I prefer a steel cable lock rather than a chain as I have found them easier to strap on, I have lost a chain after it came loose and fell off somewhere, I usually strap them on the passenger seat or if I have a passenger on top of whatever is on the rack.
I now question the value of the heaviest locks as with a battery powered disc cutter they are as easily cut as lighter ones but some insurance policies require them to maintain theft coverage.
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