I was a little guy. Didn't say much. Minded my own business.
But I loved my bicycle. The other kids knew it.
One of the bigger guys in the neighborhood knew how much I loved my bike and confronted me one day and said:
"Saks, you know, that bike of yours is pretty nice. What if somebody took a baseball bat and busted it up real good, bent the spokes, slashed the tires or stole it? You know what you need...you need bicycle insurance. And I just happen to be in that business. As a matter of fact my rates are cheap and I'll insure your bicycle for every five bucks that it's worth for five cents."
Well, the thought scared the devil out of me, I considered the risk for a second and did the math. My bike was a real nice Schwinn worth about 50 bucks and that added up to 50 bucks worth of bicycle insurance coverage for fifty cents. Wow, what a deal !
I ran inside the house and found a couple of hard earned quarters and ran back outside to give the big guy the money for my new bicycle insurance coverage.
We'll, a couple of days later, I fell off of my bicycle and trashed the front spokes and handlebar.
The first thing I did was contact my underwriter. The first thing he said was that we didn't have a contract and that he had already spent my insurance coverage payment on a Moon Pie and an Orange Crush. I wanted to bust his kneecaps, because that's about as tall as I was and where I stood in relation to his size, and I knew that I could lose a tooth. But I just went home wrote off the loss, and learned a valuable life lesson in the process.
Get it in writing.
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