The Reasons Behind The History of Car Insurance
Written by Marcus Worthon on June 26th, 2009
Being one of the most popular and most sought after insurances in the world, car insurance is definitely one of the most talked about insurance policies as well. Be it the Us, Europe or Asia, it is mandatory by law, for people driving cars on public roads to own car insurance.
According to the history books, the very first documented proof of car insurance (in fact,vehicular insurance) can be found in ancient China. During the times when the west had started establishing trade colonies all along the Chinese border, instances of cargo ships being hijacked or lost were reported to be on a rise.
British traders had established a number of trade colonies in coastal Chinese regions and a lot of cargo was transferred on ships, to and from this coast into the Pacific and the Atlantic oceans. At times, these ships went berserk and lost track and some were even looted. It was after these incidents that they traders and investors of that era brought forward the idea of marine insurance, thus giving birth to an all new class of insurance policies.
Car insurance and the concept of vehicular insurance as such as been modified time and again since then. Policy makers from all over the world have had numerous meetings, focusing on the clauses in various car insurance policies. IN a span of more than 2 centuries, car insurance policies have come a long way, and continue to do so, even as you read this write up.
With the number of vehicles and the number of road accidents growing exponentially in numbers and complexity, car insurance policies are being renewed at a very rapid pace. New tailor made policies have surfaced in the recent past and offer a wide array of benefits to the car owners. Such policies are not a luxury, rather, a necessity, given the fact that in the long run, they can save you hundreds, even thousands of Dollars in case of a mishap.
Dr. Truman J martin, is said to be the father of car insurance policies in the US. His policy, written in 1898, was the first policy offering liability cover in the United States. This was, however, not the first time that an insurance policy offering liability cover had been rolled out. Three years before Truman had drafted his policy, an insurance company in England had already rolled out a car insurance policy offering liability cover, in 1895.
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