I know my SV recently got pulled from sportbike status and put into standard for Progressive, which meant a 300 dollar price drop a year for me. I run with comp and a high uninsured motorist policy.
If you're going for a first bike why not get a GS500 or EX500? You won't kill yourself with it as quickly and you'll be able to get a large amount of fun out of it, especially going to places like Hocking Hills. Don't judge a bike by HP numbers.