Honestly, it's cheaper to self insure unless you completely destroy the airplane beyond a rebuild-able state IMO. If he has 5k in the rebuild of this, I'd be very surprised. Fixing metal on airplanes, especially experimental ones is pretty cheap. A couple ribs, a spar splice and new end caps on both sides and a few feet of fabric. Struts are ~$500. Insurance on a 200k airplane that's primary mission is STOL competitions and off airport work can't be less than 5k a year. All the guys that I know that fly these are relatively low time pilots to.