The other side of it. I had a walking speed accident with a bike a couple of years ago. £2700 worth of damage on a 6 week old Honda CBF600 that would have got more scuffs if it had fallen off the side stand. My fault though. I also managed to gain 3 points on my licence for speeding that year. I changed Ins.Co. a month later, full disclosure and the premium went down by about £400 for the 5 vehicles.
Don't ask me, I don't make the rules!