why is auto insurance more expensive than value of my car?

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My car is only worth $500, but i pay more than $1000 to insure it LOL

why is the insurance for the car so much higher than the car’s actual value? makes no sense yo

Answer 1

You not only insure your car when you buy insurance, you also insure the damage that are you able to cause with it.  Let’s say you crash into a brand new Lambo with your 1999 Dodge Neon.  WOn’t you be glad to have insurance then?

Also… that $1000 you say you are spending. Is that for one year, six months, etc?
And, what is the year/make/model of your vehicle?

Answer 2

The damage that done by your car is worth more then your car in any accident,that’s why the insurance is expensive.

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