Bike Insurance

Having lurked here for a while and read through this, and many of the insurance threads, it seems that insurance is only worth it for the more valuable, newer bikes. I had my Mercian tourer stolen, which was my first experience of owning a bike in London, so it wasn't insured, and what I thought was a strong enough lock (Abus Centuro 860) obviously wasn't, but I dealt with it and I have a new bike arriving tomorrow. However, it's a 1975 Colnago frame, with full Campag, and from what i've found reading through this forum is that, as a co-renter, even if I could get it insured, my frame wouldn't be worth in insurance terms what it is in the eyes of a cyclist. And even then the accessories are rarely taken into account.

I bought the Colnago for just over £200 and, to me, it seems that the best decision is to just spend £130 on a Kryptonite Fah D-lock and an Abus Granit X-PLus 1050, and hope that it doesn't get stolen. The bike will be worth more to me than to the insurance companies, so prevention would be better than recuperation considering the cost I got the bike for in the first place. Instead of sending £30 a month just incase, I could save the money and in a year have more than the bike cost me.

I've looked into the Kryptonite anti-theft protection policy and it seems difficult to get anything back, but if I got lucky and the thief left a bit of the lock, then prevention might end up coming with recuperation too. If anyone has any information otherwise to this it'd be very helpful considering my bike's arrival tomorrow, but pessimism surrounding insurance seems to be justified to a certain extent.

I'm Alex by the way, and this forum has proven very helpful since I lost my Mercian, from finding a new bike to learning what to lock it up with.