Owner pays $500+/- some plus the cost of what was taken. And can't drive their car for a couple of days.
The thief causes $500+/- worth of damage that insurance likely doesn't pay for, then steals an item worth say $100 and then sells it for if he's lucky $20.
To me, that is lower than a bike being stolen from the school. Especially since it was likely another student that took the bike.