An electric car changes some of the usual sums. Road tax follows the motor's power, not an engine size, and the COE rule is worded in kilowatts. This guide sets out what the Ioniq 5 costs on each line we have a figure for, from the list price to insurance.
The insurance figures are examples for one driver, read on 20 October 2026. Your own quote will depend on your age, record and the car you choose. Use them to judge the size of each cost, not as a quote.
Two very different versions
The new-car list read on 2026-10-10 shows the Ioniq 5 as an SUV made in Korea. Two versions are listed, both fully electric:
- Ioniq 5 Electric Prestige 58 kWh: 143bhp
- Ioniq 5 N Electric AWD 84 kWh: 601bhp
The gap in power between them is large, and it runs through road tax as well as price. Our quote form has two entries, the Ioniq 5 and the Ioniq 5 NE. The insurance figures below are for the Ioniq 5, the version most insurers on our panel quote.
List prices
As listed on 2026-10-10, COE included:
- Electric Prestige 58 kWh: S$212,888
- N Electric AWD 84 kWh: S$376,888
List prices move with each COE round. When you compare offers, check what is bundled in, such as a home charger or servicing, before you compare totals.
The COE rule for an electric Ioniq 5
The price page sets out the rule. A fully electric Ioniq 5 needs a Category A COE if its motor is 110kW (147bhp) or less. It needs a Category B COE if it is more powerful.
In the October 2026 1st round, Category A closed at S$130,001 and Category B at S$130,100. Ask the seller which category the car you want was registered under. The COE page has the latest results.
Road tax by motor
An electric car's road tax follows motor power. LTA's formula gives these yearly sums, before any age surcharge:
- 143bhp (107kW) motor: S$1,542.60 a year
- 601bhp (448kW) motor: S$6,494.62 a year
So the N version pays far more road tax than the Prestige each year. Past 10 years, a surcharge applies on top:
- Over 10 years: +10%
- Over 11 years: +20%
- Over 12 years: +30%
- Over 13 years: +40%
- Over 14 years: +50%
The road tax page explains how the electric rates work.
Insurance for the standard driver
The Hyundai Ioniq 5 price page prices this profile:
- Car: Ioniq 5, registered 3 years ago, private use, comprehensive cover
- Driver: aged 40, married, office job, driving 10 to 19 years
- Record: 50% no-claim discount (NCD), no claims
- Repairs: authorised workshop, no add-ons
9 insurers price it. The lowest premium is S$954.21 a year. The insurer whose lowest plan is dearest asks at least S$1,891.14, which is S$936.93 more, or 98% on top. All prices include 9% GST.
Seven insurers on our panel give no online price for this profile. Some do not quote electric cars online. One prices only for repairs at any workshop, which this profile does not use. So fewer quotes are on offer than for many petrol cars.
Excess and workshop
Excesses on the page range from S$0 to S$3,000. The lowest premium carries a S$2,500 excess. Some plans set S$600, S$800 or S$900. One plan on the page is for any workshop, and one is collision-only cover. Check the cover and the excess on each before you compare prices.
What changes the premium
With one detail changed, the price page shows:
- No NCD (0%): S$1,434.76, S$480.55 more
- 20% NCD: S$1,434.76, S$480.55 more
- Driver aged 27, 3 years' driving, 30% NCD: S$1,434.76, S$480.55 more
- Driver aged 65, 20 or more years' driving: S$1,097.40, S$143.19 more
- New car, registered this year: S$909.18, S$45.03 less
- Car 8 years old: S$945.78, S$8.43 less
Losing the NCD costs most, at 50% more on the lowest price. The car's age barely moves it. A new Ioniq 5 is cheaper to insure than the 3-year-old one here. These are lowest prices only; dearer plans may move by other sums.
Against other electric cars
The price page compares six electric cars for the same driver and car age:
- Tesla Model Y: S$1,147.48
- Tesla Model 3: S$1,093.31
- BYD Seal: S$861.20
- BYD M6: S$799.24
- BYD Atto 3: S$789.73
- BYD Dolphin: S$787.08
Their average lowest price is S$913.01. The Ioniq 5 costs 5% more, and four of the six are cheaper to insure. Both Tesla models cost more. Other Hyundai models are on the Hyundai car insurance page.
Costs that depend on you
- Charging: depends on where you charge, the rate there and how far you drive. A home charger may not be possible at every HDB block or condo, so check first.
- Parking: your season parking rate at home, plus work and town.
- ERP: set by your routes and times.
- Servicing: follow the maker's schedule. Tyres and brakes still wear. Ask what the warranty covers, including the battery.
- Depreciation: depends on what you pay and what the car fetches later in its COE life.
Summary of yearly costs we can show
For the Ioniq 5, dated as shown:
- Road tax, 143bhp motor: S$1,542.60 a year before any age surcharge (LTA's formula, checked 2026-10-19)
- Road tax, 601bhp motor: S$6,494.62 a year
- Insurance, standard driver: from S$954.21 a year (20 October 2026)
- Insurance, no NCD: from S$1,434.76
- Insurance, new car: from S$909.18
One-off costs, for reference: a list price from S$212,888 as listed on 2026-10-10, and a COE in the October 2026 1st round of S$130,001 (Category A) or S$130,100 (Category B).
Before you buy: car insurance for the Hyundai Ioniq 5
Before you drive off, get your car insurance through Shenton Brokers. Compare car insurance for the Hyundai Ioniq 5 to see today's prices from every insurer we compare and how they change with the driver and the car's age. Or get a quote with your own details.