Chances are your parents already have house/contents insurance. Most insurance companies offer 'valuables' insurance which covers items taken away from the home, IE bikes, ipods etc.
I've worked for an insurance company as an underwriter and can tell you that it's going to be a whole lot cheaper for you to ask your parents to endorse their current policy to cover your bike, than it is to go with velosure.
I'm currently with AAMI, and to have my bike insured it's only costing me an additional $50 per year, however, that's after paying $300 in contents insurance and depending on the value of your bike, it's still cheaper than velosure to get your contents AND valuables covered.
Speak to your parents about getting your bike covered - When you do speak with an insurance company, make sure you get the persons name and cover all your bases in regards to where the bike IS and ISN'T covered - I say this because when shit hits the fan during a claim and when insurance companies start saying "fine print says this" you can say "no i spoke with Jenny who said that it would be covered on the 23rd of December" and they shit bricks.
Good luck bro