Vehicle insurance, and more particularly car insurance, is one of the most widely purchased types of insurance policies around the world today. How, did this whole concept of car insurance came into being? What is the history behind it? In this write up, we examine, what all were the ideas that played the foundation on which the whole concept of vehicular insurance is based.
Have you ever wondered where did it all begin? In this write up, we try and explore some of the reasons and incidents which led to the foundation of car insurance policies and laws relating to them. The earliest hints of vehicular insurance com from ancient China, when the west was opening up to this far land.
Most of the cargo that was shipped in these cargo ships belonged to wealthy traders of England and it is the clan of these traders only who rolled out insurance policies to safeguard their ships against potential maritime dangers.
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.
Policy makers from all over the world (especially those from the US) were bent on the fact that owning a vehicle and driving it on public property (roads are, by law, property of the public) is not a right, but a luxury and therefore, it became all the more important for car owners to get their vehicles insured. Car insurance was also deemed elementary to safeguard the interests of third parties who might get incur losses during an accident on the road.
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.
Have you ever wondered where did it all begin? In this write up, we try and explore some of the reasons and incidents which led to the foundation of car insurance policies and laws relating to them. The earliest hints of vehicular insurance com from ancient China, when the west was opening up to this far land.
Most of the cargo that was shipped in these cargo ships belonged to wealthy traders of England and it is the clan of these traders only who rolled out insurance policies to safeguard their ships against potential maritime dangers.
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.
Policy makers from all over the world (especially those from the US) were bent on the fact that owning a vehicle and driving it on public property (roads are, by law, property of the public) is not a right, but a luxury and therefore, it became all the more important for car owners to get their vehicles insured. Car insurance was also deemed elementary to safeguard the interests of third parties who might get incur losses during an accident on the road.
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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