Looking at the current household policy wording for Tesco's contents insurance, the exclusion that seems to be referenced here is:
"Loss or damage to tyres, accessories or removable parts of a bicycle, unless the bicycle is lost or damaged at the same time".
So, I would guess that the QR wheels are included under the 'removable parts' exclusion.
Interestingly, with this wording, even if the wheels were locked, if the thief overcame the lock and just stole the wheels, then they still wouldn't be covered by the policy. They would only be covered if the whole bike was stolen.
Indeed, you could argue that every part of a bike is removable from the frame, just that some parts are easier to remove.
