Insuring Your Hyundai
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The Hyundai Motor Company is an Asian car manufacturer headquartered in Seoul, South Korea. Today, Hyundai operates the world’s largest integrated automobile manufacturing facility in Ulsan, South Korea which has an annual production capacity of 1.6 million units. The company employs about 75,000 people worldwide. Currently, their vehicles are sold in 193 countries through some 5,000 dealerships and showrooms.
From its inception, these vehicles have been marketed as more affordable alternatives to vehicles by popular automakers like Ford, but no one would ever classify Chevrolet as a budget automaker. From the powerful Standard Six of yesteryear, to the sleek, glamorous Corvette of today, this company knows how to make cars that excite people.
A Little Hyundai History
Founded in 1967 by Chung Ju-Yung, Hyundai is one of the fastest growing automakers in the world, ranking it third worldwide. The Hyundai Group (Kia and Hyundai) falls only behind Toyota, GM and Volkswagen internationally, in terms of sales.
Hyundai didn’t enter the U.S. market until 1986 with the Hyundai Excel. It was designed by Giorgetto Giugiaro, the man who also designed the BMW M1 and other luxury cars including the Delorean. While the company was still relatively new in the states, Hyundai began to experience growth, popularity and success in the U.S. fairly quickly, reaching 10 million in sales in under 30 years. The most popular models were originally the Elantra and Sonata as they make up 50 percent of sales. In 1998, Hyundai acquired Kia Motors, which only catapulted their success further in recent years.
These cars are very affordable starting as low as $15,000. The Sonata’s starting MSRP starts at around $19,000, and the Accent starts as low as $13,000, which puts it within easy financial reach of just about any driver. It’s easy to understand why these cars are so popular, due to such low prices.
Hyundai Insurance Costs
Elantra, Sonata, Accent are affordable to insure. Kia models can run as low as $1,150 annually, depending on make, model and year. The Sportage is the most economical, with Sorento running between $1,150 to $1,200. Insurance for the Kia Rio5 will run about $1,200 to $1,250, while the Kia Optima may run closer to $1,300. The Kia Soul is the priciest of the vehicles to insure, starting at around $2,000, depending on various factors. All in all, these cars are very affordable to buy and to insure.
Fortunately, Hyundai has one of the lowest theft rates of nearly any vehicle. Their cars do not appear on any of the published Top Stolen lists, which helps keep premiums in check.
In the scheme of things, safety ratings for these vehicles are within acceptable guidelines. 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.
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