Yes? For all practical purposes? I have never known anyone who has had a car stolen. I know several who have had their bike(s) stolen, often repeatedly.
Looking at the statistics[1], I see that in my country (Australia) there is a less than 1% chance of your car being stolen in any recent year. That seems to be pretty low, a nuisance yes but not all that bad. And that's even though cars are much more valuable than bikes - and very few people use any sort of aftermarket lock with their car.
I would say the law has dealt pretty effectively with car theft and I see no reason it could not be adapted to include bikes, too.
Looking at the statistics[1], I see that in my country (Australia) there is a less than 1% chance of your car being stolen in any recent year. That seems to be pretty low, a nuisance yes but not all that bad. And that's even though cars are much more valuable than bikes - and very few people use any sort of aftermarket lock with their car.
I would say the law has dealt pretty effectively with car theft and I see no reason it could not be adapted to include bikes, too.
[1] http://ncars.on.net/docs/quick/aus_summary_qtr.pdf