How many people think their vehicles are boats? Just watch the news of floaters in underpasses not to mention crossing and driving on flooded roads and storm damage. You could bring back a '60's vehicle from flood damage, not anymore in the computerized world.
Water damaged claims are totaled out vehicles. Somebody has to pick up the costs, which is everyone.
Let's not even get into driving habits.
They figure costs also by claims per model also. The data driven world has Ins. Co. knowing exactly what the claim costs per vehicle factors are, drives age, location, etc. I remember when engine size determined coverage prices back in the muscle car days. Big blocks meant big bucks back then.