Hyundai’s first pickup truck comes with a low price and high insurance rates.
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The 2020 Santa Cruz will be Hyundai’s first foray into the pickup truck market. Designed to appeal to the active city dweller, it shares the same platform as the Tucson and is expected to start out at around $18,000.
The average insurance cost for the Hyundai Santa Cruz is expected to be between $170 and $190 a month. This gives it an annual insurance cost-to-base ratio of between 10-12%. That’s nearly three times the national average of 4%, mostly because it’s a pickup truck. Filter car insurance companies by your state to get a quote.
The Hyundai Santa Cruz is a completely new model, not only in the Hyundai lineup, but in any market. This means that insurance companies won’t have any model-specific data to set rates for. It shares the same platform as the Hyundai Tucson, so expect insurance companies to look at the Tucson data in setting rates for the Santa Cruz.
Body type. The Santa Cruz is the first crossover truck to hit the US market. SUVs generally have much lower insurance rates than trucks, but expect this new model to have rates more in line with pickups.
Fuel. With an estimated fuel economy of over 30 mpg, the Santa Cruz will offer up quite a bit of savings at the pump compared to other trucks. But the more expensive battery parts could offset some of these savings if you need it repaired or replaced.
Theft rates. The Hyundai Tucson has a low theft rate, so you can reasonably expect low theft rates for the Santa Cruz, which should help keep insurance rates lower.
Maintenance. The similar model Tucson has an annual maintenance cost of $426, according to Repair Pal’s website. Lower maintenance costs are tied to lower insurance rates.
Coverage. Coverage often costs more for newer cars, since you’ll likely want collision and comprehensive to protect the full cost of your new ride.
Warranty. Hyundai offers a limited five-year, 60,000-mile warranty or a 10-year, 100,000-mile warranty. Both options include roadside assistance, which means you can skip that coverage on your insurance policy until the warranty lapses.
Manufacturer offer. Hyundai hasn’t released its offers for the Santa Cruz at the time of this writing, though the carmaker usually releases incentives such as 0% APR financing on its newest models.
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Does the Santa Cruz qualify for discounts?
Yes, if your Santa Cruz comes with at least one of the following safety items, then you should be eligible for a safe car discount.
Antilock brakes
Antitheft device
Seatbelt pretensioners
Airbag discount
Passive restraint discount
How reliable is the Hyundai Santa Cruz?
It will take at least one year before official reliability and safety ratings are released on the Santa Cruz, but similar models offer some insight into how it will perform, especially the Hyundai Tucson.
Safety. Hyundai routinely earns high marks for safety from the Insurance Institute for Highway Safety (IIHS) and the National Highway Traffic Safety Administration (NHTSA). The 2019 Tucson was awarded the Top Safety Pick+ by the IIHS, while the NHTSA gave it a 5-star rating for safety.
Reliability. J.D. Power gave the 2019 Tucson a 78 of 100 overall score, with an 85 of 100 for reliability. Other Hyundai SUVs are also rated high for reliability, though the Santa Cruz will be Hyundai’s first truck.
Recalls. Hyundai has recalled some of its Santa Fe models in the past, with the latest recall in 2017. Given the Santa Cruz is its first truck model, there is some risk of a recall happening.
Bottom line
The 2020 Hyundai Santa Cruz is the first pickup truck offered by the Korean carmaker. Its compact size and low price should appeal to citydwellers, but it will have high insurance rates due to it being a new model pickup truck.
Before adding your Santa Cruz to your current policy, be sure to compare different car insurance companies to find the lowest one
Frequently asked questions about the Hyundai Santa Cruz
There are two main reasons: its low MSRP and the fact that it’s a pickup truck. Insurance rates are higher for pickup trucks than they are for other vehicles, such as sedans. And if the sticker price is on the low end, then this makes the insurance ratio seem high.
Companies will look at as much data as they can for similar models, and base their rates on that. They will look at other compact pickup trucks and other Hyundai SUV models.
Too long for people set on buying the Santa Cruz on release. It takes the IIHS and the NHTSA one or two years before releasing safety ratings on new models. Then it will take the insurance companies another year or two to factor that data into its rates.
Andrew Flueckiger is a licensed insurance agent and Certified Insurance Counselor with experience in insurance and finance. A graduate of Indiana University, Andrew contributes a wealth of knowledge and experience to Finder. When Andrew isn’t writing, reading or practicing insurance, he can be found spending time with his family and playing the guitar. See full bio
Andrew's expertise
Andrew has written 20 Finder guides across topics including:
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