Dave is pretty right, except, don't re-wrap it. The whole point of the ceramic is to create a thermal barrier and protect the pipe surface from corrosion. Unfortunately, the PO did 2 things wrong: should have coated the inside also, and should not have wrapped the pipe.
If the pipe rusted even through the ceramic, then the ceramic was poorly applied. But wrapping a pipe creates a lot of interior condensation and traps any moisture against the outside of the pipe, leading to rust.
Are you sure its truly ceramic coating and not high temp paint? Paint is easy to rust through, ceramic not so much. Its either a really poor job of ceramic coating, or its a ceramic-based paint. Jet Hot is the product most vendors use when treating exhausts, and its pretty darn durable. Even under wraps.