Right, that's why I don't fret over insurance on a bicycle, not only would I rarely if ever needed it and then have to pay premiums all those years for it, but submitting claims can get you cancelled in a hurry. I have a daughter who is mentally ill, she flooded the upstairs bathroom on purpose and the claim was around $2,800, then she tried to burn down the house (as a result of this she can no longer live with us), and the insurance company paid out around $500 for a hotel till the carpet was replaced but wouldn't pay for the damage due to my daughter being classified as a insured and she did willfully. The insurance company cancelled us even though they knew she was no longer in the house; the reasons stated for cancellation was two claims in 2 years, both claims totaled to $3,300. I wonder if you would get cancelled filing a $4000 claim on a stolen bike? Or maybe bad luck struck, you had a hot water heater blow causing $500 in damage, or high winds blow roof shingles off, then a bike stolen in a two year period, you would be cancelled for sure. Anyway now I have to pay more for insurance for the next 3 years with a different company. Since my original company cancelled my home I cancelled my auto and towing coverage's I had with them. I guarantee you if you file a claim for a $4000 dollar stolen bike all love for you is gone.