IPA: /ɪnˈʃʊərəbl/
KK: /ɪnˈʃʊrəbəl/
Able to be covered by an insurance policy or agreement.
The car is insurable because it meets all the safety requirements.
Insurable → It is formed from "in-" (meaning not) and "surance" (from Old French *assurance*, meaning a promise or guarantee). The word "insurable" means not able to be guaranteed or covered by insurance.
Think of 'not' ('in-') being able to be 'guaranteed' ('surance') — that's why insurable means something that cannot be guaranteed by insurance.