Composite High Voltage Insulators (HVIs) are lightweight, inexpensive, and offer superior pollution performance. Consequently, they have replaced ceramic HVIs in highly contaminating coastal and desert regions. However, they are prone to degradation in harsh environments. In this paper, we assess the performance of three identical field-aged 380 kV composite HVIs with a service life of twelve years near the western coastal region of the Kingdom of Saudi Arabia. The housing of all the HVIs showed widespread damage, including cracks on sheds and shanks, partially or fully broken sheds, and rusted end fittings. The changes in morphology and material composition were assessed through SEM and EDX. An electrical breakdown test in the presence of steam fog revealed lowered withstand strength. Electric field distribution, a key design criterion for an HVI, was studied using the Finite Element Model (FEM) of the insulator bearing physical defects. The results reveal localized electric field intensification caused by all types of defects, notably smaller and narrower ones. Our findings indicate that while physical defects in HVIs can cause localized electric field intensification, they are not a significant concern unless accompanied by severe hydrophobicity loss, compromised electrical withstand levels, or extensive erosion exposing the fiberglass rod and jeopardizing mechanical stability.