Question from Judy: I bought a new car back in 2017 and it’s been insured by the same company all this time.
I know my car has depreciated quite a bit over the years but my insurance premiums are higher now than they were when the car was brand new.
That makes no sense to me.
It seems like the premiums should decrease along with the value of the car since the insurance company would have to pay out less as the car gets older.
Why didn’t my premium go down along with the value of the car? [Read more…]