Max,
For some people insurance is worth it, but I do not believe that you want to get into that much adulthood so soon in life. Get a good U-lock, pull your front wheel and lock all the pieces together to something sturdy. Thieves take advantage of something easy to steal. If you make it difficult at all, then they are going to leave your bike alone.
Most city police departments offer bicycle registration, and that should not cost anything. This will help you in case your bike gets stolen as there is a record of the bike belonging to you and it allows the cops to make an arrest of they catch the thief. Basically, it is just the serial number from the bottom bracket and your name and address, but that is good enough. Also, take a close up photo of the bike so that you have something to give to the cops of your bike is stolen.
I have a special rider attached to my renter's insurance that covers my bikes. I pay a little more (it is not much!!), but the couple of bucks per year and the $500 deductable is better than the $3000 it would cost to replace one of them.
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Women think they're so clever because they can fake an orgasm for the sake of a relationship, but men can fake a whole relationship for the sake of an orgasm.