Insurance Quotes Auto Online

Insurance Quotes Auto Online. It was one of the founding fathers, Benjamin Franklin, who formed the first insurance company in 1751, called Philadelphia Contributionship, and it was home/fire insurance. According to PBS reports, 143 policies were issued by the company in the first year, and none of the insured property caught fire for seven years afterwards. In fact, Philadelphia used the same scheme that all insurance companies use today; the members of the company paid an amount of money that would be used to restore financial loss due to fire-related causes. Such payment is popularly known today as insurance premium. Benjamin Franklin played a significant role in developing insurance indeed, but he was not the first to introduce auto insurance. As a matter of fact, the first car insurer's venture began a little earlier than Benjamin Franklin's time.

The First Known Automotive Insurance in America

People now see car insurance as an inevitable part of everyday lives simply because car is the most-popular means of transportation in the country. Insurer provides essential financial protection for every vehicle owner in the event of an accident that causes property damages, casualties, medical conditions, and all possible financial losses. In America, Detroit is nowadays well-known for its automobile industries. Landlord Insurance Rates. Insurance Quotes Auto Online. During the late nineteenth to early twentieth century, Ohio was home for innovators of this new type of transportation. It is worth mentioning that the world's first car insurance coverage policy was issued in Dayton, Ohio in 1987. According to Ohio Historical Society, Gilbert J. Loomis was the first person to purchase car auto liability insurance. The policy provided protection for Loomis in terms of financial loss (or financial responsibility) in case his car damaged another person's properties, killed, or injured someone. These policies are more or less similar to those used widely by modern car insurance companies throughout America nowadays; at least, the policies issued to Loomis set examples of what kind of financial protection that car insurance policy should at least provide for the owner. Insurance Quotes Auto Online.

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