The History of Auto Insurance

Car insurance dates back centuries ago, with the world’s first car insured in 1897. The car insurance policy was from a company called Travellers and was written to Gilbert Looms in Dayton, Ohio. Lawson licensing started to show in the year 1903 which means that getting insurance before then was way easier. Over time the auto insurance has progressed, and today, it is possible to insure cars and things like pets. Look here for more about Sterling Heights, MI.

When it was made Compulsory

In 1930 the road traffic Act came into effect, and every driver was compelled to have insurance and take liability in case of an accident. These requirements became mandatory three decades after motor vehicle insurance was invented. After WWII, the auto insurance industry witnessed a series of advancements, including the introduction of brokers who could work with a bunch of insurance companies. Click here to read about  Auto Insurance Misconceptions Debunked.

Technology

Compared to the past, the industry’s paperwork has greatly reduced since information and communication are done online via the mediums available. It is incredible how technology has also had an impact on how customers can spread their risks financially. Today it is possible to acquire an insurance policy in minutes since you can submit details and strike a deal without personally visiting the insurance company.

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