Cheapest and Best Car Insurance in Palm Bay, FL (July 2024)

In Palm Bay, Florida, Travelers is the most cost effective for full coverage, while GEICO offers the lowest rates for minimum coverage. Nationwide is the cheapest for families with teens. Mercury excels in customer service, but State Farm ranks best overall, balancing price and service. Your ideal insurer depends on your individual preferences and needs.

MoneyGeek found that GEICO provides the cheapest car insurance in Palm Bay, offering significant savings for minimum coverage.

• GEICO: $534 per year
• Travelers: $615 per year

Direct General Insurance has the priciest minimum coverage policy at $1,319 annually. The $785 difference between GEICO and Direct General Insurance highlights the importance of comparing car insurance rates.

In Palm Bay, the state law requires the following limits on minimum coverage:

• $10,000 property damage liability per accident
  
• $10,000 personal injury protection (PIP) per person
  

For instance, if you're at fault in an accident that causes $15,000 in bodily injury to another person, the state-required PIP covers only up to $10,000. You must pay the remaining $5,000 out of pocket.

MoneyGeek found that Travelers offers the cheapest full coverage car insurance in Palm Bay.

• Travelers: $1,276 per year
• State Farm: $1,338 per year

Direct General Insurance offers the priciest full coverage policy at $2,716 annually, $1,440 more than Travelers. Comparing rates for full coverage car insurance is crucial because it provides comprehensive protection, which makes it more expensive than minimum coverage.

A full coverage policy in Palm Bay significantly increases liability limits beyond state minimums: up to $100,000 for bodily injury per person, $300,000 for bodily injury per accident and $100,000 for property damage per accident. This comprehensive plan also includes:

• Collision Insurance: Covers vehicle repairs after collisions with other vehicles and objects like trees and light poles. It also covers rollover accidents and pothole damage.

• Comprehensive Insurance: Covers theft, vandalism, fires, natural disasters, and hitting animals like deer.

Full coverage insurance is mandatory for leased or financed vehicles and is advisable for cars to protect the investment. However, for older vehicles, the cost-benefit may not justify the expense. When deciding on the right amount of car insurance, balance the cost of more extensive coverage against the risk of being underinsured with a basic plan.

MoneyGeek found that State Farm offers the most affordable full coverage in Palm Bay for drivers with a poor driving record. Here are State Farm's rates per violation:

• Speeding Ticket: $1,512 per year
• At-Fault Accident: $1,643 per year
• DUI: $1,512 per year

Mercury has the highest rates for these driving offenses. The slight difference between the cheapest option after a speeding ticket and the most affordable option after a DUI with State Farm shows how some insurers are more lenient with certain violations, while others impose heavier penalties, significantly affecting costs.

The more serious the driving offense, the higher the insurance rates. For instance, drivers with a DUI might pay about $3,483 annually, while drivers with speeding tickets face lower premiums, around $3,087. Comparing insurance rates is crucial for drivers with violations to save on premiums.

MoneyGeek found that Nationwide offers the cheapest car insurance for teens in Palm Bay. Knowing the best rates helps families save money:

• Nationwide: $2,892 per year for female teens and $3,257 per year for male teens
• GEICO: $4,001 per year for female teens and $4,050 per year for male teens

Progressive is the priciest option in Palm Bay, costing $6,216 annually for female teens — $3,324 more than Nationwide. This large gap highlights the importance of comparison shopping to find the best rates.

Teen drivers face much higher auto insurance costs for individual policies than family plans. On average, an individual annual premium for teenage drivers costs $9,126, while adding a teen to a family policy averages $4,895 — nearly half the cost of an individual policy. Insurers deem teens high-risk drivers, explaining the substantial difference. It is also challenging for teens to secure individual policies, as insurers mitigate risk with higher rates and may decline coverage for young drivers without an established driving record.

MoneyGeek found that Travelers offers the most affordable full coverage car insurance for military members in Palm Bay. Here are the top two cheapest rates:

• Travelers: $1,276 per year
• State Farm: $1,338 per year

While USAA may not be among the cheapest options, it usually offers competitive rates nationwide, along with services tailored to the needs of active-duty military personnel.

Finding the best car insurance rates can be time-consuming, with each company comparison taking around 15 minutes — totaling over an hour for three comparisons. MoneyGeek's car insurance calculator simplifies this process. Just input your age, driving history, credit score, coverage preferences and other details to get an immediate, personalized rate estimate.

Choosing the right auto insurance depends on your priorities: service quality, cost, coverage or other factors. MoneyGeek used a distinct scoring system per category, identifying top providers for diverse needs:

• Best overall: State Farm (MoneyGeek score: 84 out of 100)
• Best for customer service: Mercury (MoneyGeek score: 83 out of 100)
• Best cheap: State Farm (MoneyGeek score: 81 out of 100)

State Farm is the best overall, excelling both in service and affordability. Mercury scores the highest in client satisfaction, ideal for those valuing an outstanding customer experience. State Farm also provides the best value for money without compromising service quality.

MoneyGeek found that State Farm offers the best car insurance in Palm Bay, with full coverage policies that meet the needs of diverse drivers.

• State Farm: MoneyGeek score of 84 out of 100 ($1,338 per year)
• Mercury: MoneyGeek score of 80 out of 100 ($1,994 per year)

State Farm stands out in Palm Bay for its exceptional customer satisfaction and affordability, which are the key drivers of its high MoneyGeek score.

MoneyGeek found that Mercury offers the best customer service for car insurance in Palm Bay based on client satisfaction, claims handling and coverage options.

• Mercury: MoneyGeek score of 83 out of 100 ($1,994 per year)
• State Farm: MoneyGeek score of 75 out of 100 ($1,338 per year)

Mercury excels in customer satisfaction and efficient claims processing, key factors contributing to its top MoneyGeek score. While affordability is important, Mercury's quality service ensures policyholders receive strong support and value.

MoneyGeek found that State Farm is the top affordable car insurance provider in Palm Bay, striking a balance between cost-efficient policies and reliable service. For cheap car insurance that doesn't sacrifice quality, two providers stand out:

• State Farm: MoneyGeek score of 81 out of 100 ($699 per year)
• Mercury: MoneyGeek score of 81 out of 100 ($804 per year)

State Farm also stands out with excellent ratings in claims handling and customer satisfaction. Its high MoneyGeek score proves its ability to provide cost-effective minimum coverage policies while focusing on customer service, ideal for budget-conscious drivers seeking quality service.

In Palm Bay, the average premium is $1,899, below the state average of $2,392 and the national average of $1,781. Compared to Florida's average, Palm Bay residents save $494. Florida's average insurance cost exceeds the national average by $611.

Various factors influence insurance premiums, with location playing a key role. Accident frequency, theft rates, local laws and repair costs greatly impact local rates. In Florida, for example, Hialeah has the highest annual premium of $3,233, surpassing the state average by $841. Gainesville has the lowest premium at $1,699, $693 less than the state average. These variations highlight how location affects insurance costs, with rural areas often enjoying lower premiums due to reduced accident risks.