Insurance categories are defined by cc rating. A BMW R1100S is more expensive to insure than a Suzuki GSXR1000 becazuse of a combination of market value and cc rating.
I don't see that dawnrazor's anology stacks up either. A GS1200 will be much easier to live with in terms of costs than a Blackbird. Less fairing panels to remove to do an oil change for a start. There's $40-$80 saved, assuming you get your servicing done by a dealer because they don't have to remove fairing panels to get to the oil filter and spark plugs. Plus it is less hard on tyres.
Also if you do have a tumble or low speed fall it isn't going to cost a fortune on the GS, particularly if you fit crash bungs.
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