A New Player Emerges In Collector Car Insurance

July 11, 2024 | OpenRoad Insurance is now offering insurance plans, in select states, for vintage and collector cars. It has been said before and we couldn’t agree more, this is the golden era of the car enthusiast movement. From the 1,025-hp Dodge Challenger SRT Demon 170 that you can buy brand-new, to the handcrafted artwork from builders like Rad Rides by Troy, Hollywood Hot Rods, Roadster Shop, and dozens (maybe hundreds) of more custom shops. Then there are the garage-built heroes that are the backbone of the hobby.

One could also drop by a Mecum Auctions and practically find any classic and vintage car you’ve wanted to own—ready to go to the highest bidder. Commissioning, building, or buying a collector car has never been easier in the $50 billion auto enthusiast aftermarket. However, once you own one of these vehicles, it becomes a priority to protect that investment by getting a proper auto insurance policy.

Yes, we get it, uttering the word insurance these days is a sore subject from its ever-increasing costs to the complicated coverage plans. OpenRoad Insurance is looking to change that experience and has built an entirely new program from the ground up. The new collector vehicle insurer promises modern and streamlined digital experiences, superior coverage, and better pricing in a time when many auto enthusiasts are experiencing skyrocketing insurance rates with no end in sight. Beginning this Monday, July 15, 2024, OpenRoad will offer collector car insurance in Wisconsin, Illinois, Indiana, and Ohio; expanding into twelve more states later this year and eventually having countrywide coverage.

The insurance world can be complicated, and many collector vehicle owners are often sold on the idea of simplifying things by bundling their collector car coverage with their home and daily driver insurance. Unfortunately, these standard insurance companies make money by charging a premium cost to insurer collector vehicles, which have lower risk of an accident, and then use that revenue to cover the frequent claims seen on the daily drivers they insure. That is a basic overview of how the system works. What is worse is that many collector vehicle owners also don’t realize until it’s too late is that these standard auto insurance programs don’t offer the special protections these vehicles often need when needing repairs after an accident. OpenRoad’s approach is different. Mark VanDam, OpenRoad’s Chief Underwriting Officer, explained, “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.” One of those opportunities is leveraging the reduced accident frequency of vintage and modern collector cars to provide better rates. OpenRoad evaluated other differences between daily drivers and collector cars, working those protections into their new collector car policies, passing savings and better coverage on to their customers.

“It’s shocking to see what U.S. drivers have experienced in terms of rate increases,” said Justin Moreno, OpenRoad’s Chief Marketing and Communications Officer. “We know that 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 these vehicle owners what the right coverage looks like and provide rates that reflect the special care they give their rides.”

No matter how your collector car came into your life—building, buying, or commissioning—be sure to get it properly protected from unthinkable acts of tragedy. Check OpenRoad Insurance’s website for more information.