To be honest the loss made me angry, but the general attitude displayed on this forum makes me even more angry. You act like I suggested your parents should have used contraception the night you were conceived, not that I pointed out that maybe a system could be done a different way!
Okay, off the top of my head, how about a mechanic wherein there are higher tier loans for the more careless or mistake-making players, allowing technically any player to get a loan to pay off their ship, HOWEVER, the bigger the loan, the higher the interest rate, meaning if you end up needing a loan for, say, a million credits to get your ship back, be prepared to pay back an extra third of a million in credits. If you need a loan for five million, be prepared to pay back that plus an additional two million for interest. If you need a ten million loan, that's an extra five million credit premium slapped on there! With the multimillion loans, the percentage of income taxed increases, making it harder to profit, until you might essentially spend all your time just trying to pay off the sodding loan. It would reach the point that if your Anaconda gets blown up and you don't have the monies for the insurance, bright news is you still get your Anaconda, bad news is good luck making any profit whatsoever until you've paid off the loan plus an extra twenty million, stagnating player progress until it's been repaid.
Now, before anyone protests at the lack of a Sidewinder-esque punishment, there IS a limit to how long one can screw around with this. If you end up getting a loan because your Type 7 eshploded, and then going roaring right off again without insurance and blow up a SECOND time, prepare to take out a second loan! Doubled amount to pay back, and doubled percentage taken from your income until it is repaid. Wait, you went off without insurance a THIRD time? THIRD loan, three times the amount, three times the percentage taken from your income! (Maybe for traders, the first two loans should be capped on one's profit margin, meaning you won't be trading at a substantial lost until the third loan hits.) Eventually, of course the time will come where making much profit at all borders on impossible while the loans are in effect, so there are two solutions. One, a 'pay towards your loan' option that might see you strip down your ship's modules, sell your first born, etc, and try to pay back the premium. However, if you royally screwed up, and find you can't make ends meet, you can 'Declare Bankruptcy.' Bright side! Your debts go away! However, you lose your ship, and end up back in a Sidewinder with 1000 credits. And with all the second chances you've already been given, literally nobody to blame but yourself.
This way, one careless mistake doesn't necessarily spell doom, BUT it still spells a pretty costly penalty, to the point where you'd still be unhappy, but at least still have the tools to make things right.
As for the insurance mechanic itself, I'm pretty much of the opinion that yada yada, rebuy cost, easy to check, etc, meaning I don't think a system should be, literally, 'Fool Proof.' You screw up, you get careless, bing, consequences, pay more attention next time. The only thing I'm really open to budge on is the nature of the consequences, thus my above suggestion, but having the responsibility to manage one's finances SHOULD still be something the player is motivated to do.