It depends on the meaning. It`s "автомобилно застраховане" if you mean "company for car insurance", but if it`s in "my car insurance" than it`s "застраховка", as Lyn has already translated. In other words, insurance is a verbal noun in the first example, and a noun in the second. Tricky language
Not much more so than insurer, insuring and insurance.
I can remember when a verbal noun was a gerund, which I suppose dates me. In Russian I seem to recall a gerund is more of a verbal adjective.
But "insurable" probably demonstrates the innate versatility, I almost said superiority, of the English language. който може да се застрахова is a bit roundabout.
I think I'll take a sleeping pill so I can be a sleeping man