What is the Average Cost of Car Insurance in Palm Bay?

Palm Bay is a mid-sized city located approximately halfway between Jacksonville and Miami, on the Atlantic Coast of Florida. This growing city is 74 miles southwest of Orlando, and Tampa is twice as far. With a median age of 40 and 47,000 total workers, Palm Bay is a bustling city, albeit with an aging population. Given that the average commute time for a Palm Bay employee is 24 minutes, drivers time spent on the road is slightly below the national average. Nevertheless, the average two-earner, two-car household commutes approximately 8 hours per week. When incidental trips such as social events, shopping, and recreation are included, a household can spend upwards of 16 hours on the road per week.

Palm Bay’s drivers not only have lower commute times, but the auto theft rates in the area are quite low. In 2018, the city reported a total of 958 auto thefts, resulting in a national rank of #226 highest. Those figures include nearby Melbourne and Titusville. Insurance rates are favorably adjusted based on this good news.

Rates are also favorably impacted by the city’s average age. More mature drivers tend to maintain lower speeds and are less impulsive behind the wheel than their younger counterparts. In fact, age demographics work well with Palm Bay’s lower than average commute times. Adjusters smile when mature drivers have less time behind the wheel. On the other hand, Palm Bay is in an area subject to extreme weather which cause great damage to homes and cars on a regular basis.

What is Required for Palm Bay Drivers?

Florida, like most every state in the union, requires that all drivers carry a minimum level of automobile insurance. These policies are typically called liability policies and they only cover the damage a driver may be liable for, including both bodily and property damages. This law ensures that every victim of every automobile accident can repair their cars or pay medical bills after a collision.

In Florida, policies must cover bodily injury to a minimum of $10,000 per person with a total minimum of $20,000. For property damage, Florida only requires coverage of $10,000 per accident, with similar numbers for uninsured motorist.

While liability policies are tempting due to their low cost, they are rather limited. They likely won’t cover damage due to weather or random events, such as damage from an errant golf ball. Further, if a driver is the victim of an accident and only has liability, they must wait for the at-fault driver’s company to settle the claim before they can repair their vehicle. When a driver has collision or comprehensive coverage, they can claim the damage right away and the insurance companies can hash out the financials between themselves.

Most Expensive and Least Expensive Insurance Rates by Zip Code

Cheap Car Insurance in Palm Bay by Insurer

When households seek to cut costs in their budget, they usually seek to lower their recurring costs such as insurance premiums. The following companies are the cheapest in Florida, but drivers should be aware that low premiums aren’t the whole story. When shopping for auto insurance, look out for a company’s customer service reputation as well as the insurance bundles and discounts they may offer.

Check out our guide to find cheap auto insurance rates close by.

Low Cost Auto Insurance for Bad Credit in Palm Bay

Drivers in Florida who seek low premiums should also take a look at their overall credit scores. New insurance customers in the Sunshine State are subject to higher rates based on their financial debt and credit score. In fact, a credit-challenged driver can pay as much as $2,400 more than a driver with excellent credit. Drivers with poor credit but great driving records may pay even more than a driver with a DWI, but excellent credit.

Check out this bad credit guide to help get lower auto insurance rates.

Difference Between Liability and Full Coverage

What is Liability Only Coverage?

Liability-only coverage is the cheapest option for automobile insurance. This coverage level only covers vehicles that are not at fault in an accident. Thus, if you carry liability-only coverage and cause an accident, the other driver will be covered by your policy. Any damage done to your car must be covered out of pocket, if at all.

Another way to think of liability insurance is that it protects you from claims made by another driver. Without the protection of insurance, you might be sued if you were to collide with another vehicle.

Full Coverage Auto Insurance

Full Coverage is a commonly used term which covers more than just the damage you might cause in an accident, or the coverage you are liable for. If your policy covers your liability to another vehicle, the damage done to your vehicle (collision insurance), and any incidental damage done to your car by any non-auto elements (comprehensive coverage), then you have a policy that is indeed full coverage. If you have a new car, you may wish to cover it with such a policy, as you might want the peace of mind that any damage will be covered by insurance.

Difference Between the Two Types of Coverage

Liability coverage kicks in when you back up and hit a kid on a skateboard you did not see. It will also pay for a gate you run into and damage.

Collision insurance pays out when you back into a large rock at a campground, denting your pickup’s tailgate. It will pay to get the tailgate repaired.

Comprehensive coverage will pay for the repair costs when something flies out of the back of a semi-truck and you end up with a cracked windshield.

Average Annual Car Insurance Rates in Florida by City

Additional cities in Florida you can check out.

Pompano Beach


Utilize These Auto Insurance Discounts to Get a Lower Rate

There are many car insurance discounts and ways to save on your policy in Palm Bay:

  • Shop around

    As you can see from the quotes, there are wildly different prices for auto insurance for the same driver demographic by carrier. We found a thousand or more dollars of difference in most cases.

  • Keep your driving record clean

    If you can drive really defensively, you are going to save money. People with a lot of accidents and moving violations on their record have trouble getting insured at any rate.

  • Look for discounts

    Most auto insurance carriers have discounts for good driving and some student discounts. Sometimes, the agent will not automatically apply the discount. Look on the website to see what discounts they offer.

  • Drive an older vehicle you maintain well

    Since newer vehicles usually require full coverage because you are making payments on the vehicle, you can save considerable money on insurance if you drive an older vehicle that is not worth much money. You won’t need full coverage, although comprehensive insurance is advisable and cheap. This is especially true for young drivers in the family. If they drive used, well-maintained vehicles, they won’t need to pay for full coverage insurance. This can amount to a savings of one or more thousands of dollars each year in insurance costs.

  • Choose a higher deductible for collision insurance

    A higher deductible equates to a lower rate on expensive collision insurance, since you are footing more of the bill in the event of an accident.

Using this guide to take full advantage of all driver discounts.

What are the Factors that Affect Your Palm Bay Car Insurance Premiums

Your car insurance rate in Palm Bay FL is based upon many factors. You will be charged more or less on your policy based upon your age, marital status, and your number of moving violations and accidents. You will also be charged by the carrier based upon the type of vehicle you drive, whether it is paid for or not, and whether you decide that it is cost effective and prudent to have collision insurance or not. Also, insurance agency rates are highly variable, based upon the company and what area of the country you live in. Those in rural areas often pay less, while people in large, metropolitan cities often pay more. Armed with knowledge and by shopping around, you overcome some of these factors and save substantial money each year on auto insurance.

Use this guide to find low cost rates with accidents from the top insurance companies.

Helpful Palm Bay, Florida Vehicle Resources:

Live Traffic and Accidents

DMV (Find Locations, Vehicle Registration, Titles and Insurance Info)


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