If you are only going to spend less than $60 on a bike I think spending $50 for a lock is a bit silly! So I would go with the $22 lock. IF however you plan on buying a much better bike in the near future then I would recommend buying a really good lock like the Kryptonite Evolution series or the Litelok.
One thing you do need to know about expensive locks that come with "insurance"...the insurance is 99% of the time useless! You have to jump through impossible hoops to get them to pay anything, the only few people who ever got a payout were those that got lawyers! What's so difficult to get a claim paid? First you need to send in the original UPC code and original receipt with the filled out warranty form and registration fee within 15 days of buying the lock; you need a police report taken within 72 hours of the theft, you need to have the original packaging with the original UPC code, and original receipt, which those last two you had to send in to get the insurance started and photocopies are not accepted, so now you don't have those items because they have it?! without that stuff you get nothing; you need to have highly detailed pictures of the crime scene taken at the same time of day the theft was showing the undisturbed lock, and a pic of what the lock was locked to, plus detailed area pics, you need a less than one year old appraisal of bike plus the bike's original sale receipt, and any other insurance papers you may have on it with evidence you notified your insurance company; then send that all in within 7 days of the theft. Of course send it by certified mail. Then the insurance is only good for one year after which you have to extend the warranty for another year by sending in another fee, after that second year is up you are forced to buy another lock and start all over if you want to keep the insurance going. The insurance does not cover damaged caused by attempted theft. When Kryptonite was asked how much in bicycle claims they paid out on average every year their answer was the information was a guarded secret!
Anyway if you are concerned about theft then get renters insurance, of course you will have deductible which may be more than the bike is worth.