David Saks: Bicycle Insurance Fraud

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Bicycle Insurance Fraud


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:busted bicycle

"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.


David Saks

Time&Temp Memphis

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Mr.Saks' participation in ActiveRain ended April 13, 2015.

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Comment balloon 5 commentsDavid Saks • July 16 2008 11:17PM


I had an expreience lately that reminded me as well. ALWAYS get it in writing no matter how much you trust the people.

Great blog...

Posted by Minnesota Home Staging Firm, Minnesota (Minnesota Home Staging Network~ MN's Top Home Staging Firm) almost 12 years ago

Thank you, Beth. Great to hear from you

Posted by David Saks ((retired)) almost 12 years ago

Cute story. But I can imagine how upset you'd be! Now I personally would have probably found out what that bully's favorite item was ;)

Posted by Lisa Hill, Daytona Beach Real Estate (Florida Property Experts) almost 12 years ago

Maybe I should've told his Mama, Lisa ? But I didn't rat my pals out, even though some of them were scoundrels. I just suspected it would catch up with them one day. It usually does. It pays to be honest, and that payback comes in the form of trust. And you can't put a price on that. Any price.

Posted by David Saks ((retired)) almost 12 years ago

ps...I got a new bicycle...

Posted by David Saks ((retired)) almost 12 years ago

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