i keep my bike outside and have done for the past year.
fancy covers . . . bah

i use a cheapo cover from argos (20 quid one) its waterproof but not sure about breathable. (its got some vents at the top facing downwards)
i put the cover on the bike when its wet and hot, still dries and the cover hasnt melted yet. alas not much rust has occured (i commute everyday too and dont have time to hose it down sometimes)


tips

chain it up real good
weapon by the door

if you have an alarm, when you cover the bike, tuck the cover under the sidestand, therefore they have to trip the alarm when taking the cover off.

smear some oil on the otherside of the cover (so people will think . . . cheapo not looked after cover . . . .banger underneath.

as for repaining the engine. get some high temp paint and use that. (can get it from most paint shops and isnt very expensive)


as it happens, i got a spare cover (its a good one not a cheapo one) that you can buy off me if you like.