<prompt> Human: Since you car depreciates with every mile you drive, wouldnt it make sense to, assuming all other factors being equal, re-quote your insurance on an annual or some other periodic basis?Would there be any practical reasons for not doing so?Edit: Thanks all for replies. To summarize the key responses, while requirements vary considerably from state to state, the vast majority of your premium covers liability and casualty to others. While premiums for comprehensive premiums may adjust downward the overall value of your car plays a much smaller factor. TLDR: Your coverage is mostly liability which is primarily determined by your risk as driver. Your cars value plays a minor role.  <response>: Because the insurance is mostly there to pay for damage to other peoples property, not your own vehicle. 