How does vehicle insurance work as my vehicle ages?

For example, I purchased a 2007 Monte Carlo in 2008. Obviously, being a sportier car insurance isn't the cheapest. My insurance has been $420 every six months since I got it. My question is, as this car ages will my insurance company start to decrease the price as the vehicle's value goes down? Is this something I have to request (like a "refinance" my policy situation)? Something that happens naturally? I plan to keep this vehicle. It's just an example.