Wednesday, 27 February 2008
Auto Insurance’s 110th Anniversary
Automobiles have been around for a long time — the first car was thought to have been built in 1672. But the development of cars didn’t happen until around the 1880s.
After more cars started showing up on the roads, insurance policies followed. And today is the anniversary of the very first auto insurance policy.
On February 27, 1898, the first auto insurance policy was sold by Traveler’s Insurance Company. The policy was purchased by a doctor from Buffalo, New York for $5,000 in liability coverage, reported the Insurance Journal.
The doctor paid $12.25 for his policy. In current dollars it would be around $316.25, well below today’s average cost of auto insurance — over $820 a year.
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Posted by at 11:22 AM in Auto Insurance
