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Car Insurance in USA – History and Modern Trends

According to Ohio Historical Society, Gilbert J. Loomis purchased the first automotive liability policy in USA in the year 1897. The policy was issued in Dayton, Ohio. Automotive insurance to cover the risk of theft and fire was introduced by American Insurance companies in 1902. Subsequently auto insurance became more comprehensive in USA. In the year 1927 the law for making it mandatory to have liability car insurance was passed for the first time in Massachusetts. After a decade liability car insurance was made mandatory in all the states in USA. As far as american insurance is concerned the laws vary from state to state. General car insurance quotes in different states in USA will not be similar. However, car insurance in USA ensures coverage to the car irrespective of the state where the vehicle operates. If a car gets into an accident during a trip in Florida it will be covered by car insurance irrespective of the state where the car insurance policy was bought. Those who want to purchase policies of General Insurance should make it a point to go through the insurance laws of the particular state as well as the particular insurance company whose car insurance quotes are under consideration.

Online car insurance

As a result of the developments in the field of information technology, by the year 1995, American insurance companies started posting their Car insurance quotes online. In the following years numerous big and small insurance companies started publishing their car insurance quotes online. Today not only that the people in USA can easily buy car insurance policies online, the buyers have also plenty of choices to buy car insurance. The introduction of online car insurance was a turning point in the history of car insurance in USA. When numerous insurance companies compete online to attract the consumers the consumers have the great advantage of availing the best quality insurance coverage for the most competitive price.

Principle remains the same

The Philadelphia Contributionship gave birth to American insurance in the year 1751 and it is heartening to know that even after so many years the principles behind the insurance policies are the same. The principle behind the Philadelphia Contributionship was that the payments received from the members would be used when any one of the members falls victim to fire-related losses. The policy behind the car insurance policy is also similar. The car insurance ensures protection to the policy holder from the financial losses caused by a car accident and losses due to damage of property, medical expenses, professional fees and loss of income.

Customers enjoy the most delightful experiences

In the year 2015, about 203 million passenger cars were insured in USA. More interestingly the America insurance industry received $1.2 trillion in the year 2017 as premiums. Though car insurance in USA began about 100 years ago, it underwent the most remarkable changes in the year 2017 when more number of carriers started using mobile telematics programs for UBI. UBI 2.0 started creating the most delightful customer experiences by taking advantage of data. The new, exciting data-driven claims experience started to evolve.

Today the $200 billion car insurance market in USA is free of process complications, low engagement and low level of customer satisfaction. The consumers are assured of the most delightful experiences by General. The focus on customer experience continued in year 2018. The tough competition still continues among the insurance companies still continues to provide the best customer experience.

Impact of Smartphones and PC

Technological advancements also are taking place rapidly on the car insurance scenario in USA. The products as well as services are becoming “smarter” and the various outcomes of technological advancements such as improved medical treatment methods, speedy processing of data and a well-connected world by the Internet have greatly impacted the car insurance industry. The different connected devices of the world such as home PC and Smartphone had greatly impacted the insurance industry. The interesting aspect of car insurance is that the latest technology has enabled cars also to join the internet of things (iOT). Today insurance agents and those who sell insurance policies in USA are provided with access to apps that enable them to send their car insurance quotes to the Smartphones of the consumers. On the other side, the policy holders are able to talk to their insurers in real-time. The car insurance agents in USA are able to provide more efficient service to their clients and technology has facilitated useful and productive conversations among insurance agents and clients. Ultimately, everyone will have the best solution.

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