Why doesn’t car insurance go down?

Hey People…

I’ve been thinking about something with car insurance and was hoping someone could explain it. So, I bought a car for $50k and pay around $200 a month for insurance. A few years later, the car’s value drops to $35k, but my insurance premium stays the same.
Why doesn’t my insurance go down as the car’s value decreases? Shouldn’t it adjust based on how much the car is worth now? :unamused:
Anyone else wondered about this or know why it works like this? TiA

Inflation frequently :saluting_face:causes the price of repairs, hospital bills, and other accident-related costs to rise over time.

A higher likelihood of accidents can :persevere: be caused by variables including altered road conditions, more distracted drivers, and increased traffic.

There are actions you can do :unamused: to potentially lower your auto insurance rates, even if it’s not always a given. These include raising your deductible, driving a cleaner record, or looking for a new insurance provider.

Because there is a larger chance :smiling_face: of theft or vandalism in areas with higher crime rates, insurance costs may be higher there.

Natural catastrophes like hurricanes and floods can raise rates and cause a rise in claims. :innocent: