Car insurance, in today’s world, should be a non-negotiable expense for your budget. An integral part of a financial decision aimed to protect your vehicle. It may seem like it’s been around forever, but have you ever thought about who the smarty pants behind the idea of car insurance was?
You’ll never guess… Benjamin Franklin!
That’s right, one of the Founding Father of the United States also invested in car insurance. Franklin was a renowned know-it-all, and a complete overachiever. He was a leading author, printer, political theorist, politician, freemason, postmaster, scientist and the inventor of the lightning rod and bifocals. Franklin also formed a fire insurance company in 1751, with the first year issuing 143 policies, the insurance company lasted 7 years, and within those 7 years, ironically no one’s insured property caught fire.
Besides fire insurance, Franklin also recommended coverage for crop and life insurance, as well as cover for widows and orphans.
Then in 1751 Franklin envisioned policies that would ease the financial burdens which resulted from day to day driving. Even back then –car accidents would result in a nasty bill.
From then on, car insurance slowly became more comprehensive, and in today’s multiple choice for insurance covers, you can combine your car, property, and pretty much anything you own of value to your insurance policy.
Why is car insurance important to you?
As insurance policies have evolved, the basic principles haven’t changed. Car insurance plays a crucial role in protecting you, and your car; from property damage, theft and loss of income.
While Benjamin Franklin wasn’t thinking about vehicles when he created the first insurance company, he proved that insurance services can provide peace of mind.
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