Best & Cheapest Car Insurance In Panama City, FL For 2024
Our thorough research has revealed that State Farm offers the best cheap car insurance in Panama City.
If you’re in the market for car insurance in Panama City, seeking affordability without compromising quality is a priority, and you’ve come to the right place.
The average cost of auto insurance in Panama City hovers around $2,245 annually. This falls below the statewide average for Florida ($2,309) yet exceeds the national average of $1,548.
This guide aims to provide insights into your options, guiding you toward the most budget-friendly overall choice (State Farm), the best option for comprehensive coverage (Travelers), the most economical for minimal coverage (GEICO), the ideal choice for drivers with infractions (USAA), and the most cost-effective for seniors (Progressive).
Cheapest And Best Car Insurance In Panama City, FL 2024
Compare The Cheapest Car Insurance In Panama City, FL
| Average Annual Cost | Best For | J.D. Power Rating (Florida) | Overall Rating | AM Best Rating | Get A Quote | |
|---|---|---|---|---|---|---|
| GEICO |
$437 |
Cheapest Minimum Coverage |
833 |
|
A++ |
Instant Quote |
| Travelers |
$2,208 |
Full Coverage |
818 |
|
A++ |
Instant Quote |
| USAA |
$858 |
Cheapest For Driving Violations |
884 |
|
A++ |
Instant Quote |
| State Farm |
$1,840 |
Cheapest Overall |
840 |
|
A++ |
Instant Quote |
| Progressive |
$2,066 |
Seniors |
810 |
|
A+ |
Instant Quote |
| GEICO |
$3,451 |
Young Drivers |
833 |
|
A++ |
Instant Quote |
Our Methodology
In the quest for the most economical car insurance rates in Panama City, we delved into insights from a variety of car insurance review platforms. Some of these sources meticulously examined rate data gleaned from public records obtained via Quadrant Information Services. For this assessment, we've averaged the rates collected, though it's important to note that these rates are prone to frequent fluctuations and can be influenced by your unique circumstances.
Additionally, our overall evaluation takes into account my personal perspective, drawn from fifteen years of experience as a licensed insurance agent, fourteen years as a Florida resident, and more than three decades of navigating the car insurance landscape.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
Cheapest Car Insurance Companies In Panama City, FL
Cheapest Overall
Key Statistics
Why We Like Them
⇅When reviewing the cheapest car insurance in Panama City, Florida, we found State Farm to be competitive in all categories, but their average rate, which includes minimum and full coverage, was the cheapest overall.
State Farm has insured vehicles for nearly a century and boasts the most local neighborhood offices of any insurer in the U.S.
It offers a variety of coverage options: standard coverage, rental car reimbursement, roadside assistance, travel expense insurance, and rideshare insurance.
Telematics program: State Farm’s telematics program remotely monitors an insured’s driving habits and discounts rates for those practicing safe driving habits. This program is designed to bring down costs for individuals with limited driving experience.
Strong industry and customer service reputation: State Farm has earned the highest AM Best ratings for financial strength (A++ Superior) and strong ratings in J.D. Power’s studies of insurers doing business in Florida.
Benefits & Drawbacks
⇅- Discount for usage-based insurance
- Availability of numerous local agents nationwide
- Favorable discount options for teenagers and students ✓
- Elevated yearly rates for individuals with unfavorable credit scores ✘
Cheapest Overall Rates In Panama City
| Company | Rate Per Year |
| State Farm | $1,518 |
| GEICO | $1,708 |
| Direct General | $2,077 |
| MetLife | $2,112 |
| Progressive | $2,987 |
Cheapest For Driving Violations
Key Statistics
Why We Like Them
⇅If you’ve ever been pulled over and received a ticket, chances are you’ve seen your auto insurance rates go up, especially if you’re a young driver. The more serious the offense (DUI, DWI, reckless driving, etc.), the more significant the rate increase usually is.
USAA stands out as the most lenient when it comes to rate hikes after incidents like speeding tickets, at-fault accidents, or driving under the influence (DUI) charges. Drivers with past violations have witnessed smaller rate increases with USAA compared to other auto insurers.
USAA offers standard liability coverage, as well as comprehensive and collision insurance similar to other insurers. The company also provides common additional auto insurance coverages, including roadside assistance, rental car and travel reimbursement, and accident forgiveness.
