I went through three in a year last year lol. Had two stolen in 3 days (both Giants so not cheap) and then broke a cheaper one badly when I fell off it in October.
No insurance IIRC apart from a 2 year plan thing from the retailer that ran out in december I think. Should have insured it fully in all fairness. Mine was a Cube 29er with some rock shox I jammed on to replace the dodgy SR suntour ones. Lovely ride quality. My brother's going to lend me his old racer for the time being so I can actually get to games and to town so It's not all doom and gloom. Still,there is some very expensive doom and gloom
I use cheap bikes from ebay. usually really old small wheelers. No-one would steal an old Dawes Kingpin or Raleigh Twenty if it's parked near a shiney mountainbike
I actually went the cheap bike route when I was in the last year of primary and in 1st year. First the deruillier bracket broke at least once a week and then the frame committed sepukku soon after. Never again,Halfords.