My bikes when ready to ride but without GPS would cost me $2000 and $1200 to replace. They would be covered by my homeowner's insurance. But there is a deductible. However, carrying a deductible is a decision we all make, and we carry whatever deductible we deem an acceptable level of risk. So I guess I've already accepted that risk, and carrying additional, separate insurance would only be worthwhile if I decide the deductible is too much risk. But if that were to be an issue, there would be some research to be done whether it is better to add specialty insurance, or pay to reduce deductibles on the homeowner's policy.
I'd be pretty sad if one of my bikes got stolen. I actually lock them within my garage, though it would be easy to defeat the locks (just basic cable locks bolted to the wall). The idea is that these will slow down a thief, which, combined with my video surveillance in the garage area may be enough to deter opportunist theft. Of course I keep the garage closed most of the time, but the deterrents are there to discourage an opportunist for those few minutes here and there where the garage door is open and out of line of sight.
For my commuter bike, I also pay for bike parking at the office. It has some positive characteristics that I think make it seem safe:
- Key-card access chain-link cage in the basement level of the office parking garage. Not visible from street, but people are coming and going so it's also not secluded from people noticing what's going on.
- Regular security patrol (they have to scan a barcode inside the cage every 20 minutes).
- Video surveillance.
- A set of racks inside the cage to which we lock our bikes. We leave our heavy duty locks there overnight.
I think these are sufficient that throughout the day I'm not worried my bike will go missing. There was one break-in a few years ago, but it was when a bike was left overnight.