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


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Updated: July 10, 2024

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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 Logo IconBest & CheapestCar InsurancePalm Bay
2024

Cheapest and Best Car Insurance in Palm Bay

Why Trust MoneyGeek? We analyzed 127,836 quotes from nine companies in Florida, used six sources and original research to rate the cheapest companies and developed a scoring system for Palm Bay insurers based on ZIP codes in the city only. Our scores are based on affordability, customer satisfaction, claims experience, coverages offered and financial stability.

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These rates reflect the cheapest car insurance quotes in Palm Bay, FL, as of July 2024.

127,836Quotes Analyzed
 
9Companies Compared

Cheapest Minimum Coverage Car Insurance in Palm Bay

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.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Minimum Coverage
GEICOAnnual Premium$534Monthly Premium$45
TravelersAnnual Premium$615Monthly Premium$51
State FarmAnnual Premium$699Monthly Premium$58
MercuryAnnual Premium$804Monthly Premium$67
NationwideAnnual Premium$822Monthly Premium$69
AllstateAnnual Premium$983Monthly Premium$82
ProgressiveAnnual Premium$1,121Monthly Premium$93
FarmersAnnual Premium$1,309Monthly Premium$109

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.

Cheapest Full Coverage Car Insurance in Palm Bay

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.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
TravelersAnnual Premium$1,276Monthly Premium$106
State FarmAnnual Premium$1,338Monthly Premium$112
GEICOAnnual Premium$1,416Monthly Premium$118
NationwideAnnual Premium$1,607Monthly Premium$134
ProgressiveAnnual Premium$1,885Monthly Premium$157
MercuryAnnual Premium$1,994Monthly Premium$166
AllstateAnnual Premium$2,078Monthly Premium$173
FarmersAnnual Premium$2,630Monthly Premium$219

Why Full Coverage is Important in Florida

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.

Cheapest Car Insurance in Palm Bay After a Driving Offense

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.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
Incident:
Incident:Speeding
State FarmAnnual Premium$1,512Monthly Premium$126
TravelersAnnual Premium$1,781Monthly Premium$148
NationwideAnnual Premium$1,893Monthly Premium$158
AllstateAnnual Premium$2,209Monthly Premium$184
ProgressiveAnnual Premium$2,611Monthly Premium$218
Direct General InsuranceAnnual Premium$2,716Monthly Premium$226
GEICOAnnual Premium$2,773Monthly Premium$231
MercuryAnnual Premium$2,967Monthly Premium$247

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.

Cheapest Car Insurance in Palm Bay for Teens and Their Families

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.

Data filtered by:Results filtered by:
Age:
Age:16
Gender:
Gender:Female
NationwideFamily Plan Annual Premium$2,892Individual Plan Monthly Premium$5,017
GEICOFamily Plan Annual Premium$4,001Individual Plan Monthly Premium$4,286
TravelersFamily Plan Annual Premium$4,169Individual Plan Monthly Premium$7,087
State FarmFamily Plan Annual Premium$4,306Individual Plan Monthly Premium$4,179
AllstateFamily Plan Annual Premium$4,700Individual Plan Monthly Premium$17,036
FarmersFamily Plan Annual Premium$5,413Individual Plan Monthly Premium$12,115
ProgressiveFamily Plan Annual Premium$6,216Individual Plan Monthly Premium$8,495

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.

Cheapest Car Insurance in Palm Bay for Military Drivers

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.

Data filtered by:Results filtered by:
Age Group:
Age Group:30-59
Coverage:
Coverage:Full Coverage
TravelersAnnual Premium$1,276Monthly Premium$106
State FarmAnnual Premium$1,338Monthly Premium$112
GEICOAnnual Premium$1,416Monthly Premium$118
NationwideAnnual Premium$1,607Monthly Premium$134
ProgressiveAnnual Premium$1,885Monthly Premium$157
MercuryAnnual Premium$1,994Monthly Premium$166
AllstateAnnual Premium$2,078Monthly Premium$173
FarmersAnnual Premium$2,630Monthly Premium$219

How to Compare Cheap Palm Bay Car Insurance Quotes Online

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.

Car Insurance Calculator

MoneyGeeks's car insurance calculator will give you a customized estimate of your auto insurance cost. It's free to use, requires no personal information and we won't send you any spam.

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Rates updated:

Jul 12, 2024

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Best Car Insurance in Palm Bay: Summary

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.

Best Overall Car Insurance in Palm Bay

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.

Company logo for State Farm
Best OverallState Farm
MoneyGeek Score:
84/ of 100

Overview

State Farm's outstanding affordability and satisfaction scores drive its high MoneyGeek score. While this insurer covers rental car and/or travel reimbursement and roadside assistance, it offers rideshare insurance only as an optional tier 2 coverage. Despite some coverage omissions, State Farm remains a top choice due to its high scores in critical areas.

Best Car Insurance in Palm Bay for Customer Service

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.

Company logo for Mercury
Best for Customer ServiceMercury
MoneyGeek Score:
83/ of 100

Overview

Mercury Insurance excels with perfect ratings in customer satisfaction and claims handling, boosting its high MoneyGeek score. It provides essential benefits like 24/7 roadside assistance, rental car/travel reimbursement for convenience during repairs and unique coverage such as mechanical breakdown insurance for unexpected repairs. With outstanding customer service and claims support, Mercury proves to be a reliable choice for insurance needs.

Best Cheap Car Insurance Companies in Palm Bay

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.

Company logo for State Farm
Best Cheap CompanyState Farm
MoneyGeek Score:
81/ of 100

Overview

State Farm leads with a high MoneyGeek score, driven by solid affordability (34/40) and satisfaction (19/25) ratings. With an average annual premium of just $699 for minimum coverage, drivers benefit from affordable rates. Its wide range of discounts includes bundling and multiple cars. Also, State Farm's discounts on safe driving, anti-theft systems, anti-lock brakes, defensive driving courses and new vehicles highlight its emphasis on safety and innovation.

Average Cost of Car Insurance in Palm Bay

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.

BrandonAnnual Premium$2,650
Cape CoralAnnual Premium$1,868
ClearwaterAnnual Premium$2,273
Coral SpringsAnnual Premium$2,635
DavieAnnual Premium$2,567
Fort LauderdaleAnnual Premium$2,605
GainesvilleAnnual Premium$1,699
HialeahAnnual Premium$3,233
HollywoodAnnual Premium$2,724
JacksonvilleAnnual Premium$2,113
LakelandAnnual Premium$2,015
Lehigh AcresAnnual Premium$1,980
MiamiAnnual Premium$3,041
Miami GardensAnnual Premium$2,961
MiramarAnnual Premium$2,556
OrlandoAnnual Premium$2,146
Palm BayAnnual Premium$1,899
Pembroke PinesAnnual Premium$2,508
Pompano BeachAnnual Premium$2,696
Port St. LucieAnnual Premium$2,009
Spring HillAnnual Premium$2,152
St. PetersburgAnnual Premium$2,382
TallahasseeAnnual Premium$1,782
TampaAnnual Premium$2,855
West Palm BeachAnnual Premium$2,826

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.