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 Bureau of Labor Statistics, today many drivers are paying 22% more than they did just a year ago. On average, auto insurance costs have grown 6 times faster than inflation since March of 2023.
“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.”
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.
“When developing our program, we examined all the contributing factors that were causing these rate hikes,” explained Mark VanDam, OpenRoad’s Chief Underwriting Officer. “In the process, 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 on Monday, July 15, 2024, 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.
Updates to OpenRoad’s official launch schedule will be published regularly on the company’s LinkedIn page and can also be found by visiting OpenRoadAutoInsurance.com.