Why do I keep getting draws (timeout vs insufficient material)?

Hey, this has happened to me a few times now and its annoying me as I don't understand the logic.

A few times against higher ranked players I've been down to my king, and successfully repelled getting checkmated and my opponent has run out of time (one time with me still having 3 minutes on the clock [10 min blitz]). I don't understand why it's deemed a draw and I don't win by time?

I would like some education on this if this is normal but its very frustrating, I don't understand why my opponent gets rewarded for running out of time by not losing points.

When you only have a king, king and knight or king and bishop it is considered a draw if your opponent times out as it is impossible to checkmate them, therefore impossible for you to win in that position.  This makes it a draw. You say they are getting rewarded for this but really drawing with a winning position is an upset, especially if they are higher rated. 

The last this happened thought he had a Queen, a knight and 2 pawns.  That's not insufficient material, if the queen is present I don't understand it.

I understand king and knight and such are theoretical draws, I'm not questioning that, but when my opponent still has a queen and a knight and runs out of time, I don't get how that's a draw?

I'm not arguing by the way, I'm just genuinely puzzled.

It is YOUR material that is insufficient. If YOU dont have sufficient mating material on the board you can never win. At best you can draw if he runs out of time.

His material is irrelevant.

@lagomorph thanks for the Clarification I completely get it now, was just puzzling me. Thank you for your reply  

You cannot win,so it you win on time,it's considered unfair to your opponent.Just check the FIDE official chess rulebook,it should be there somewhere.