Why are old cars expensive to insure?

Why are old cars expensive to insure? - 1

Added (1). I'm 15. When I'm 17 I'd like to buy a Ford Sierra. A very specific model and trim and colour. But anyway, the insurance is ridiculous.

For a 2015 Seat Ibiza Toca 1.4 Petrol
the insurance is £2,872

For a 1993 Ford Sierra Sapphire Azura 1.8
the insurance is £4,556

Added (2). Seat Ibiza: 83 BHP
Ford Sierra: 87 BHP

Added (3). Thanks for the answers. I thought it was mostly about how quick your car was, but I forgot about safety and all that.

Safety equipment on old cars is usually worn out, so they are more likely to get into an accident.

You are comparing two very different cars, not just the model year.

It comes down to a couple things:
1) Is the car collectible and worth a lot? Obviously not in your case.
2) Is it a favorite car of thieves to steal? This could be the case. Older cars are easier to break into and often don't come with alarms to alert you. Thieves target easy cars that they can break into, steal, and get rid of quickly.
3) Does the older car have dated safety equipment? If so, there could be higher injuries or more risk of getting in an accident. Newer cars have the latest safety equipment and should be in better working condition.

Expensive to repair.

Because the parts are harder to get, in case you get in an accident, and you need your car fixed. Thats only 1 reason though i don't know any others

Its partly to do with safety - there's more chance of an injury claim from a minor collision in an older car.
But it is also to do with the availability of repair parts. Manufacturers have, according to EU regulations, to be able to supply parts for any car up to 10 years old. After that there's no requirement - some parts may be available, but not all. Insurers will always use new parts (not used parts) to repair a car after a collision, so a minor collision which damages the front bumper and headlamp might not be possible to repair on an older car, leading to the car being written off, when on a newer car repair parts would be readily available.

Ttps://www.moneysupermarket.com/car-insu…
There's one other major difference I suspect. Since guessing you are UK, you have different names you used for insuring vehicles vs US.

You are probably getting a quote for the basic third party cover, which in the US is called liability insurance. It only pays for (other) vehicles you damage if at fault in an accident. In the US, and suspect in the UK, any vehicle over 15 years old, most insurance will not insure (full) cover.

But with a 2015, most likely financed, since would require full coverage which pays for YOUR vehicle damages, if in an accident, at fault or not at fault. You also have 3rd party fire/theft, which in the US is called comprehensive coverage.

So, if you was to call your insurance and get a quote with fully comprehensive coverage, my guess the cost for the 2015 would be a minimum of double/triple quote you got.