I have both my fixed gear bikes insured on my homeowner's policy.

It costs me ten percent of their value every year, but it covers every conceivable loss in every conceivable situation.

I had to ride my bikes to the insurance company, have pictures taken, and submit an inventory of the parts.

No deductible.

If something happens to either of my bikes, it just gets replaced with no money out of pocket from me.

My two bikes represent my only transportation, and, if I lose one or both of them, in my mind, I have lost something more valuable than a car.