New classic and modern collector vehicle insurer OpenRoad will begin offering coverage across select U.S. states beginning July 15.
OpenRoad’s launch comes at a time when U.S. drivers have experienced a multi-year trend of record-breaking cost increases, causing 49% of auto insurance customers to be actively shopping for rate relief, according to the company.
According to the Bureau of Labor Statistics, many drivers are paying 22% more today than they did just a year ago. On average, auto insurance costs have grown six times faster than inflation since March 2023.
“It’s shocking to see what drivers have experienced in terms of rate increases,” said Justin Moreno, OpenRoad’s chief marketing and communications officer. “We know the auto enthusiast community has been affected given most U.S. collector vehicles that are eligible for our program are currently covered by standard auto insurance carriers. Our objective is to show vehicle owners what the right coverage looks like and provide rates that reflect the care they give their rides.”
OpenRoad’s insurance program includes specialized coverages tailored to the unique needs of classic and modern collector vehicle owners, with many protections not available through standard auto insurance programs.
OpenRoad’s pricing models also account for the reduced accident frequency often associated with collector vehicles, resulting in lower insurance rates for their owners.
“We examined all the contributing factors that were causing these rate hikes,” explained Mark VanDam, OpenRoad’s chief underwriting officer. “We identified several opportunities for us to build a better program, one that passed more savings along to our customers and provided the specialized coverages they need.”
OpenRoad’s launch will be centered around Midwest states with coverage becoming available across Wisconsin, Illinois, Indiana and Ohio. The collector vehicle insurer aims to add an additional 12 states before the fall and ultimately plans to offer coverage countrywide.
