Panama City, FL Car Insurance

On average, Panama City drivers pay around $86 a month for their car insurance. Check out our guide below to find out how much you'll pay.
What can Panama City residents expect to pay for their car insurance? How does Panama City compare to the surrounding area and the rest of Florida? Discover the factors that go into calculating the average cost in our writeups and charts below:  

How much is car insurance in Panama City?

Area Average Monthly Car Insurance Premium
Panama City$86
FL$122
United States$80

Compared to the rest of the Florida, coverage in Panama City is about $36 a month cheaper.

On the other hand, Panama City residents should prepare to pay higher rates for coverage than the rest of the country. The average monthly payment for the rest of the U.S. is about is about $6 cheaper than it is in Panama City.

While these are the average costs to insure your vehicle in Panama City, keep in mind that you could end up paying a different amount. Insurance companies take an array of factors into consideration when determining how much to charge you to insure your vehicle. Things like gender, vehicle make and model, driving record, age and, in some areas, credit score can all affect the final amount you'll be charged for coverage each month.

Don't worry, we've done the work for you and broken down the average rates for Panama City to help you understand what your monthly premium might be. If you think you might be overpaying for insurance in your area, enter your ZIP Code below and find out!

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Average Car Insurance Rates by Age

Age Range Average Premium
Under 18Not Enough Data
18-24$125
25-34$95
35-44$91
45-54Not Enough Data
55-64$65
65+$68

It's pretty safe to assume that the older you are, the more experience you have as a driver. That experience can lead to some serious savings when it comes to auto insurance bills. In this case, 18-24-year-olds pay $57 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 begin to increase again once they hit retirement age.

Average Car Insurance Rates by Gender

Gender Average
Male$79
Female$91

While women typically pay less than men do for auto insurance, Panama City defies this trend. Female drivers typically pay around $12 more per month for car insurance than their male counterparts.

Average Auto Insurance Rates by Driving Record

Infractions Average Monthly Premium
1 Accident$105
Multiple Accidents$94
1 Ticket$118
Multiple Tickets$114

Your rates can change quite drastically depending on your driving record. Drivers with clean records can expect to pay less than those with accidents or violations. In Panama City, a driving record with one accident will usually get you a rate around $105 a month. On a similar note, drivers with one ticket on their record will be looking at a monthly rate of about $118 on average.

Accidents, tickets, and other driving infractions can really cost you when it comes to your monthly rate. In order to reduce your monthly bill and get the cheapest car insurance possible, keep your record clean and drive carefully.

Average Insurance Rates by Vehicle

Vehicle Age Average Monthly Premium
Less Than 1 Year$51
2-3 Years$64
4-5 Years$86
6-7 Years$158
8-10 Years$103
11-14 Years$83
15 Years or Older$79

In Panama City, the cheapest vehicles to insure are by and large trucks and vans, with drivers paying around $64 per month for insurance coverage.

Car owners, on the other hand, typically pay around $91 a month, while SUV drivers can expect to pay about $85 per month for auto insurance.

Vehicle age also plays a role in your monthly payment. Generally, the most expensive vehicles to insure are going to be newer ones. However, once your car is a few years old you may start to see your rates drop back down a bit. 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$89
Divorced$67
Widowed$73

Overall, married policyholders will pay slightly less for auto insurance. This oftentimes is a result of owning multiple vehicles that are on the same policy, something some companies will reward with discounts.

Despite married couples normally paying less than single drivers for auto insurance, the rates for both groups in Panama City are on par with each other.

Average Car Insurance Rates by Housing Situation

Housing Status Average Monthly Premium
Own$69
Rent$90
Live with parents$118

Your housing situation is another factor that affects your monthly rate. In Panama City, homeowners can expect to pay around $21 a month less than those who rent. Those who live with their parents, however, can expect to pay a good deal more than their counterparts who rent or own.

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

Since average rates are constantly changing, it's a smart move to research the local trends in your area before shopping for coverage.

In Panama City, car insurance rates increased from 2016-2017, before steadying out in 2018. Rates finished up in 2021, at $86 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 choosing how much to charge for a policy. Where you live will also have a significant impact on your personal policy. This may include things like:

  • Off-street parking access
  • Total number of drivers in the community
  • Regional crime rates
  • Community regulations
  • Frequency of car accidents

You'll be hard pressed to change any of these factors yourself, but they're worth considering when thinking about the purchase of a new policy or a move. Different towns and cities will all have different average rates, so guides like these are a great place to get started.

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

In the end, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies. Understanding what the average costs are for drivers prior to seeking out a quote can help you understand how closely the quote reflects local trends.

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

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Panama City Insurance FAQs

What factors affect car insurance quotes in Panama City?

The factors that car insurance companies take into account when calculating your monthly cost include things you can't control like your gender and age, but also factors like your driving record, credit score, address and marital status, as well as your vehicle's year and make and model.

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

Your address and the city you live in have a significant impact on how much a car insurance company might charge for your policy. Companies take into consideration things like local laws, crime rates, and parking situations when calculating your quote -- all of which can change from city to city.

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

There isn't one company that can guarantee the cheapest rate to everybody, since the rates they charge for coverage are calculated based off of factors that can vary from person to person, such as vehicle make and model, driving record, and number of drivers on the policy. By using sites like Compare.com to compare multiple quotes simultaneously, you can rest assured that you're getting the best price available.

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. In fact, you can swap companies at any point, regardless of how much time is left on your current coverage. So, whether you're moving to Panama City or just curious about rates in your area, why not take 10 minutes to see if Compare.com can save you money?

Find your best rate in just a few minutes