we'll make you pay!

My car was stolen recently. When I emailed my insurance company to have my replacement car insured I was advised that my premium would be higher than before, even though the value of my "new" car was lower than than the car that was stolen! I asked for an explanation and this is what I got:

The cancelled vehicle was insured for R71 200 and the premium was R438.12
The replacing vehicle will be insured for R66 700 and the premium will be R468.33
The increased premium is due to the loss ratio in view of the claims history in the account.

...is due to the loss ratio in view of the claims history in the account...

meaning??? I get to pay because my car was stolen!

And they call it "insurance"!!!