Lyric discussion by stoolhardy 

I think this song is about having one's life spared in a motorcycle accident. He feels a guardian angel was looking over him because he came out fine. I don't think the song is about cruising on the bike with his honey, mostly because of the "She found me down on a two ton anchor/Tangled up in wire" lyric. Passenger cars almost always weigh between one and two tons.

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