I paid £247 for my MG5 Mk I back in August - not clear what you paid for yours Les.
I just got a quote (Go Compare & confused.com) to a Mk II and the cheapest comparable is £349, though prices go beyond £700. But that's always the case with those sites.
So it seems the Mk II insurance may be a bit higher, but then the car is worth quite a bit more (in my case, about 30% more than my price new, due to Affinity ending), we are in a period of high inflation and I believe the insurers are having to stop the discounting they used to do to attract business.