I recently read something like this BeachBum - and glad you started the poll - indeed its a subject I havent seen covered in this forum before, and I have been here from the start.
My mate insures all his BM kit for something like R60 a month, which is outstanding considering the ridiculous cost of the stuff to replace.
even at R100 a month in a year - R1200 - that will buy you a half decent jacket. Over two years, and R2400, I can guarantee that you will fall off at least once.
A good fall, and your helmet is dinged, means replacement (according to the manuf.). An Arai is around R4K, and so in 3 yrs of insurance, your helmet will have cost the same to replace. Its good thinking imo.