Who Invented Car Insurance?
Did Ben Franklin invent car insurance? We know he invented the kite in 1752.
He invented insurance in 1751 when his Union Fire Company met with Philadelphia fireman and from that meeting came Philadelphia Contributionship the first successful fire insurance company in the colonies.
Of course cars were not even around then and nobody was insuring their horse and buggy. So who is credited with inventing car insurance?
Gilbert J. Loomis holds the distinction of being the first person to buy an automotive liability insurance policy in 1897, according to the Ohio Historical Society. The policy, which was issued in Dayton, Ohio, protected Loomis if his car damaged property or injured or killed an individual.
From that point on, auto insurance slowly started to become more comprehensive. The International Risk Management Institute reports that automotive fire and theft insurance first became available in 1902
Over 100 years later and there is no end to the places you can buy car insurance. Of course we want you to get a quote from us here on our site.
You need to protect yourself in case of an accident. Just like fire insurance protected people from financial losses over 250 years ago car insurance does that today as well.