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Any deterrent is better than no deterrent at all. Cordless angle grinders make quick work of just about any locking device but I believe in at least making it inconvenient for a thief. I use a thick multi-strand cable lock through a wheel and around the frame.

Good insurance is my only real comfort.

A few years back I had twin 250's stolen off the transom of my cuddy cabin while it was in the water at a marina. I'd have loved to seen video of the theft to know how they accomplished it.