Most Classic & Collector Car Owners Are Overpaying For The Wrong Insurance

September 20, 2024 | Besides being legally required in all but two states, there is no good reason to not have good insurance on your car, whether it is a classic muscle car, high-performance sports car, or your daily driver. While there are plenty of options when it comes to getting auto insurance for your daily, getting adequate coverage for a classic car at a competitive price is often a challenge. Today most auto enthusiasts are overpaying for the wrong coverage and don’t even realize it until it’s too late. New classic and collector vehicle insurer OpenRoad aims to fix that with coverage built specifically for these vehicles and at prices that reflect the special care we give these rides.

OpenRoad’s entry into the market comes at a time when auto insurance rates have reached an all-time high with costs rising 6 times faster than inflation since March of 2023. According to the Bureau of Labor Statistics, today many drivers are paying up to 22-percent more than they did just a year ago. To make matters worse, market estimates show that well over 90% of collector vehicles in the U.S. are insured by standard auto insurers, which means the vast majority are missing critical coverages in their insurance policies. 

OpenRoad was created to help bring the costs down while giving their customers more benefits and protections tailored to these vehicles. With an agreed-value policy, you know how much you are covered for, it is not based on the whimsical values assigned by people who do not understand the classic and collector car market. When you file a claim with OpenRoad, you get your choice of shop, you are not pushed into working with an “insurance approved” facility, where corners are cut to maximize profit for the shop and minimize costs to the insurance company. You take it where you want, so you can trust the job will be done to your satisfaction and with OEM parts. In addition to roadside service reimbursement, OpenRoad even provides relocation coverage for major disasters such as hurricanes and wildfires, as well as several other coverages that you simply can’t get anywhere else.

OpenRoad customers Brian and Melissa Haske switched coverage for their 1976 Porsche 914 & 2001 Porsche Boxster to OpenRoad from their longtime standard auto insurance provider. Like many classic and collector car owners, they had just added their rides to their standard insurance which meant that they didn’t have coverage tailored to their collector cars, something they quickly realized after discovering OpenRoad. “We couldn’t believe how much we saved after switching to OpenRoad from our standard auto insurance,” Said Haske. “Not only did we save a bunch of money, but we added a lot of new coverages that we didn’t have with our standard auto insurance. So, the coverage is better and we’re paying less. It was a no brainer for us to switch.”

Stu Nelson, General Manager of Porsche Downtown Chicago was doing some price comparisons for his 1968 Porsche 912 and discovered that he was under-insured. “After spending several years restoring my car from the ground up I took a closer look at my auto insurance. With all the investment I had made in terms of time, energy, and of course money, I wanted to make sure I was protected,” Nelson said. “When I looked at the coverage, I had through my standard insurance company I was really surprised. Their coverage was great for my daily drivers but almost none of the coverage I had was tailored to my classic car. I made the switch to OpenRoad immediately after doing a coverage comparison. Now I know I have the right coverage and I’ve been recommending OpenRoad to all my friends with classic and collector cars.” 

Is your classic car adequately insured? If not, you could be left holding the bag after a wreck or loss. What is worse is you might be overpaying for your inadequate Insurance. Check out OpenRoad’s comparison chart to see how your current insurance stacks up. Their customers are raving about their savings with OpenRoad. We spoke to another OpenRoad customer, John DiFronzo who told us “I had assumed that all auto insurance companies offered the same types of coverage. But when I investigated OpenRoad I realized how important it was to have insurance that was specific to collector cars. I also know that if I need repairs from an accident, OpenRoad will cover OEM parts, and I also get to choose a repair shop that specializes in collector cars. None of this was available with my standard auto insurance. I also saved a ton of money which is great.” With OpenRoad, John can enjoy driving his 1968 Chevelle SS restomod without worrying about having adequate insurance coverage.

Your classic or collector car should bring you happiness and help relieve stress, insuring it should be easy and cost-effective, otherwise ownership can become burdensome, especially if you have ever experienced a loss with such a vehicle. OpenRoad Insurance is currently available 8 states (Wisconsin, Illinois, Indiana, Ohio, Oklahoma, Louisiana, Arkansas, and Missouri, with several more coming online in before the end of the year. Check out their coverage options and get your quote today in about 5 minutes. If coverage in your state is not available yet, sign up for their state launch newsletter so you can update your classic and collector car insurance as soon OpenRoad opens up for your area