I agree, all car insurance is a rip-off and the sooner it's sorted out the better but i doubt the government can do anything about it.
FWIW - £347 to insure my 28yr old MK2 Golf, fully rebuilt/restored, 194bhp tuned engine, modified suspension, modified brakes, modified exhaust system etc.... with an agreed value of £5.5k, fully comp protected, thatcham alarm, no insurance claims made by myself or made against me in 20+ yrs. Stay in a very rural area of S-W Scotland.
Personally i think it's rather expensive, 10 years ago i ran a 260 bhp alfa 75 v6 special edition and that cost me less than £270.
Every year they try and increase my premium for no reason whatsoever, every year i tell them to go **** themselves and shop around for a better deal.