As an insurance guy, I've gotta disagree with this, although ultimately, what coverage you decide to buy is based on your own bankroll, and tolerance to risk.If you believe that theft is a serious risk for the bike you're buying, get "specified perils" coverage (which is fire/theft, but not fire/theft/vandalism) to save some money.
"Specified Perils," covers you for fire and theft, but not vandalism. And not for animal impact, or flying and falling objects. Frankly, riders who are running around some good roads are more likely to smack into a deer, horse, cow, elk, moose, dog or cat...and specified perils doesn't cover for that. It's cheaper than comprehensive, but again, you get what you pay for.
The insurance company's have a name for this, negative selection.Be a little less vigilant in locking it up, if someone tries to steal it, gives up when they hit the disc lock, and drops it in your driveway instead, ICBC will call this "vandalism", or they'll claim that you dropped it yourself. You want them to successfully steal it, so ICBC can pay you out for it.
Probably not something you want to expound on a public forum. By all means, take precautions to prevent theft, but make it easier for thieves and use the excuse the insurer (be it private or icbc) is likely to screw you over in a claim situation?