Panama City, FL Car Insurance

Compared to their surrounding area, how do rates in Panama City stack up? What about against the rest of Florida? What rates should residents of Panama City expect to pay for their car insurance? See what factors contribute to determining the average cost in our detailed charts and breakdowns below:

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How much is car insurance in Panama City?

The cost of coverage in Panama City is about $37 a month cheaper than it is for the rest of Florida.

On the flip side, drivers in Panama City may pay higher rates than the rest of the country. The average monthly payment in Panama City is about $6 more expensive than the rate for the rest of the U.S.

Keep in mind that these are the average auto insurance rates for Panama City, and that the rate you get could end up being something different. There are numerous factors taken into consideration by insurance companies when deciding the rate you'll pay for coverage. The final dollar amount you'll be asked to pay each month is calculated off of your age, gender, vehicle make and model, driving record, and in some cases, your credit score.

We've broken down the average rates for Panama City to help you understand what exactly you might be asked to pay. And if you're not sure if you're getting the cheapest rate, simply enter your ZIP below to learn more about rates in your area!

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Panama City Car Insurance Rates by Age

It's pretty safe to assume that the older you are, the more experience you have as a driver. When it comes to car insurance premiums, that experience can really pay off. In this case, 18-24-year-olds pay a lot more than drivers 65 and older.

You can expect to see your monthly premium drop every 10 years or so. Having said that, once you approach retirement your rates may rise again in Panama City.

Panama City Car Insurance Rates by Gender

Although female drivers pay, on average, less than male drivers to insure their vehicle, Panama City actually defies this trend. While female drivers pay $88 a month to insure their car, males only pay about $83.

Panama City Auto Insurance Rates by Driving Record

Depending on your driving record, your rates can vary quite a lot. Those with clean records can expect to pay less than those with infractions. In Panama City, a driving record with a single accident will usually get you a rate around $105 a month. Similarly, if you have one ticket on your record, you will be looking at an average rate of around $173.

Regardless of where you live, accidents, tickets, and other driving infractions can drive your monthly bill way up. Remember, cheap car insurance rates are dependent on driving safely and keeping your record clean.

Panama City Insurance Rates by Vehicle

If you look at the first table above, the cheapest vehicles to insure in Panama City are usually trucks and vans, at $74 per month.

SUV drivers will see rates of about $84, while the rates for car owners average out to about $91 per month.

Depending on your vehicle's age, you can also expect to see slightly different rates. Generally, the most expensive vehicles to insure are going to be newer ones. Once your car is a few years old, however, you may see your rates begin to drop back down. In Panama City, the most expensive vehicles to insure are vehicles six-to-seven years old.

Panama City Car Insurance Rates by Relationship Status

More often than not, car insurance is slightly cheaper for married policyholders. This occurs because insurance companies commonly award special discounts to policyholders with multiple vehicles that are on the same policy.

On a national scale, single drivers typically pay more than married couples do for auto insurance. Panama City is no exception, with the difference totaling to around $6 a month.

Panama City Car Insurance Rates by Housing Situation

Your housing situation is another factor that affects your monthly rate. If you rent your home or apartment, expect to pay around $14 a month more than drivers who own property in Panama City. But those who live at home with their parents can expect to pay significantly more.

That being said, many companies will offer you a discount if you bundle your homeowners or rental insurance policy with your auto insurance.

Car Insurance Companies in Panama City, FL

Recent trends in car insurance for Panama City drivers

Given that average rates are often changing, it's a smart move to know the direction your area is trending when deciding when and where to shop.

The cost of auto insurance in Panama City dropped from 2017-2018, before leveling out in 2019. Insurance rates finished down in 2022, at $79 a month

How does Panama City compare to neighboring areas?

Why are car insurance rates in Panama City different from other areas?

Car insurance companies will take into account a lot of factors when they're deciding how much to charge for a policy. The price of your insurance policy will depend largely on your home address and will be influenced by things such as:

• Off-street parking availability
• Prevalence of crime
• Road Safety (frequency of local car accidents)
• Number of drivers in the region
• Community regulations

It's good to be aware of these factors (even though you may not be able to do much to change them) as you shop for a new policy or consider making a move. Get started with a guide like this to get familiar with the average rates of your area.

How can I find the cheapest car insurance in Panama City?

While getting familiar with what the average costs are for drivers like you can be helpful as you get an idea of what you might pay, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies.

Luckily, Compare.com has you covered. Just put in your ZIP Code below, answer a few questions, and you'll be comparing the cheapest quotes from the many car insurance companies providing policies in Panama City in no time.

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Panama City Auto Insurance FAQs

What factors affect car insurance quotes in Panama City?

Car insurance companies calculate quotes based on a wide array of factors. These include things like your age and gender, but also factors like your vehicle's year, make and model, as well as your driving record, credit score, marital status, and address.

Why is the cost of car insurance in Panama City different from other neighboring cities?

Car insurance companies take local factors into consideration when determining how much to charge for coverage. Things like crime rates, local laws, and parking situations -- which can vary from city to city -- can significantly affect your rate.

Which car insurance company will offer me the cheapest rate in Panama City?

Since the factors that go into calculating your monthly payment vary from person to person, there isn't one company that will always offer the cheapest rate to everybody. You can be confident that you're receiving the best price possible however, by using sites like Compare.com to compare multiple quotes at once.

Do I need to change my insurance if I move to Panama City?

Whenever you relocate or experience another major life event, such as finding a new job or getting married, you should consider revisiting your current insurance policy. Using services like Compare.com to compare quotes from multiple companies at once is a great way to make sure you're getting the cheapest rate for your new location.

Do I need to wait for my policy to expire to switch to a different car insurance company?

No, you can switch companies at any point, no matter how much time is left on your current policy. If you're thinking about moving to Panama City or are wondering if you're paying the best rate for your current area, take 10 minutes and visit Compare.com to find out for sure.