Well older bikes it may not be worth it since you could just buy parts or if you total it, insurance may not give you much. Either way it will depend on where you live. I'm in a high risk area since it is also expensive for car insurance too.
Yes, but what if you get into an accident with another car/bike on the street and the accident was your fault and you damaged their car/bike as well as your own?
And let's say the car was a Porsche 911 twin turbo (around $150,000+ new) for instance, or the bike is a pricey new Ducati super sport bike?
I don't even want to get into hospital bills as well....