As a vehicle gets older the insurance charge for cover rises. A new car/ute will be cheaper although it's purchase price is more.
My 2011 Dmax is dearer now to insure than it was when new, quite a bit more. The reason the insurance company give is the increased cost of obtaining parts for older vehicles which have used up many of the spares held by car companies. The insurance companies have to pay more for OE parts because they don't use used second hand parts from wreckers as they used to. Eveyone wants brand new parts on their older vehicle when repairs are required. The whole industry makes plenty of money from spares, that is bread and butter for them, cost of it all goes to the people who use the bits, the consumer/owner.
RACV in Melb Vic used to run a HUGE yard of wrecks which they dismantled and used for their repairs within their supply chain for insurance repairs. Now they just use new ones at any cost and the yard is gone, prices are UP.