The costs will be "a relatively small part of your regular in-game expenses" (think landing fees, trade tariffs, fuel costs, etc.). Insurance policy upgrades based on risk levels will also be available. Players who pledged to support Star Citizen prior to November 26th will have lifetime insurance on their pledge ships, though it's worth noting that the lifetime coverage does not extend to mods or cargo.
There's much more to read about SC's insurance system, so head to the game's official website for that as well as an update on customer service and stretch goals.
Source: http://massively.joystiq.com/2012/11/27/star-citizens-ship-insurance-explained/
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