If you are conscious enough to think about not wanting the insurance involved, then you are also conscious enough to hit the button and stop the countdown before the call is made.

If in the other hand you are NOT conscious, you'll be thankful that emergency services and police are called; and the insurance stuff will be the least of your problems.

What?
Are you aware that the internals of the iPhone 14 Pro have been updated to allow this kind of technology? Like the accelerometer, gyroscope and even more precise GPS to better calculate the changes produced by the impact in an accident event.

Chances are older iPhones wouldn't be precise enough.