I think for most people, getting insurance on a bike is a bad financial decision. It makes little financial sense to pay to insure something you can self-insure, or live without for a little while.
Insurance makes sense for scenarios where an event would cause a financial lost of a magnitude that you cannot handle or will entail sacrifices you are unwilling to make.
In the case of a bike, chances are you could replace the bike with something acceptable if you really needed to. And if you take whatever premiums an insurance company would charge and put that away in your bike fund, chances are you would have a lot of the funds needed already.
It is an insurance companie’s specialty to figure out what coverage and premiums will make them likely to break even.... and then charge more than that to make a profit. So if they are any good at what they do, then the odds are against you. That’s fine if it insures you from financial ruin. But that is not what bike insurance does.
I can imagine situations where bike insurance makes sense, like for a poor professional (or aspiring) cyclist. They may have a very expensive bike they need to be competitive (particularly in MTB), and their livelihood will be in danger if the bike gets stolen, as they may not have the finances to immediately afford a bike to keep them competitive.
Outside of that, I think it makes little sense.