The painting trick works, so does the beater trick but that means you always drive to work on a shitty bike, which is a waste of fun as most of my cycle is commuting.
The Dutch way is: Lock back of bike, lock bike to stationary object also. This...kinda works as all bikes are rust buckets.
The only guarantee is Paid Parking (very common in NL, very rare in the UK) OR use two very expensive locks (NYForgetabboutit or another extreme D-lock) And hope the commercial thieves with the hydraulic locks aren't out.
That won't stop your wheel getting buckled in the bike parking or the drunks wrecking it, so don't bring your best carbon number to work
As for insurance, in UK I believe they only pay out an equivalent...so after a few years when your bike is stolen, you get second hand value and then have to hunt for the same/a similar bike. I don't think therefore it's much use for my Thorn, or my Charge. I mean they will get me £200 no doubt as the Thorn is 8-10 years old
The Raleigh nobody wants anyway lol. Cycling has not arrived yet in Belfast, else my Thorn front wheel would have been "jocked" already