I know some people are renting and won't have the necessary insurance, but anything on my property is covered by insurance. I can leave my bike lying on the front lawn with the gates open and it's covered... but not if it's in my car which may also be on the lawn, haha.
Have it insured for the right amount and recover the full new value of your second hand bike for a small excess. I believe the excess for my home contents is $200, less than if I prang my car.
You will suffer a little heartache in the time you don't have it, but you'll get another one.
Never underestimate peoples willingness to dismiss insurance, it's hilarious listening to mates go "oww I don't need full comprehensive insurance on my $20 thousand dollar car, I've been driving for two years." Then... bang! haha, I always tell them, but no.
I think I've gone a little off the track, whatever, get proper insurance, even if it means forgoing that new set of rims for 3 months.