Are you paying the same amount in insurance on your car now that you were paying a year or two ago? If so, you may be paying too much. One of the biggest factors that effects your car insurance rate is the age of your car. Since a car value depreciates, the amount of insurance you owe will drop.

For this reason, you should check your insurance rates regularly to help determine whether your vehicle’s car value is relevant to the rate you’re paying. This is a great way to take advantage of the cost of savings because there’s no need to pay the same rate you did a year ago for a car that’s gone down in value.