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A car is more of a sentimental value than monetary. Today one feels safe when the car is protected by an insurance policy. Read on to learn more about the history of car insurance.Among all different kinds of insurances, car insurance is the most commonly purchased. Car insurance is in fact important to be purchased. For those who are not aware, car insurance is a necessity which saves a heavy loss of money during an accident. It covers the damage caused to the car and also covers the damage done to the car belonging to the other driver. Another useful feature of Car insurance is that it covers the medical expenses of a person who gets injured because of an accident caused by the car owner. Have we ever thought how the Car insurance concept might have come into being?

Emergence of Car insurance does have a. The Chinese are thought to be the early inventors of insurance. The Chinese used to send goods through the Atlantic Ocean through cargo ships. There were times when these ships would face some misfortune due to sinking or invasion by pirates causing huge losses to the owners of these ships. These ship owners then got an insurance done of their respective ships to safeguard themselves against such losses. This is now popularly known as Marine Insurance.

The car insurance policy has been in use since last hundred years. Somewhere in 1895, a British company first offered a Car insurance policy. In 1898, the first policy was written in The United States.

In the era of the First World War, when motor cars were developing, the need for insurance was not much felt. This is because of the low speed of the vehicle that caused not much threat of damage to anyone. With the advancement of technology, the speed of the cars began to improve at a faster pace. More and more interest developed among people to own a car but even till then the need for insurance was not felt. As the popularity of cars began rising, the density of the vehicles on the roads also increased. The driving skills needed lot improvement because of which accidents would occur. The rate of accidents grew to such an extent that finally the British government introduced the 'Road Traffic Act' for the safety of the third parties who would unfortunately fall prey to mishaps like accidents. Insurance policies had already begun to come into existence but were not mandatory.

Composite insurers - The car insurance was offered by composite insurers, who used to deal with many kinds of insurances like life insurance, medical insurance, home insurance etc. The competition in this market was little. These insurers followed a standard policy so there was no scope for competition.

In the era of the Second World War, the motor industry was adversely affected and there was a fall in petrol supply. Post Second World War motor insurance market took off at a rapid pace. Broking business surged up, because of the payment comforts they offered to the car owners. Car insurance took another big leap with the invention and popular usage of computers.  

Due to heavy marketing gimmicks, people started looking forward to car insurances. Today almost every individual owning a car applies for insurance for the safety of his own vehicle understanding the growing statistics of mishaps. In the United States, Car insurance has been made mandatory. It is still observed that car owners do not abide by the rules and regulations specified in the policy.

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