Auto Insurance Wasn’t Always a Concern of Business Owners, Consumers

Business Bank on Staten Island shares historical tidbit from U.S. Census Bureau

 

 

If you own a vehicle for personal or commercial use, one thing is certain: Auto insurance is required. However, this wasn’t always the case, notes Victory State Bank, Staten Island’s only community-based business bank.

According to the United States Census Bureau, the idea of insuring cars against accidents began in February 1898 when the Traveler's Insurance Company issued a policy to Dr. Truman Martin of Buffalo.

Dr. Martin ‘s policy cost $12.25 and gave him $5,000 in coverage. He was chiefly concerned about accidents between his automobile — one of fewer than 4,000 in the entire country at the time — and horses, which then numbered about 18 million on farms alone.

Presently, there are nearly 14,000 property and casualty insurance firms in the United States, and over $109 billion worth of insurable automotive assets manufactured annually. 

 

 

 

About Victory State Bank

 

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

 

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