U.S. drivers are continuing to feel the financial squeeze from rising auto insurance rates with no relief in sight. Spikes in speeding, crash severity, catastrophic vehicle and injury claims, as well as materials, parts, and labor shortages seen during COVID-19 have resulted in the largest auto insurance rate increase in nearly half a century. According to the Consumer Price Index (CPI), the cost of auto insurance has risen six times faster than inflation over the past 3 years.
Unfortunately, classic car and truck owners are among the most severely affected by these insurance cost increases. These collectors face a double inequity: their rates often do not reflect that they are statistically less likely to get into an accident or file a claim, and standard auto insurers also don’t typically offer proportionally lower rates for owners who drive their vintage vehicles less than their daily drivers.
Beyond rising costs, classic and collector car owners face the additional challenge of finding auto insurance protections that fit their unique needs and those of their rides. Many owners are also unaware that their current policies lack specialized coverages that are better suited for these types of vehicles. This can create significant coverage gaps that could impact the vehicles authenticity and value in the event of a claim.
Classic Car & Truck Owners Are Flocking to A New Insurance Program
In the shadow of rising insurance costs and inflation more and more auto enthusiasts are finding both rate relief and superior coverage by switching to an entirely new program being offered by classic and collector vehicle insurer OpenRoad. Since launching this past summer, OpenRoad has seen massive growth in the number of owners signing up for their program with January looking to be yet another record-breaking month for the brand. The collector vehicle insurer has also seen significant interest among insurance agencies and brokerages, registering over 1,000 new partners in the past few months who are keen to have another option for their clients.
Customer reviews highlight significant cost savings, better coverage, and excellent customer service. One review reads, “Pricing was 20% lower than their direct competitor for the exact same coverage on multiple vehicles… These days, when insurance (cost) is outrageous, these people stepped up to the plate … Thank you, OpenRoad.” Another states, “I have ALREADY referred OpenRoad to someone else and will continue to do so…. 25% less premium than my former classic car insurance company for the same coverage… they will be my classic car insurance company moving forward. THANK YOU!”
Beyond cost relief, many customers also point to the excellent customer service they received with reviews that include statements such as “Overall, the best experience I’ve had setting up insurance,” and “It felt like I was calling a friend.” That’s some high praise for an auto insurance company.
Delivering Superior & Specialized Coverage For Auto Enthusiasts
Realizing the market was ripe for more choice, the OpenRoad team set out to build a program that addressed the gaps currently facing collector vehicle owners as well as insurance agents and brokers servicing this community. Their program was designed from the ground up by a team of collector vehicle and insurance experts with one goal; Provide superior classic & collector vehicle insurance coverage at a fair price.
When you look deeper into OpenRoad’s program design and available coverages, it is easy to understand why the brand continues to receive such positive feedback from its customers. Their program includes a variety of specialized coverages with pricing models that account for the reduced accident frequency often associated with these vehicles, resulting in better protections as well as lower insurance rates for their owners
Today Many Collectors Are Paying More for Less Coverage
Unlike standard auto insurance programs, OpenRoad’s agreed-value policy covers your car for what it’s worth, considering its condition, rarity, as well as the time, effort, and investments you put into your vehicle.
“Many collector vehicle owners don’t realize that their standard auto coverage is based on a depreciated market value,” said Justin Moreno, OpenRoad’s Chief Marketing & Communications Officer. “That may work well for daily drivers but not for a classic car or truck. These vehicles require coverage that considers their true replacement cost, assigning a market value that accounts for their condition as well as the owner’s investments. We provide that as well as expert claims handling and many other protections that are better suited to the needs of the collector car community.”
With OpenRoad, you know that if you need to file a claim, the repairs will be done right. Not only will repairs be performed with OEM parts specifically tailored to your vehicle, you’ll also get to choose a repair shop you know and trust, one that specializes in collector vehicles and classic car restorations. This is a key differentiator from standard auto insurance programs. Even for minor repairs, standard auto insurers do not guarantee that they will cover original parts or that their approved body shop network has the expertise necessary to repair these types of vehicles. These coverage gaps and claims handling practices can put the authenticity and value of a collector’s vehicle in serious jeopardy.
OpenRoad also offers a generous emergency roadside cost reimbursement program at no additional cost as well as coverage for the relocation and temporary storage of collector vehicles in the event of major disasters such as hurricanes and wildfires, another key differentiator from a brand that clearly understands the nuances of collector vehicle ownership.
Rapidly Expanding Across the U.S.
To keep up with the massive market demand that they’ve seen, OpenRoad has been rolling out its insurance program across the U.S., quickly growing coverage availability to 16 states including Arizona, Arkansas, Illinois, Indiana, Louisiana, Michigan, Minnesota, Missouri, New Mexico, Ohio, Oklahoma, Pennsylvania, and Wisconsin. Don’t reside in one of their currently live states? Don’t worry, brand plans to operate in 30 states by the summer of 2025. You can also sign up for their launch newsletter and get notified as soon as coverage is available for your area.
Get your quote today and see how much you could save in about 5 minutes.
Source: www.classiccars.com