Don't make a decision (regarding insurance coverage) on the assumption nobody will want to steal it, mark43.
The majority of bike thefts are carried out by throwing the bike in the bed of a pickup truck or trailer. It is big business.
A lot more dual purpose and dirt bikes get nabbed than ZX14s or Harleys, because they are light, and you can turn them over faster. And so the thieves make more money on lighter bikes.
With a light bike, it doesn't matter if it has a wheel lock or a chain over the seat through the rear wheel. If it isn't "bolted to the ground" they just pick it up and toss it.