After I did a calculation of what it would cost me to replace my gear, I also decided to get insurance. Just makes me sleep better (or eat more peacefully when I leave hotel room). There are several offers for specialized camera insurers in Europe, but I noted it is important to read the fine print as they have very different conditions as regards what risks are covered or excluded (in particular, if gear is stolen from a car).
Prices seem to get reasonable if you include a clause that in case of claim you pay a certain amount (250, 500, or 1,000 Euros) yourself. Since I mainly want to insure the risk of loss or theft of a major part of the equipment, that's fine with me.