Well mine cost a whole lot more than that, but I got a great deal for insurance in Oz, all my bikes are now insured for more than I paid for them, so if I do crash one I don't have to worry about the cost of repairs exceeding the bike's value. Also, if I run up the arse of a new car, I don't have to worry about paying for the damage to someone else's vehicle.
Add to the mix that I'll be entitled to $3K to replace my damaged riding gear, and finally, if some prickk steals one or all of my bike's, I'll have enough money to go buy another one. Geez, if someone stole all of them, I could buy that new Indian Chief, and have enough left over for a new Ducati Scrambler! Hmmnn, I'm going out for a few hours, and I don't think I locked my garage..................