The History of Automobile Insurance

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The history of automobile insurance is almost as long and complicated as the automobile itself. Find out about the history of automobile insurance with help from an experienced insurance professional in this free video clip.

Part of the Video Series: Insurance Questions
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Video Transcript

My name is Susan Combs, and today we're going to talk about the history of automobile insurance. When it comes to the history of automobile insurance it's kind of exciting. The whole concept of insurance started around 3000 BC and it started with the Chinese merchants. They were having a lot of cargo shipped overseas and so these cargo merchants, what they decided to do is they didn't want to put all their eggs in one basket so to speak so they took their shipment and spread it out through different ships so that if one of the ships was sank then not all their cargo would go down with one ship. So when automobile insurance actually started is around the 1800s when the first automobile came out because after the first automobile came out if you had one of those you were in you know high cotton and worth quite a bit of money. So these people started thinking about okay this is one of my major assets and one of the most expensive things I own, what happens if something happens to it? So soon after that became automobile insurance because they wanted to make sure that the automobile was covered itself and then also if anybody was injured in an accident or they caused property damage as well.

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