Bike Insurance

Riddle me this..

My bike cost £4k.. if I took out my £3-400/year M&S insurance policy, it's covered.
If I put away the premium per year £400, say, it would take 10 years to acquire the value of my bike. 10 years is a long time for nothing to happen to a single bike (not to mention all my other bikes and stuff in the house also covered).

So, you can continue putting away your £400/year or whatever and I'll ride with my M&S safe in the knowledge that it will actually pay for loss or damage to my stuff.

Sorry fred: epic "I don't need insurance" fail. :P

How easy would it be to get your 4k back if it is stolen though?