I just cover the saddle when out and about. But, some of my bikes live in the small parking area underneath part of our small apartment building. I've got a bike rack set up there and everything chained up, but the parking area is open to the street next to it so I wanted to keep them covered so people wouldn't be eyeing the components on them. I've lost three bike covers stolen from there! I think homeless people find them attractive as make-shift tents. I've given up on putting manufactured bike covers on them and since I don't need them to be waterproof, my plan now is to get some flourescent orange fabric from a fabric store and sew that into bike covers. Hopefully between not being waterproof and being hi-vis instead of black, they won't be attractive to thieves!

Anyone else have theft issues with raincovers? I'd have to wonder if this would be a problem parking out and about in the city, or worse, if bike thieves would assume your bike is especially valuable and target it?