I don't know what bike theft is like in other cities, but the threat is overstated in my city. If you ubolt the bike with a quality lock and chain the wheels...without leaving it out for long periods...you are unlikely to be a theft victim. A lot of thefts happen here in garages, yards and common areas of buildings - there just isn't an army of my professional bike thieves armed with angle grinders. Most theft is opportunism and strikes bikes that are poorly secured. The professional thieves hunt bigger game - scooters, motor cycles and quads.

I'd rather have insurance and enjoy riding my bike than ride a POS out of fear.

I've lived and commuted in philadelphia for near 20 years now - the only thefts were pumps and saddle bag related.