February 27, 2008
Let me put on my party hat and do my best Cliff Clavin voice..
Auto insurance is celebrating it’s 110th birthday. The first policy was sold in 1898 by Traveler’s Insurance to Dr. Truman Martin of Buffalo, N.Y.
Dr. Martin paid $12.95 for a year.
The policy gave Dr. Martin $5,000 in liability coverage - Comp, collision, towing, loss-of-use, Med Pay, PIP and no-fault PIP had yet to be invented.
In today’s dollars, Dr. Martin would have paid $316 per year for $122,000 in liability coverage. Pretty cheap, I’m guessing the personal injury lawyer hadn’t been invented yet either.
