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Cheapest Car Insurance In Panama City, FL

Our thorough research has revealed that State Farm offers the best cheap car insurance in Panama City.

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Bob Phillips

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Panama City, renowned for its coastal charm and vibrant community, draws residents and tourists alike with its picturesque beaches and recreational opportunities. As a hub for coastal living, Panama City sees an influx of visitors and seasonal residents who flock to its beautiful shores. The city’s streets are bustling with a diverse array of vehicles, including cars, trucks, and more. 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 Companies In Panama City, Florida 2023

state-farm-icon-logo-red
Cheapest Overall - State Farm
travelersicon-logo
Cheapest Full Coverage - Travelers
USAA-emblem
Cheapest for Driving Violations - USAA
geicoicon-logo
Cheapest Minimum Coverage - GEICO
progressiveicon-logo
Cheapest for Seniors - Progressive
geicoicon-logo
Cheapest for Young Drivers - GEICO
Cheapest Car Insurance, Panama City 2023

Compare The Cheapest Car Insurance Companies In Panama City, Florida

Average Annual Cost Best For J.D. Power Rating (Florida) Overall Rating AM Best Rating Get A Quote
GEICO

$437

Cheapest Minimum Coverage

833
4.9

A++

 Instant Quote
Travelers

$2,208

Full Coverage

818
4.8

A++

 Instant Quote
USAA

$858
Increase after violation

Cheapest For Driving Violations

884
4.9

A++

 Instant Quote
State Farm

$1,840

Cheapest Overall

840
4.9

A++

 Instant Quote
Progressive

$2,066

Seniors

810
4.9

A+

 Instant Quote
GEICO

$3,451

Young Drivers

833
4.9

A++

 Instant Quote
Scroll to see comparisons ⇄

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.

38

Quotes Analyzed

15+

Years Of Industry Experience

19

Brands Reviewed

27+

Research Hours

Cheapest Car Insurance Companies In Panama City, Florida


Cheapest Overall

Overall Rating
4.9
Get A Quote ›

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claims/Payouts
9/10 Coverage Level

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

⇅
Benefits
  • Discount for usage-based insurance
  • Availability of numerous local agents nationwide
  • Favorable discount options for teenagers and students
    • ✓
Drawbacks
  • Elevated yearly rates for individuals with unfavorable credit scores
    • ✘

Cheapest Overall Rates In Panama City

Company Rate Per Year
State Farm $1,840
GEICO $1,963
Direct General $2,077
MetLife $2,112
Progressive $3,210

Cheapest For Driving Violations

Overall Rating
4.9
Get A Quote ›

Key Statistics

10/10 Affordability
10/10 Customer Reviews
9/10 Claims/Payouts
9/10 Coverage Level

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

⇅
Benefits
  • Achieves the highest customer satisfaction rating by J.D. Power
  • Comprehensive hub for insurance, investment, and banking offerings
    • ✓
Drawbacks
  • Exclusive provision of insurance to veterans, active military personnel, and their families
    • ✘

Cheapest For Rate Increase After A Driving Violation

Company Annual Increase
USAA $858
State Farm $1,536
Allstate $1,910
GEICO $1,997
MetLife $2,112

Cheapest For Full Coverage

Overall Rating
4.8
Get A Quote ›

Key Statistics

10/10 Affordability
7/10 Customer Reviews
8/10 Claims/Payouts
8/10 Coverage Level

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

⇅
Benefits
  • Affordable rates for comprehensive coverage
  • Abundance of available coverage choices
  • One of the biggest insurance providers in the United States
    • ✓
Drawbacks
  • 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 $2,208
State Farm $2,568
Progressive $2,862
Liberty Mutual $3,012
Bristol West $3,770

Cheapest For Minimum Coverage

Overall Rating
4.9
Get A Quote ›

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claims/Payouts
9/10 Coverage Level

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

⇅
Benefits
  • J.D. Power score for customer satisfaction that exceeds the average
  • Strong website and mobile app functionality
  • Abundance of available discounts
    • ✓
Drawbacks
  • Absence of gap or rideshare insurance options
  • Limited presence of local agents
    • ✘

Cheapest For Minimum Coverage

Company Rate Per Year
GEICO $437
State Farm $708
Travelers $797
Farmers $1,019
Mercury $1,097

Cheapest For Seniors

Overall Rating
4.9
Get A Quote ›

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claims/Payouts
9/10 Coverage Level

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

⇅
Benefits
  • 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
    • ✓
Drawbacks
  • 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 $2,066
Travelers $2,270
Mercury $2,313
Safeco $2,476
Liberty Mutual $3,317

Cheapest For Young Drivers

Overall Rating
4.9
Get A Quote ›

Key Statistics

10/10 Affordability
9/10 Customer Reviews
9/10 Claims/Payouts
9/10 Coverage Level

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

⇅
Benefits
  • Availability of generous policy limits
  • Mobile app with exceptional ratings
  • A+ rating from the Better Business Bureau (BBB)
    • ✓
Drawbacks
  • Absence of gap insurance options
  • Limited presence of local agents
    • ✘

Cheapest For Young Drivers

Company Rate Per Year
GEICO $3,451
Direct General $3,863
State Farm $3,924
MetLife $5,233
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:

  1. Determine your needed coverage: Consider whether you require minimum, full, or intermediate coverage based on your vehicle’s value and yearly mileage.
  2. Gather personal and vehicle info: Have your driver’s license number, social security number, Vehicle Identification Number (VIN), and current mileage at hand.
  3. Collect quotes from three companies: Obtain quotes from at least three insurers, ensuring coverage amounts and limits are comparable.
  4. Make an informed decision: Choose your policy wisely, considering factors beyond just price, as the best option might not be the cheapest.
  5. 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

Looking For Cheap Car Insurance In Other Florida Cities?

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.

Sources

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