Does anyone have mechanical coverage on their insurance?

[Perfectlap]

That would be a bad idea. The IMS fear is silly because you can simply replace the flawed bearing with an aftermarket one. End of story.
Or if you have a 2001 - 2004 (and some 2005) you can get rid of the IMS bearing altogether.

The best thing to do is to save that money on insurance and use it towards flushing the coolant every two years (swap out the old coolant tank while your at it, the old brittle plastic will probably split if all the air isn't evacuated), replace the coolant cap with the most up to date one every two years as well, replace the water pump every ~50K miles or so, use a high ZDDP synthetic oil like Motul or Total and drive the car regularly and long enough enough to get the fluids to temp -- don't let the engine sit for weeks.