This is really really sad and tragic. However, I can't believe this:
"figure, i'm single, no kids or wife, so all i need is a car and secured parking...
didn't think i have to get a house already!"
"the insurance company - mercury, initially said that wheels are covered for $100 a piece, until they figured out that the car is over 100k..."
What kind of person would have a car worth over $100k and not have a house/garage for the car?
Not saying that it's right what happened to this guy, but he seems to lack common sense.
If you want to have expensive toys, be prepared to pay to secure them, I say...