Interesting Facts About Auto Insurance

Insuring a vehicle is a mandatory thing to do. It is a way of preventing heavy expenditure in case of any bitter situations. In most of the countries not having a vehicle is punishable by law. Most of us will have vehicle insurance, which is a good thing. But the predominant population does know much about auto insurance. In this article, we will see some interesting facts about auto insurance.

It all started here

Today getting an auto insurance is very easy. There are lots of reliable brands like GoSkippy: Compare Car Insurance Quotes at Utility Saving Expert, where you can get the vehicle insurance for the best price. For everything in the world there should be beginning, so does auto insurance. The first every auto insurance was sold in the year 1897. The company that sold the first auto insurance was the Traveler’s Insurance Company. So it has been more than a century since the practice began.

The Massachusetts connect

Many might think what Massachusetts has to do with auto insurance. The state of Massachusetts played a very important role in the history of auto insurance because it was the first state to make auto insurance mandatory for every vehicle. It was started in the year 1927.

The most expensive one

Among all the states in the United States, it is Michigan, which has the highest auto insurance. The average annual premium that is paid by the citizens is nearly 2300 dollars.

The Italian Bull

If you are a person, who loves cars, the first thing that would hit your mind when we say the words Italian Bull is Lamborghini. We all know for a fact that it is one of the sportiest and one of the most expensive sports cars. The annual insurance cost that needs to be paid per year for a Lamborghini is nearly 6050 dollars.

Insurance free states

When it comes to motor vehicle rules, not having vehicle insurance is punishable by law. But that is not the case in two states which are Virginia and New Hampshire. If you do not have vehicle insurance, all you need to do is just a pay 500 dollars uninsured motorist fee. But the drivers will be held, and they will be liable for all the accidents and damages that they have caused.

The most stolen car

According to the data received from various police and insurance providers, Honda Civic is the most stolen car. In the years 2017 alone 388 Honda Civics has been stolen. The second in the list is Nissan Altima. The best part is that more than 80 percent of the cars that were stolen had proper insurance.

The surge pricing

We are gradually realizing the importance of data. The driving pattern in every place is being constantly informed to various insurance companies. According to the data collected, the insurance rates are increased and decreased by most of the insurance companies.

ISO ratings

ISO rating program is the one that determines the cost of the vehicle. Some of the parameters that are considered are the make of the vehicle, safety rating, model and a lot of other things. The insurance companies will have a vehicle rating with which they will determine the risk of insuring the vehicle.

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