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Why doesn't my insurance premium go down as my car gets older?
"If my car depreciates in value every year, shouldn't my insurance rate decrease every year? I feel like my policy gets more expensive every time it renews."
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The coverage that is affected by the value of your car is the
comprehensive coverage
and collision coverage
. In most cases, you will see the rate of these individual coverages go down over time. The insurance carriers have to account for the cost of labor, which tends to stay the same or increase over time. The liability portion of your policy is not connected to the age of your vehicle. The costs of
bodily injury liability
and property damage liability
are based on:- the cost of healthcare in the area where you live
- the likelihood of being in an accident
- your past driving history
These are all factors that can cause the rate of your policy to increase even as your car gets older.
If you are unhappy with the price of your policy, download the free
Jerry
app to get instant quotes from over 45+ carriers. One of Jerry’s best features is they re-evaluate your policy every renewal to make sure the policy you have is the lowest option available.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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