105th Birthday of Automobile Coverage
Monday, February 2nd, 2004 AutoToday, automobile insurance is both required and a major item in the budget of most households. The idea of insuring cars against accidents began this week in 1898, when the Traveler‘s Insurance Company issued a policy to Dr. Truman Martin of Buffalo. His policy cost $12.25 and gave him $500 in coverage. Martin was chiefly concerned about accidents between his automobile--one of only 4,000 in the entire country--and horses, which numbered about 20 million at the time. Today, cars and trucks outnumber horses 221 million to just under 2 million. The average car costs its owner about $700 a year to insure.
External References & Further Reading
http://www.insurancejournal.com/news/newswire/national/2004/02/02/36330.htm
