The simple answer is no. The mechanism of a combination padlock is such that it cannot be as strong as a keyed padlock. A combination padlock can also be cracked over time simply be trying each code in turn.
Rarely will an insurance company cover you when using a combination padlock. They are however hugely cost effective when multiple users require access to a single place. Additionally, the advantages of not needing to carry a key are unmatched and sometimes a necessity.
Most combination padlocks can be reset when open making them even more convenient. The problem of the code being maliciously reset by a single authorised user do occur and as a result padlock manufactures countered the problem by introducing high-security padlocks which require a key in order to reset the code.
The issue of cracking the code simply by systematically trying each number is a problem though. A 3 dial padlock with 10 numbers on each dial can be cracked in around 40 minutes and a 4 dial lock in 4-5 hours. As a result, we would never recommend using a combination padlock in a remote or unmonitored location.
Please note that many combination padlocks can also be cracked using various other technical methods and this is something to be aware of when considering your security option.
