In our country we have a different system.
1. drivers, younger then 24 years old, pay 100% + an extra amount because statistically, they cause the most accidents.
2. Once over 24, you pay 100% and every year you don't claim, you get a discount that can go up to 80%. Once you cause an accident, you will loose some percentage.
3. Insurance has three types,
a. coverage (WA) for the damage caused by you to another person, vehicle, etc. Your Insurance pays the other party
b. coverage (WA+) for the damage caused by you to another person, vehicle, etc and for you in case of theft or fire
c. Full coverage (all risk), for the other person, car etc and for your total damage.
For my G310R, brandnew, I have full coverage (all risk) and that also includes damage to your riding gear up to € 1000,00.
For this I pay around € 280,00 (75% discount) a year.