That means your actual rate has increased. As the value of your vehicle falls, half of you bill should fall with it if you have full coverage. If it is staying the same, they are offsetting the incremental increases with the incremental decline in value.I’ve been with Farmers for 36 years (like you I guess) but my rate for my truck has been the same since I got it. High then and now (in my opinion).
I was with farmers since I was 16. When they paid $180K to a fraudster who did a lane change slamming on the brakes in front of my son, I dropped them. Son got a ticket, which we beat in court. Heck, even the officer said sorry, he missed some things. But Farmers had already accepted full liability. Reported them to the State and they got a small reprimand and then had the gall to surcharge me. 37 years and their lack of integrity chased me away.