Panama City, FL Car Insurance

On average, Panama City drivers pay a monthly average rate of around $85 for their car insurance. For information on policy rates, coverage, and more check out our guide below.
Are rates in Panama City higher or lower than those in neighboring areas? How do they compare to the rest of Florida? What rates should residents of Panama City expect to pay for their car insurance? You can see the cost breakdowns and contributing factors in the charts and writeups below:  

How much is car insurance in Panama City?

Area Average Monthly Car Insurance Premium
Panama City$85
FL$123
United States$81

According to the chart above, the average cost of auto insurance in Florida is about $38 a month more expensive than it is in Panama City.

On the other hand, drivers in Panama City may pay higher rates than the rest of the country. It's about $4 more expensive for coverage in Panama City than the average rates for the U.S. as a whole.

Although these are the average rates for auto insurance in Panama City, it's important to remember that you could end up paying something different. Insurance companies take in a number of factors when deciding what amount to charge you for insuring your vehicle. Your bill each month is calculated off of your age, gender, vehicle make and model, driving record, and in some cases, your credit score.

But don't worry, we've broken down the average rates for Panama City residents based on several different factors so that you can get a more accurate idea of what you might pay. To find out if you're overpaying for your area, just enter your ZIP below and find out in minutes!

See what you'll pay in just minutes

Average Car Insurance Rates by Age

Age Range Average Premium
Under 18Not Enough Data
18-24$122
25-34$96
35-44$86
45-54$68
55-64$65
65+$68

It's pretty safe to assume that the older you are, the longer you've been driving. That experience can lead to some serious savings when it comes to car insurance rates. In this case, 18-24-year-olds pay a lot more than someone who is at retirement age.

For every 10 years, you can expect to see a drop in your monthly premium. Panama City drivers may see their rates creep back up a bit once they hit retirement.

Average Car Insurance Rates by Gender

Gender Average
Male$82
Female$88

Although female drivers pay, on average, less than male drivers for car insurance coverage, Panama City actually defies this trend. While female drivers pay $88 a month for insurance coverage, males only pay about $82.

Average Auto Insurance Rates by Driving Record

Infractions Average Monthly Premium
1 Accident$105
Multiple Accidents$139
1 Ticket$173
Multiple Tickets$134

Your driving record can have a huge impact on your car insurance rates. Drivers with clean records can expect to pay much less than those with accidents or violations. Drivers in Panama City with a single accident will pay around $105 a month. On a similar note, drivers with one ticket on their record will be looking at a monthly rate of about $173 on average.

Accidents, tickets, and other driving infractions can really add up when it comes to how much you pay. Remember, the safer you are as a driver, the cheaper your car insurance will be.

Average Insurance Rates by Vehicle

Vehicle Age Average Monthly Premium
Less Than 1 Year$55
2-3 Years$67
4-5 Years$76
6-7 Years$136
8-10 Years$105
11-14 Years$84
15 Years or Older$80

According to the first table above, the cheapest vehicles to insure in Panama City are typically trucks and vans, at $74 per month.

SUV drivers will see rates of about $84 for car insurance, while car owners by and large pay around $90 per month.

Vehicle age can also affect your monthly bill. Newer vehicles are generally going to be the most expensive to insure. However, your rates may start to drop back down once your car is around 5 years old. The most expensive vehicles to insure in Panama City are vehicles six-to-seven years old.

Average Car Insurance Rates by Relationship Status

Relationship Average Monthly Premium
Single (never married)$89
Married$83
Divorced$68
Widowed$73

Overall, car insurance is slightly cheaper for married policyholders. This can usually be attributed to their policies having multiple vehicles, a factor some companies will reward with discounts.

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.

Average Car Insurance Rates by Housing Situation

Housing Status Average Monthly Premium
Own$73
Rent$89
Live with parents$116

Your living accommodations is another component of how insurance companies calculate your monthly rate. In Panama City, homeowners can expect to pay around $16 a month less than those who rent. Those who live with their parents, however, can expect to pay a lot more.

That said, if you bundle your homeowners or rental insurance policy with your auto insurance, many companies will offer you a discount to make up for it and reduce your average premiums.

Car Insurance Companies in Panama City, FL

Recent trends in car insurance for Panama City drivers

The average rates for car insurance are constantly changing, so it's a good idea to know the recent trends in your area when selecting an auto insurance policy.

The cost of insurance in Panama City dropped from 2017-2018, before leveling out in 2019. Insurance rates finished down in 2022, at $51 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 take in a variety of factors when choosing how much individual insurance policies will cost. Many factors affecting your policy are based around where you call home. These factors include things like:

  • Amount of drivers in the region
  • Availability of off-street parking
  • Road Safety (frequency of local car accidents)
  • Crime levels
  • Regional 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?

Familiarizing yourself with patterns in the average costs of drivers like you will give you a leg up in conversations with insurance companies. Ultimately, the only way to know exactly what your rate will be is by requesting a quote from those car insurance companies.

Luckily, Compare.com can handle all of this for you. Just punch in your ZIP Code below, answer a few questions about you and your car, and you'll be quickly comparing the cheapest quotes from loads of the car insurance companies providing plans in Panama City.

Compare the cheapest quotes from dozens of insurance companies

Panama City Insurance FAQs

What factors affect car insurance quotes in Panama City?

Auto insurance companies take a wide array of factors into consideration when calculating your monthly payment. These include things like your vehicle's year, make and model, your age and gender, as well as your marital status, credit score, address, and driving record.

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 parking situations, local laws, and crime rates -- 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 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 getting married or finding a new job, you should consider re-evaluating your current insurance policy. By using services like Compare.com to compare quotes from multiple companies at once, you can be sure to capture any new savings brought about by your new situation.

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

No. Regardless of how much time is left on your current policy, you can switch companies at any time. So, whether you're considering moving to Panama City or just curious if you're getting the best rates, why not take 10 minutes and see if Compare.com can save you some extra cash?

Find your best rate in just a few minutes