<prompt> Human: I owned my car outright, so there was never a bank on the hook anywhere. But now that Im dealing with insurance companies Im stuck wondering. Home owners insurance is usually pretty stable, or increases, but your home is increasing in value at the same time. Auto insurance, on the other hand. You get your quote when you buy your car, and every year you need to pay a little more. But, opposite of a house, your car loses every mile you go, the amount of money the insurance company will pay you goes down, yet your rate goes up. Can anyone explain? Is it purely a ripoff that we have no way to stop since were just little people, and dont get offered insurance policies that reflect this?  <response>: if you care to find out more about your insurance companys rating algorithm and any planned rate changes you should be able to find a view a lot of that information here, you may get a sense of why rates may go up and down.Also for the curious: Text on the principal methods for rate making. 