Have you ever found yourself intrigued by the history of auto insurance? It’s a fascinating topic. Here’s a quick historical overview. If you’re seeking insurance agents serving Iowa, consider reaching out to Brown-Hurst Insurance Agency Inc. We’re pleased to respond to inquiries and assist you in picking the perfect car insurance policy.
The Evolution of Auto Insurance
Before discussing auto insurance, it’s beneficial to appreciate the long history of insurance in general. Ancient civilizations, for instance, utilized granaries as a form of insurance, storing food for times of drought or disaster. When trade surged in medieval Europe, merchants commonly took out insurance policies for their ships. Then, in 1752, Ben Franklin established a fire insurance policy in Philadelphia.
Thus, insurance predates automobiles. It’s believed that the very first auto insurance policy was granted to Gilbert J. Loomis in Ohio in 1897. Cars were still a novelty then, and as they gained popularity over the decades, so did auto insurance. Coverage started to include protection against theft and fire damage.
In 1925, Connecticut issued financial responsibility laws for motorists, which further propelled the popularity of car insurance. In 1927, Massachusetts became the first state to mandate auto insurance. Despite the vast time gap, New York was the next state to mandate car insurance in 1956. After World War II, cars became integral to American life, leading to more states requiring insurance. By the 1970s, most states had enforced either an auto insurance requirement or financial responsibility law.
Residents of Iowa interested in learning more about auto insurance should contact Brown-Hurst Insurance Agency Inc. We can help you understand the history, present, and future of car insurance policies.
