Postby ~Vēġó~ » February 1st, 2010, 8:04 pm
February 1, 1898
First auto insurance policy is issued
The Travelers Insurance Company of Hartford, Connecticut, extended coverage to an automobile owner, making them the first company to issue an automobile insurance policy to an individual. Dr. Truman J. Martin of Buffalo, New York, paid a premium of $11.25 for the policy that covered $5,000 to $10,000 of liability. In 1925, Massachusetts became the first state to mandate automobile insurance, "requiring owners of certain motor vehicles and trailers to furnish security for their civil liabilities." Today, auto insurance is a fact of life for American drivers as nearly every state requires some insurance for the operator of a motor vehicle. In a country where the driver's license serves as the primary form of identification, the challenge of selecting a coverage policy and paying the car insurance premium has become a rite of passage for many young Americans.
February 1, 1921
Cabby sets record
Carmen Fasanella of Princeton, New Jersey, obtained his cab driver's license at the tender age of 17. Mr. Fasanella would go on to drive his taxi for the next 68 years and 243 days, setting an unofficial record for the longest continuous career for a cabbie. Incidentally, the term "cab" comes from "cabriolet," a single-horse carriage used by coach drivers.
February 1, 1969
DeLorean gets top job at Chevy
On this day in 1969, John DeLorean was named the top executive at Chevrolet. DeLorean had risen precipitously through the ranks at Pontiac, where he pioneered the successful GTO and Grand Prix models. As the general manager of Chevrolet, DeLorean sold a record 3,000,000 cars and trucks in 1973. Poised as a top candidate for the presidency of General Motors (GM), DeLorean walked away from Chevrolet in late 1973 to start his own company. He brashly predicted he would "show [GM] how to make cars." DeLorean raised nearly $200 million to finance his new venture, the DeLorean Motor Company. He built a factory in Northern Ireland and began production on the sleek, futuristic DMC-12 car. Interest in the car was high, but the company ran into serious financial trouble. Refusing to abandon his project, DeLorean involved himself in racketeering and drug trafficking in a desperate attempt to make the money that would save his company. In 1982, after being caught on film trying to broker a $24 million cocaine deal, DeLorean was arrested on charges of drug trafficking and money laundering. A federal jury later ruled that DeLorean had been the victim of entrapment, and he was acquitted of all charges. Nevertheless, DeLorean's career and reputation were ruined.