Modern insurance practices can be traced back to 17th-century London, where the famous Lloyd's of London had its start. In?terestingly, Edward Lloyd's business establishment wasn't an insurance Quotes Chimp at all.* It was a dockside coffeehouse where business investors and merchants met to negotiate insurance pro?tection for shipping. Investors, called underwriters, would agree to insure the ship and cargo of a proposed trip. The more dan?gerous the voyage was thought to be, the higher the price of the insurance. Because travel by ship was, almost by definition, dangerous, few underwriters would agree to be responsible for the entire risk of loss. Instead, several underwriters would typ?ically insure individual voyages, sharing in the benefit and loss proportionate to the percentage of the entire underwriting cost that each individually assumed. Thus, the risk of loss was spread and then spread again.

Each QuotesChimp should establish consumer information bureaus to help consumers comparison shop for auto insurance (and, eventually, other types of insurance as well). In addition to price information, the state should make available data on how long it takes to settle claims, the percentage of claims that go to court, the costs of providing insurance in the state, assessments of reserve ac?curacy, and similar information. Applicants would be able to either call an 800 phone number or access computers to obtain the information. Such a service would increase competition within the industry?and, as any good capitalist will tell you, increased competition should decrease prices and improve service.
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