That seems underpriced to me and, I suspect, to most other DMs. According to the rules, the guidelines in the table for estimating magic item values come second to the DM's good sense.
According to the guidelines in the table for estimating magic item values an enhancement bonus to attack and damage is bonus squared * 2000. An insight bonus is better than an enhancement bonus, since it stacks with almost every other bonus from spells or magic items. The table doesn't even have an entry for pricing insight bonuses on attacks, suggesting that it's impossible.
The DMG does have non-enhancement bonus-to-attacks items: Pale Green Ioun Stone (+1 competence on attacks) and Bracers of Archery.
The ioun stone is 30 000 gp, so if you subtract the cost of a Stone of Good Luck (unslotted, same stackable bonuses for skills, checks and saves, 20 000 gp) you're left with 10 000 gp for an unslotted, stackable +1 on all attacks. That's 5000 gp if slotted. Lesser Bracers of Archery are indeed 5000 gp for +1 competence on attack rolls. Greater Bracers of Archery are 25 000 gp for +2 competence on attacks and +1 competence on damage, suggesting bonus squared * 5000 + 5000 = 25 000 .
Using this formula we get 20 * 20 * 5000 = 2 000 000gp for a slotted +20 insight bonus on attacks item.
If you're basing it on enhancement bonuses you need to first increase the price for being stackable - call it *2.5 based on stackable AC bonuses compared to an enhancement bonus to AC. (See table.) Then you can lower the price because the insight bonus doesn't increase damage, but multiplying with 2/3 seems more reasonable than 1/2 since AB is more valuable than damage. That makes 20*20*5000*(2/3) = 1 333 333gp .