As Andy Rooney used to say... "Did you ever wonder....."

 This week I bought a newer car and of course the cost for insurance went up accordingly. My old vehicle with 130,000 miles on the odometer was worth probably $5,000 or so. This being the case, why did the cost for insuring my old vehicle not drop as it depreciated? The insurance went up based upon the new value so why not the reverse? The insurance company will not pay more than the value of the vehicle if wrecked. Makes no sense to me. Then again, a lot of things don't any more.
Ken