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Insurance companies determine the rates they charge on hundreds of factors. Age and value of a vehicle will affect the cost of insurance.
Generally, the value of a car diminishes as it gets older. This, in turn, diminishes the risk an insurance company has covering that vehicle, and hence you get a lower rate on an older car.
But that’s not always the case.
There are other factors besides age and value that determine the rate you pay and these changes can often offset the savings you see with an older vehicle.
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Article Source: https://insideinsuranceagency.com/why-does-my-older-car-cost-so-much-to-insure/