Open Road to Enter into Collector Vehicle Insurance Market

May 20, 2024 | Open Road Insurance has announced its formation as a managing general agency (MGA) focusing on collector vehicle auto insurance.

Led by CEO Richard Hutchinson and backed by majority investor Griffin Highline Capital LLC the firm is collaborating with National Interstate Insurance Company to roll out its services across select U.S. states, offering a fresh alternative for collector vehicle insurance policyholders.

The inception of this new product is in response to the rising costs within the auto insurance sector, highlighted by the U.S. Bureau of Labor Statistics.

As auto insurance expenses soar, OpenRoad sees an opportunity to provide tailored solutions to cater to the unique needs of the collector community. Despite the challenges facing auto insureds, OpenRoad remains optimistic about better serving enthusiasts in this niche market.

The firm’s offering stands out due to its specialised coverages and services meticulously crafted for auto enthusiast owners.

With over 40m collector vehicles in the United States, the majority of which are insured by standard auto insurance providers, OpenRoad seeks to provide a refreshing alternative.

Michael Doak, Founder and Managing Partner of Griffin Highline, stated, “OpenRoad is led by a specialised, experienced team, and we are excited to support the formation of a best-in-class collector automobile insurance provider. We are also grateful for the opportunity to collaborate with National Interstate Insurance Company (“National Interstate”), a member of Great American Insurance Group (“Great American”) and believe, under Richard’s leadership, that there is a large market opportunity ahead for OpenRoad.”

Richard Hutchinson, CEO of OpenRoad, added, “Of the 40 million+ collector vehicles in the United States, the majority are insured by standard auto insurance generalists. Our program is different as it was designed with specialised coverages and services tailored for the unique needs of auto enthusiast owners. We are proud to offer the auto enthusiast community more choice, comprehensive coverage, and the fair pricing that they deserve.”