I'm going to be replacing my Giant OCR1 with a high-end road bike. I won't let it out of my sight, but will also pay the 1%/year of replacement value to add no-questions-asked insurance to my home owners policy. Yes, you shouldn't buy something you can't afford to replace, but the few dollars/month is in the noise and if the bike is stolen out of my garage the rider on my policy gives my a not hassle replacement. I'm currently similarly insuring a tandem with a $7000+ replacement cost.