I keep hitting it accidentally and it really annoys me...is there any way to disable it's default behavior?
Go to Keyboard Shortcuts in System settings, then press Add button and insert a Name of your choice, say "DisableIns", and
Now, in the Custom Shortcuts section you will find an entry
Click on disabled, then perform your custom shortcut Ins. Press close, you're done.
I'm not sure it is the "right" way, but in my tests I could disable the behaviour of Insert using the following command:
If this works for you, you could put the assignment in a file