Wow!! That is a lot more involved than what we have here. The state I live in (Indiana) has no inspection of any kind. The law does require "proof" of insurance before a license plate is issued, but there is nothing to prevent an individual from canceling the policy as soon as a plate is issued.
Is the cost exorbitant?
Cost of MOT is about £30 insurance around £120 and Road tax is £80 for each of my bikes my insurance cost is low as I have many years of no claims discount and live in a very quiet low crime area of the country and I shop around each year for the best price the 2 big twins changed insurance company this year and I currently have all 3 bikes with the same insurance company
Brian