After my first bike got stolen I got insurance as soon as we bought the next one, the first one we only got $1000 for under my parents house insurance. Ironicly I bought the smart make and model of bike and it got stolen a year later, which I received full value for a new one. When I got my Santa Cruz it was insured up to $7500.
Go into any bike shop and they'll give you a quote to send into your insurance company. I got one from pedalhead and one from Calgary cycle.