Insurance Companies Have Been Around Much Longer Than You'd Think
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Insurance companies are an unavoidable force in society today. Whether you’re buying a new car, moving to a different state, or simply flipping on the TV, it can seem like insurance providers are behind every corner.
The constant inundation of commercials and coverage choices might tempt you to wish for the days before insurance existed, but finding a world free of insurance would require you to travel much farther back in time than you realize.
Learn what year to set the Delorean to for finding an insurance-free world, how car insurance got started, and the best way to find cheap car insurance below.
The insurance industry’s roots
The Insurance Information Institute says insurance was first commodified and regulated in England at the beginning of the 15th Century. The first legislation related to the concept was enacted in 1601. It concerned coverage for ships and merchandise.
After the Great Fire of London in 1666, personal insurance was born to protect people from future catastrophes. Only two decades later, the first mutual insurance company was formed by a group called the Participants in the Friendly Society in England.
Insurance crossed the pond to America in 1735 when The Friendly Society established itself in Charleston, South Carolina. The mutual insurance company went out of business in 1740, but the torch was passed to Benjamin Franklin, who established the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire in 1752.
The company still offers coverage in the Philadelphia area, making it the oldest continuously operating insurance business in the United States.
Car insurance branches out
According to Daimler AG, the automobile was invented in Germany in 1886 by Carl Benz, but it didn’t reach Americans on a mass scale until 1893. Only five short years later, the Insurance Information Institute says Travelers Insurance Company issued the first automobile insurance policy in the United States.
For the next two decades, car insurance remained optional, but in 1925, Massachusetts passed a compulsory automobile insurance law. Almost every state followed suit, and today, car insurance is only optional in Virginia and New Hampshire.
How to find the right car insurance for you
Buying car insurance in today’s world can be an arduous task. Protecting yourself from the unexpected is important business, so choosing the cheapest option might not be the best idea.
Balancing the deductible/premium scale in a way that’s right for you requires a close look at your finances and driving record. And choosing what types of coverage to include in your policy demands even more factors to be considered.
Thankfully, Jerry has innovated the insurance buying experience to make your life easier. An intelligent AI-based tool like Jerry is the easiest and most effective way to find a car insurance policy that is customized for you.
After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. So why do all that extra work when Jerry can do it better?