However, it’s important to note that USAA is exclusively available to active military personnel, veterans, and their families.
Benefits & Drawbacks
⇅- Achieves the highest customer satisfaction rating by J.D. Power
- Comprehensive hub for insurance, investment, and banking offerings ✓
- Exclusive provision of insurance to veterans, active military personnel, and their families ✘
Cheapest For Rate Increase After A Driving Violation
| Company | Annual Increase |
| USAA | $1,408 |
| State Farm | $2,112 |
| Allstate | $5,137 |
| GEICO | $3,357 |
| MetLife | $2,112 |
Cheapest For Full Coverage
Key Statistics
Why We Like Them
⇅Travelers emerged as the leading choice for the most affordable full coverage in Panama City. Full coverage includes:
● $100,000 bodily injury liability coverage per person
● $300,000 bodily injury liability coverage per accident
● $50,000 property damage liability coverage per accident
● $100,000 uninsured motorist bodily injury coverage per person
● $300,000 uninsured motorist bodily injury coverage per accident
● Collision coverage with a $1,000 deductible
● Comprehensive coverage with a $1,000 deductible
A prominent name in the insurance industry, Travelers ranks among the largest car insurance providers in the U.S. and is favored by individuals seeking to collaborate with independent agents and consolidate various products with one insurer.
Travelers distinguishes itself in a couple of aspects. Firstly, the company offers gap insurance, safeguarding your auto lease or loan in case your vehicle is totaled before it’s fully paid off or the lease ends. Travelers bridges the gap between your loan balance and your car’s value in case of a total loss.
Secondly, Travelers’ Responsible Driver Plan pardons one accident and one minor violation within a specified timeframe, ensuring your rates remain unaffected by a single ticket or accident.
Benefits & Drawbacks
⇅- Affordable rates for comprehensive coverage
- Abundance of available coverage choices
- One of the biggest insurance providers in the United States ✓
- Customer satisfaction ratings that fall below the average
- Lack of rideshare insurance options accessible in Florida ✘
Cheapest Full Coverage In Panama City
| Company | Rate Per Year |
| Travelers | $2,362 |
| Allstate | $5,137 |
| Progressive | $3,557 |
| Liberty Mutual | $3,012 |
| Bristol West | $3,770 |
Cheapest For Minimum Coverage
Key Statistics
Why We Like Them
⇅When examining Panama City, we discovered that GEICO provides the most economical average for state minimum coverage. As per Florida’s regulations, drivers must possess at least $10,000 in property damage liability insurance and $10,000 in personal injury protection (PIP). While bodily injury liability coverage isn’t obligatory for Florida drivers, the other coverage types are.
GEICO consistently garners high scores in areas such as customer service, claims processing, customer recommendations, policy renewals, and overall customer loyalty. As the second-largest auto insurance company in the United States, it’s renowned for offering competitive rates to customers via both online platforms and phone interactions.
GEICO stands out for its diverse range of discounts and affordability, making it an ideal choice for Panama City drivers seeking to economize by adhering to Florida’s mandatory minimum auto insurance coverage. Conveniently, you can efficiently manage your policy using GEICO’s user-friendly website and mobile app.
Benefits & Drawbacks
⇅- J.D. Power score for customer satisfaction that exceeds the average
- Strong website and mobile app functionality
- Abundance of available discounts ✓
- Absence of gap or rideshare insurance options
- Limited presence of local agents ✘
Cheapest For Minimum Coverage
| Company | Rate Per Year |
| GEICO | $457 |
| State Farm | $657 |
| Travelers | $752 |
| Farmers | $1,019 |
| Mercury | $1,097 |
Cheapest For Seniors
Key Statistics
Why We Like Them
⇅Among various age groups, senior drivers usually enjoy some of the most budget-friendly car insurance rates in Panama City. Our analysis revealed that Progressive stands out for offering the lowest rates tailored to seniors.
Progressive ranks as the third-largest auto insurance company in the nation and boasts an extensive array of discounts and comprehensive coverage options. This includes unique offerings such as rideshare insurance and coverage for pets injured in car accidents. Furthermore, Progressive extends coverage options that many other insurers do not, such as gap and rideshare insurance.
