A man who tried to buy a bike with stolen insurance claims it’s worth more than he thought

The man who claimed he was unable to find a replacement bike on eBay because of his lack of insurance claims he was a thief.

He was busted by a Perth police team after allegedly trying to buy an ‘unsecured’ bike that had insurance.

The 29-year-old man is now facing a court appearance and is now awaiting his chance to defend himself.

The man bought the bike for $10,000 on the online bike store BikeBiz on Tuesday and paid for it in cash.

“I’ve been riding this bike for over three years,” the man told the ABC.

After receiving a warning letter about the bike, he contacted BikeBizz to claim the bike as his own.

On Wednesday, he appeared before Perth Magistrates’ Court to face charges of buying a stolen bike and using a stolen credit card.

Police believe the bike was stolen on July 6, 2018 and the man is believed to have been riding it for two weeks.

It is unclear how many people were on the bike when it was stolen.

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