest rating on all crash tests. The IIHS also deemed the frontal crash prevention as superior, the highest rating possible. The NHTSA gave the Elantra a 5-star overall safety rating.

However, it is important to note that the Elantra has experienced some safety-related issues. According to the NHTSA, there were over 450 Hyundai Elantra models stolen in 2013, resulting in a 1.14% theft rate for that year. Additionally, some models of the Elantra have experienced airbag problems, ranging from the airbag control module to the occupant classification system. The Elantra has also been associated with transmission problems, such as rough shifting and transmission failure, as well as brake fluid leakage and brake pedal issues.

While the Elantra's safety ratings and Hyundai's reputation for safety contribute to more affordable insurance rates, these safety-related issues can impact insurance costs. The frequency of insurance claims and the average cost of those claims can affect insurance premiums. A vehicle that is frequently targeted by thieves or has higher repair costs due to safety issues may be more expensive to insure.

Fuel economy and fuel efficiency

The Hyundai Elantra is known for its good fuel economy and fuel efficiency. The 2023 Hyundai Elantra, for example, can reach an EPA-estimated 42 MPG on the highway when equipped with a 2.0L four-cylinder engine. The standard gas-only engine option for the same model year can achieve up to 43 MPG on the highway. The Elantra's fuel efficiency is further enhanced by features such as Idle Stop and Go, which automatically shuts down the engine at traffic lights and stop signs to reduce fuel consumption, and Drive Mode Select, which allows drivers to choose between Normal, Eco, and Sport driving modes.

These features, along with the Elantra's fuel efficiency, contribute to lower fuel costs and a reduced environmental impact. The Elantra Hybrid, for instance, has been reported to achieve over 70 MPG on highway drives, with an average of around 60 MPG. Even in city driving conditions, where fuel economy typically decreases due to factors such as stop-and-go traffic, the Elantra Hybrid has been known to deliver impressive fuel efficiency, with reports of 54 MPG according to the onboard computer.

The Elantra's fuel efficiency extends beyond just the hybrid model. The 2021 Hyundai Elantra, for example, has been reported to achieve fuel economy ratings of 47.9 MPG, 33.6 MPG, 44.3 MPG, 32.2 MPG, and 30.1 MPG, depending on various factors. These numbers are comparable to those of other Elantra models, with some 2022 and 2023 Elantra models achieving fuel economy ratings in the high 40s and low 50s MPG.

The fuel efficiency of the Hyundai Elantra is a significant advantage for its owners, as it not only reduces their fuel costs but also contributes to a more sustainable driving experience. The Elantra's ability to maximize fuel economy and minimize fuel consumption makes it a standout choice for environmentally conscious individuals who do not want to compromise on performance and driving pleasure.

Driving history and driving record

When it comes to the Hyundai Elantra, several factors contribute to its insurance costs. Firstly, the Elantra has a good reputation for fuel economy, which can lead to lower insurance rates as fuel-efficient vehicles tend to be cheaper to repair or replace in the event of an accident. Additionally, the Elantra has received excellent safety ratings from organizations like the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS). Good safety ratings can result in lower insurance premiums as safer vehicles are less likely to be involved in accidents or require costly repairs.

However, it is important to note that the Elantra has experienced some issues with airbags, transmission, brakes, and engine problems. These problems could potentially impact the reliability of the vehicle and increase the likelihood of insurance claims, thereby affecting insurance rates. According to the NHTSA, there was a 1.14% theft rate for the Elantra in 2013, which could also influence insurance costs as a higher theft rate may result in higher insurance premiums.

While the Hyundai Elantra is generally known for its good safety and fuel economy, individual factors such as driving history and records play a crucial role in determining insurance costs. Insurance companies assess the risk associated with insuring a particular driver and adjust their rates accordingly. Therefore, it is advisable for drivers to maintain a clean driving record and shop around for insurance quotes to find the most favourable rates.

Location and where you live

The location where you live is a significant factor in determining the cost of insurance for a Hyundai Elantra. Insurance rates can vary from state to state, and even within a state, depending on various factors. For example, in Michigan, insurance rates tend to be higher due to mandated coverage levels. On the other hand, states like California, Hawaii, and Massachusetts do not allow providers to adjust rates based on credit history, which can result in different insurance costs compared to other states.

Theft rates in your area can also impact insurance costs. The Hyundai Elantra, particularly older models with key starts, has been a target for theft, and this has led to increased insurance rates for this vehicle in certain locations. The safety rating of the vehicle, which includes crash test ratings and safety features, can also influence insurance costs. A higher safety rating can lead to lower insurance premiums, while advanced tech features that are costly to repair or replace could increase premiums.

Your specific location within a state can also impact insurance costs. For example, living in a densely populated urban area or an area with a high rate of car accidents may result in higher insurance rates. Conversely, living in a rural area with lower accident rates could lead to lower insurance costs. Additionally, insurance rates can be influenced by state laws and regulations that dictate the minimum required coverage levels and the factors that insurance companies can consider when setting rates, such as age, driving history, and credit score.

It is worth noting that insurance providers may offer discounts or incentives to customers who bundle their car insurance with other types of insurance, such as renters, homeowners, or pet insurance. Shopping around and comparing rates from multiple providers can help you find the most affordable option for your location and specific circumstances. Overall, the location where you live plays a crucial role in determining the cost of insurance for a Hyundai Elantra, and it is important to consider the various factors that can influence insurance rates in your specific area.

Theft rate and likelihood of being stolen

The Hyundai Elantra is one of the top-selling vehicles in Canada, and the company is known for offering affordable car insurance rates for most of its models. However, the Hyundai Elantra has experienced high theft rates, which can impact insurance costs. In 2023, Hyundai and Kia models had the highest theft rates in the United States, with the Elantra and Sonata occupying the top two spots on the National Insurance Crime Bureau's list of most stolen vehicles. This surge in thefts has been attributed to social media trends that revealed methods for stealing these cars.

While Hyundai vehicles have a good safety reputation and rating from organizations like the National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS), certain models, including the Elantra, have had some issues. Some older Elantra models, particularly those prior to 2022, lacked immobilizers, which are now standard in newer models, making them more vulnerable to theft. This is due to the fact that immobilizers are not mandated in the United States, while they are required in most other countries.

The ease of stealing older Elantra models without immobilizers may have contributed to their high theft rates. Additionally, there have been reports of brake problems, transmission issues, and airbag control module faults in some Elantra models. These issues could potentially impact the safety and security of the vehicle, making it more attractive to thieves.

To mitigate the risk of theft, owners of older Elantra models without immobilizers might consider additional security measures such as steering wheel clubs or GPS tracking devices. Taking precautions when parking, such as choosing well-lit areas and ensuring all windows and doors are closed and locked, can also help deter thieves. While newer models with immobilizers are less likely to be stolen, they are still at risk of break-ins and theft if left unattended with the keys inside, as reported by a Hyundai dealer. Overall, the high theft rate of the Hyundai Elantra, influenced by model-specific vulnerabilities and social media trends, contributes to higher insurance costs for this particular vehicle.

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