In addition to its broad coverage spectrum, Progressive demonstrates loyalty to its long-term policyholders. Those who maintain a clean driving record over five years with Progressive won’t experience premium hikes for substantial claims. Moreover, customers have the option to invest in accident forgiveness insurance and can benefit from the forgiveness of multiple accidents.
Benefits & Drawbacks
⇅- Ranks as the third-largest provider of personal auto insurance in the United States
- Offers assistance for veterinary expenses if your pet gets injured in a car crash
- Provides coverage for rideshare activities ✓
- Customer satisfaction ratings from J.D. Power that fall below the average
- Limited availability through a select number of agents ✘
Cheapest Coverage For Seniors
| Company | Rate Per Year |
| Progressive | $1,618 |
| Travelers | $2,270 |
| Mercury | $2,313 |
| Safeco | $2,476 |
| Liberty Mutual | $3,317 |
Cheapest For Young Drivers
Key Statistics
Why We Like Them
⇅In Panama City, young drivers face the highest car insurance rates due to their lack of experience and increased likelihood of being involved in accidents.
Remarkably, GEICO emerges as the clear frontrunner, offering the most affordable rates for young drivers in Panama City, averaging at $3,451. While this represents the lowest rates available for young adults and teenagers, it can still pose a financial challenge.
The silver lining is that GEICO extends significant discounts to counterbalance these high rates. Young drivers have the opportunity to qualify for discounts like the good student discount, which can reach up to 15%. Additionally, they can benefit from a safe-driver discount of up to 22% for maintaining an accident-free record, and a new car discount for owning a vehicle that’s three model years old or newer.
For those young drivers who have completed a driver’s education course in school or a defensive driving program, additional discounts are also available.
Benefits & Drawbacks
⇅- Availability of generous policy limits
- Mobile app with exceptional ratings
- A+ rating from the Better Business Bureau (BBB) ✓
- Absence of gap insurance options
- Limited presence of local agents ✘
Cheapest For Young Drivers
| Company | Rate Per Year |
| GEICO | $5,157 |
| Allstate | $13,738 |
| State Farm | $5,597 |
| MetLife | $5,874 |
| Progressive | $8,582 |
Average Cost Of Car Insurance In Panama City
Average Cost In Panama City– By Age
| Age Group | Average Yearly Rate |
| Teenagers | $6,483 |
| 20s | $2,971 |
| 30s | $2,263 |
| 40s | $2,191 |
| 50s | $2,047 |
| 60s | $2,073 |
| 70s | $2,540 |
Average Cost In Panama City – By Gender
| Gender | Average Annual Rate |
| Male | $2,268 |
| Female | $2,292 |
Average Cost In Panama City – By Marital Status
| Marital Status | Average Annual Rate |
| Single | $2,171 |
| Married | $2,171 |
| Divorced | $2,249 |
| Widowed | $2,188 |
Average Cost In Panama City – By Accident And Violation History
| Violation | Average Annual Premium |
| DWI/DUI | $3,289 |
| Reckless Driving | $3,360 |
| At-Fault Accident (damage <$1,000) | $3,081 |
| At-Fault Accident (damage >$2,000) | $3,081 |
| Speeding (16-20 MPH > limit) | $2,811 |
Average Cost In Panama City – By Credit Tier
| Fair: | $2,785 |
| Good: | $2,266 |
| Very good: | $2,080 |
| Exceptional: | $1,858 |
| Very poor: | $4,406 |
Average Cost In Panama City – By Zip Code
| ZIP Code | Average Rate |
| 32099 | $2,272 |
| 32202 | $2,341 |
| 32204 | $2,363 |
| 32205 | $2,418 |
| 32206 | $2,462 |
| 32207 | $2,502 |
Minimum Car Insurance Requirements In Florida
While you explore car insurance options, remember the essential minimum coverage mandated in Florida:
- Property damage liability per accident: $10,000
- Personal injury protection: $10,000
These figures represent the baseline coverage mandated in Florida. Depending on your vehicle and driving habits, you might consider increasing these limits and adding collision and comprehensive insurance for more comprehensive protection.
How To Buy Car Insurance In Panama City
When purchasing car insurance in Panama City, here are five steps to ensure a smooth experience:
- Determine your needed coverage: Consider whether you require minimum, full, or intermediate coverage based on your vehicle’s value and yearly mileage.
