Why do my premiums go up every year, even when my car depreciates?

Why do my premiums go up every year, even when my car depreciates?

The main reason for this is inflation and the ever increasing cost of parts, labour, overheads, fuel etc.

A vehicle covered comprehensively has cover for own damage in the event of an accident. The cost of sourcing, delivering and installing the parts that need to be either replaced or repaired are always getting more expensive. Unfortunately your premiums are increased in accordance with inflation. Your vehicle’s value will always be taken into account at renewal stage and will be adjusted accordingly.