Paying the premium

My car recently celebrated its tenth birthday, and a fun time was had by all. However, I can't help but notice that over these ten years the cost to insure the car has remained relatively static, whilst the value of the car has plummeted.

To check whether car value is really unrelated to the insurance premium I obtained an online quote for a car worth four times the value of mine, and got a quote only ten percent higher.

To put these numbers into perspective, the annual cost to insure the car is roughly the same as the amount I spend on fuel each year. However, while the fuel is used in every car journey, I have not yet made a single insurance claim. Insurance doesn't feel like good value to me.