According to several recent market studies, auto insurance rates are projected to rise yet again in 2025. While the rate of growth seems to be slowing, many drivers continue to pay significantly more than they did just a few years ago. Bankrate’s recent annual report indicates that drivers can expect to see an average increase of 12% in their 2025 renewals, or a 31% increase compared to 2023. While these rate increases are being felt across the board, owners of classic, antique, and custom cars continue to be among the most severely impacted by the seemingly endless growth in insurance costs.
Many Collector Vehicle Owners Are Overpaying for the Wrong Coverage
Market estimates show that well over 90 percent of collector vehicles in the U.S. are insured with standard auto insurance companies, who in recent years have had to raise rates to recover from the unprecedented losses they experienced during COVID-19. Spikes in catastrophic insurance claims and increased vehicle repair costs has resulted in the largest rate increase seen in nearly 50 years, including on less risk-prone collector car owners.
Unfortunately, these classic car and truck owners face a double inequity when it comes to their insurance costs: Not only do their rates not reflect that they are statistically less likely to get into an accident or file a claim, but standard auto insurers typically don’t offer proportionally lower rates for owners who drive their vintage vehicles fewer miles than their regular use vehicles. Making matters worse, the vast majority are probably missing critical coverages better suited to their collector vehicles, something they often don’t realize until it’s too late.
Finally, Rate Relief & Better Coverage for Classic & Collector Vehicles
Word has recently been spreading across the auto enthusiast community of an entirely new program being offered by classic and collector vehicle insurer OpenRoad. Based on customer testimonials, many collector vehicle owners are finding both rate relief and superior coverage when compared to their previous standard auto insurance or classic vehicle insurer. 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… Thank you!”
Since launching this past summer, OpenRoad has experienced massive growth in the number of owners signing up for their program. January 2025 was yet another record-breaking month for the brand with February trending to be their biggest yet. 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.
Delivering Superior & Specialized Coverage for Auto Enthusiasts
Beyond cost relief, many of their 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.
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
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 20 states including Arizona, Arkansas, Connecticut, Illinois, Indiana, Louisiana, Michigan, Minnesota, Missouri, New Mexico, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, West Virginia 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.