- Gather personal and vehicle info: Have your driver’s license number, social security number, Vehicle Identification Number (VIN), and current mileage at hand.
- Collect quotes from three companies: Obtain quotes from at least three insurers, ensuring coverage amounts and limits are comparable.
- Make an informed decision: Choose your policy wisely, considering factors beyond just price, as the best option might not be the cheapest.
- Manage policy transition: Cancel your old policy after confirming the new one is active, as the new insurer can’t cancel the old policy on your behalf.
Factors That Impact The Cost Of Your Car Insurance Policy In Panama City
When calculating your auto insurance costs in Panama City, various factors come into play:
State requirements: Your policy must meet Florida’s minimum coverage standards, including $10,000 in damage liability and $10,000 in personal injury protection (PIP).
Age: Younger drivers often face higher costs due to their limited experience and increased accident risk. Rates generally decrease after turning 25.
Vehicle type: Safer cars result in lower premiums. For instance, insuring a late-model Toyota Corolla costs less than a Chevrolet Corvette.
Driving record: Past accidents and traffic violations can significantly elevate rates, as they indicate a higher likelihood of future claims.
Yearly mileage: Those with lengthy commutes tend to pay more than infrequent drivers.
Credit history: Higher credit scores correlate with lower rates, as individuals with better scores tend to file fewer claims.
Zip code: Your work location and parking spot influence rates, reflecting the likelihood of vandalism or damage.
Marital status: Married drivers generally enjoy lower rates compared to single individuals.
Gender: On average, around age 45, men pay about 6% less than women of the same age. However, this gender gap tends to even out for drivers in their 30s.
Florida Car Insurance Laws To Know
Florida drivers must adhere to specific insurance regulations, holding a minimum of $10,000 in property liability insurance and $10,000 in personal injury protection (PIP).
Additionally, Florida operates under a no-fault insurance system. This means that regardless of fault, insurance companies are responsible for covering medical expenses resulting from accidents.
In The News
As reported by the Dallas Morning News, individuals throughout Florida are currently grappling with financial challenges due to widespread increased costs, including the highest inflation seen in four decades.
Furthermore, Florida residents are contending with the steepest annual surge in auto insurance rates in a span of at least two decades. In 2022, average auto insurance rates in Florida surged by a substantial 23.8%, a figure eight times higher than the increase observed in 2021. This marks the most significant yearly rise in auto insurance rates within the past 20 years, as indicated by the Florida Department of Insurance. Additionally, homeowners insurance rates in the state saw an average uptick of 10.8% last year, representing the most substantial annual upswing since 2012.
Information About Panama City
Panama City shines with its burgeoning population, thriving economy, cultural diversity, recreational havens, and wealth of natural treasures, positioning it as one of the most vibrant cities in the nation. Encompassing 35.4 square miles, Panama City holds its own unique charm along the Florida coastline.
Ranked as the 17th largest city in Florida, Panama City maintains an attractive cost of living. It extends various tax incentives, including exemptions from corporate income tax, state personal income tax, intangible personal property tax, and foreign income tax. The presence of Gulf Coast State College and the Naval Support Activity Panama City contributes to a rich and versatile workforce.
Car Insurance Discounts In Panama City
Auto insurance costs in Panama City come at a more affordable rate compared to certain other major Florida cities, including Tampa and Miami. Yet, to trim expenses, it’s vital to explore potential discounts. The prevalent types of discounts you can pursue include:
- Having a good driving history
- Installing vehicle safety features
- Customer loyalty
- Being claims-free
- Driving fewer than average miles
- Being a student with at least a “B” average
- Military discount
- Senior discount
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FAQs
What is the cheapest car insurance in the State of Florida?
For budget-conscious drivers in Florida, GEICO offers the most affordable car insurance option, with a yearly cost of just $437 for minimum liability coverage.
Do I need car insurance in Panama City?
Florida law mandates auto liability insurance, making it a necessity for drivers in Panama City to possess this coverage.
How much does car insurance cost in Panama City on average?
On average, comprehensive car insurance in Panama City amounts to $2,562 each year. For those seeking minimal coverage, the yearly average for Panama City stands at around $1,121.
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