If you make sure the coverage is “replacement cost” it should put you back on the exact same/like quality of the bike you currently ride. If you go the actual cash value route, have an accident in 5 years, you may find yourself on a bike that has 5 years depreciation factored into the claim settlement. I guess it really boils down to what you do. If I were riding competitively/professionally, I would make sure I had top notch coverage in place like I did when I was competing on my horses. For me riding just for funzies and staying in shape, eh…
I would have to agree that while I work in the insurance industry, self insuring things like this (if you have the discipline not to touch your savings lol) is not a bad route either.
Just a side note, I work in the insurance industry and yes, we have to make a living but, it really boils down to what is the best fit for you and your financial investment. I don’t believe in selling a product that will not actually benefit someone. Not being defensive, I just don’t want to come across as “pushing” insurance on them when I don’t think it is practical for everyone.