Yes, there is an age limit for vehicles to be insured under the Comprehensive policy. Third Party insurance does not have a limitation related to the Age of the Vehicle to be insured. For Private cars, the age limit for the vehicle for comprehensive cover is 15 years.
Motorcycles and commercial vehicles over 10 years old are normally not considered for comprehensive cover.
Also, insurers maintain an inspection report from a surveyor certifying the condition of the vehicle which could be relied upon at the time of insuring your vehicle.