Insurance fraud will be fought hard. They have already pretty much said you won't be able to keep that stolen ship, but instead will have several options. Most of the consequences will only start once it's reported stolen by having a claim filed.
You can log out in the bed, but the game may not despawn the ship. If someone finds it (PC or NPC), you might end up tossed in jail as you sleep, or just shot in the head depending on who you stole it from. Hint, don't accidentally steal the godfather's 890...
You can go for a joyride, then abandon it when you are done.
You can sell it no questions asked to certain connected used ship salespeople. You will not get anywhere near full price for the vehicle
You can strip it for parts, but those parts will have serial numbers on them, so they will be listed as stolen and you won't get full value. You will probably get close to full value on the scrap if chewed up by a reclaimer, but there is always a chance a marked component will make it through the shredder/crusher and you could end up busted unless you can prove its a legitimate salvage find.
You can take it to a specialist hand have them fix the title for you. This will cost "almost as much as buying the ship from a dealer" according to Chris Roberts. The good news is that you can now insure it, and it will remain yours. It won't inherit LTI though, even if the ship had it in the first place.
Most people will chose one of the first three options as it gives the best bang for the buck. Once thieves find out which is more profitable for a specific ship, expect them to almost always use that method. Most people will not use the last method as it actually costs them money. It's the only way to keep the ship you stole long term.
