For me, i just have liability, fire and theft. If i total my bike, i would rather take the loss that to have my premiums go up for the next 5 years. Its actually cheaper in some situations to take the loss instead of making a claim and paying higher premiums for the next 5 years. Trust me i know. Mine just went down in january from a claim i had when i was 17.
It's a long story as to what was behind the claim, but over the past 5 years it has cost me roughly $5000 for the initial $1200 claim. which i coulda fixed myself for about $500. Money wasted, lesson learned
I don't know how insurance works down there but thats just something to think about