Panama Car Insurance

Your Complete Guide to Panama, FL Car Insurance

(Find the right car insurance policy for you.)

Panama City, FL is widely known for its tourism, particularly college students visiting each year during their spring break vacations. Residents and tourists alike enjoy Panama’s endless water sports, pristine beaches, fresh seafood, and live music throughout all four seasons. 

Many Panama City residents enjoy cruising along US 98 to nearby cities like Tallahassee or Pensacola, or simply down to the shoreline for beachcombing and watching dolphins. Considering the number of motorists also driving throughout the community, it’s a good idea to get reliable car insurance to protect yourself.  

Of course, you’ll want to be sure you have the right protection for your vehicle at the best possible price. Working with an independent insurance agent is vital to finding the right Panama care insurance. Your local agent will get to know your insurance needs and get you multiple quotes from a variety of companies. You can then select a solid policy and drive with confidence knowing you’re covered no matter how hectic Panama traffic gets. 

For all the reasons above, and more, car insurance is expensive in Florida. A quick comparison with national averages from recent years makes that fact clear:

  • Florida has the 5th most expensive auto premium in the US
  • Florida average annual premium: $1,742
  • National average annual premium: $1,318
  • Average Panama City commute time to work: 20.2 minutes

There are a few different factors that will influence the final price for your Panama car insurance policy:

  • Driver’s age and motor vehicle record
  • Vehicle’s make and model
  • Age, condition, and mileage of the car
  • The deductible amount you pick
  • The type of coverage and benefit amounts you select
  • Crime rates 
  • Average number of miles you drive each year

Remember, your independent insurance agent will get you a few different car insurance quotes. They’ll also look for car insurance discounts that you qualify for so that you’ll pay the optimal premium.  

Common Car Insurance Discounts

Most American auto insurers offer their customers discounts that can lower the insurance premium. Typical car insurance discounts include: 

  • Safe driving 
  • Accident-free
  • New customer 
  • Low mileage
  • Safety features (e.g., air bags, car alarms)
  • Military or veteran
  • Senior 
  • Good student 
  • Professional organization membership
  • Bundling or combining of auto insurance with other policies through the same insurer

Car insurance isn’t just for shiny new rides, but for old jalopies too. Any vehicle that’s driven on Florida roads needs to have the right coverage, per state regulations. Getting a good car insurance policy is a benefit to you as both a motorist and car owner, since an accident can result in high repair bills and medical costs.

Florida Car Insurance Requirements

The state of Florida expects motorists to purchase the following minimum protections: 

  • Property damage liability (PDL): Minimum coverage of $10,000 for damage to another person’s property whether you or another person are driving your vehicle. 
  • Personal injury protection (PIP): PIP covers 80% of all medical expenses resulting from a covered injury up to the maximum coverage. PIP works no matter who caused the accident.  PIP must cover a minimum of $10,000. 

The Sunshine State has serious penalties for motorists who avoid buying the proper amount of vehicle insurance. If you get caught without the right coverage, then you’ll face a suspension of your driving privileges and license plate for up to 3 years. In addition, you’ll have to pay as much as $500 to reinstate your driver's license/registration. 

Other Auto Insurance Options for Floridians 

Besides the state’s legally required liability insurance, you can buy other types of Panama car insurance for your vehicle like any of these:

  • Bodily injury liability: Minimum coverage of $10,000 per person injured and a minimum of $20,000 total for all persons injured.
  • Additional liability: You can opt for higher liability insurance benefit amounts, which will give you more protection. That way you don’t have to personally pay for damage you caused that exceeds your basic policy amounts. 
  • Collision coverage: This insurance will pay for repair of damage to your vehicle, or its replacement if there’s a total loss.
  • Comprehensive coverage: This insurance typically covers a list of specific risks that could harm your car, including theft, vandalism, fire, and other hazards. It’s best to read through your car insurance policy so you'll know which dangers your insurance company will handle. 
  • Medical payments coverage: Should you suffer physical injuries in a car crash, this benefit will reimburse you for bills caused by medical treatment and/or hospitalization, subject to your policy limitations.
  • Uninsured motorist coverage: Coverage in case your vehicle and/or you are harmed by an uninsured motorist. 

Number of Uninsured Motorists in Florida

Uninsured motorist coverage is always a good thing to buy because you never know when an uninsured driver may “run into” you on Panama roads. That’s why protection against uninsured motorists is important. Here are the stats: 

  • Florida uninsured motorists: 23.8%
  • National uninsured motorists: 12.6%

If you collide with a driver who has no car insurance, your policy will have to cover your damage. Considering that the odds are nearly one in four that you’ll have this unfortunate event occur, it’s critical to carry the right insurance to protect yourself. Uninsured motorist coverage is worth buying, even though Florida law doesn’t mandate it. 

Number of Auto Thefts in Florida

The rates for Panama car thefts are a bit higher than the state average rate but less than the national statistics. 

  • Panama City, FL vehicle thefts per 1,000 vehicles: 2.60
  • Florida vehicle thefts per 1,000 vehicles: 2.46
  • National vehicle thefts per 1,000 vehicles: 2.94

No matter where you live, there are plenty of common-sense steps you can take to avoid having your vehicle stolen. It’s easy to keep your car locked and parked in a secure, well-lit area. You may also want to get anti-theft devices and GPS trackers for your vehicle. If your best efforts don’t help and a car thief still strikes, then you can rely on your comprehensive auto policy to replace the stolen car. 

Find a Great Panama City Car Insurance Policy

With all the options and requirements for car insurance, it can get confusing figuring out the best policy for your vehicle. You can make your insurance shopping a lot easier by talking to an independent insurance agent about your choices. Your agent will find the best quote for your budget and your needs. 

Contact an independent insurance agent to get your car insured and on the road today. 

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