It might surprise you to know that car insurance has been around for about as long as vehicles have. Here are some interesting facts about the history of car insurance in CT. and around the country.
Insurance in the Early Days
He discovered electricity, invented the bifocals, and was one of the founding fathers of the United States. But did you know that Benjamin Franklin also formed and organized the first insurance company? It wasn’t an auto insurance company but some experts suggest that the inception of the idea of flood insurance and fire insurance inspired the idea of auto insurance later on.
Where It Started
Although Detroit, Michigan is commonly referred to as the Motor City, a large part of the motor development in its early years was taking place in Ohio. The first person to ever hold an insurance policy on a vehicle is Gilbert Loomis.
What It Covered
The policy that Gilbert Loomis purchased was bought in 1897. This policy was simple in that it protected Loomis from liability in case the vehicle he was driving damaged property or injured or killed someone. The basic concept has stayed the same–protecting motorists from liability–although there are significantly more coverage options now than there likely were then.
Auto insurance has been protecting motorists since some of the very first vehicles were being manufactured and continues to protect drivers now as well.