Is this real life?

Insurance Sucks.  Our bike gets stolen.  I file a claim.  Allstate decides the bike and iBert with depreciation is worth $300.  After they take away our $250 deductible they are sending us a check for $50.  So . . . is it worth it?  All the hassle, filing a claim, considering at what point our premium will go up, what effect this claim will have on future home owners insurance, etc.  If Allstate pays out more than $250 to us our premium will go up and just filing the claim at all may effect our future premiums if we move in 3 years.  THAT MAKE SENSE RIGHT??  THE WHOLE DUMB REASON I HAVE INSURANCE IS SO THAT IF SOMETHING LIKE THIS HAPPENS I AM "COVERED".  What a joke.