to be honest, is it really worth the hassle?

just insure it and be done with it. if someone really wants it, it's gone anyway (unless it's watched 24h/day), so just have the financial coverage to replace what is lost.

imho, it's not worth the mental hassle and time expended.

spend the time&money on the bike&family, respectively, instead.

edit: also, when dealing with the insurance company, get any potential "it's covered; don't worry" in writing. then you're legally covered and shouldn't worry again.