The unfortunate truth is that most collector vehicle owners in the U.S. are unaware of the precarious situation they are in, facing perils that could cost them dearly up the road. On the one hand many are paying significantly more than they should be for auto insurance, while an even larger group is completely unaware that their current insurance does not include all the necessary coverages needed for classic and collector vehicles. Studies have shown that most collector vehicle owners in the U.S. fall into BOTH categories, overpaying for insurance while also facing significant coverage gaps. This harsh reality won’t reveal itself until the worst possible situation arises, when they get into an accident and need file a claim.
Collector Vehicle Owners Are Being Overcharged… For The Wrong Coverage
There are a few situations in play here. For starters, of the 40 million+ collector vehicles in the United States, the vast majority are insured by standard auto insurance programs. What these owners don’t realize is that these programs were not designed for classic and collector vehicles; they were designed for daily drivers. Standard auto insurance rates are calculated based on all the risks that come with typical daily driver usage, meaning more time on the road doing things like commutes and running errands in all types of weather and traffic conditions. These inflated standard insurance rates do not account for the fact that collector vehicle owners are statistically less likely to get into an accident or file a claim and typically drive their vintage vehicles fewer than 5,000 miles annually. For them, all rides share the same risk profile as a daily driver and their inflated insurance rates reflect that.
The other scenario at play here has an even broader footprint. If you think your auto insurance rates have skyrocketed in recent years, you’d be right. The Consumer Price Index (CPI) saw the cost of auto insurance rise 51% over the past 3 years, which is six times faster than inflation overall. What caused auto insurance rates to see the biggest price jump in decades? In recent years many of the largest standard insurance companies have been trying to recoup their losses from spikes in reckless behavior seen on US roads. Beginning in 2020, there were more frequent accidents, faster-than-normal speeding drivers and drunk driving surged. This all led to a spike in crash severity, all of which led to more catastrophic vehicle and injury claims on auto insurers. Moreover, materials, parts, and labor shortages during that same time frame caused repair costs for claims to climb like never before. Both factors combined have caused auto insurance rates to soar with little relief in sight. In effect, auto collectors and good drivers have been quietly subsidizing the catastrophic losses felt by insurance companies.
Not only are auto collectors likely paying more than they should be given their reduced risk profile, but the standard auto insurance coverage they do buy is often radically insufficient. This unfortunate truth will only be discovered when they need to make a claim. Even for minor repairs, standard auto insurance programs 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 their vehicle at risk.
Great News For Collectible Vehicle Owners
In all this turmoil there does seem to be some good news for classic car and truck owners, and word is quickly spreading. Recently the auto enthusiast community has been buzzing about a program being offered by the Dallas-based collector vehicle insurer OpenRoad. Customer testimonials from owners previously covered by standard auto insurers, as well as many previously insured by classic car insurance providers, continue to roll in highlighting significant savings, better coverage, and superior customer service.
OpenRoad has built a truly unique collector vehicle insurance program that all starts with pricing. Not only do they provide significant savings for drivers with great driving records, but they also account for the reduced accident frequency associated with collector vehicles. Both often results in far lower insurance rates overall. But OpenRoad goes further on reduced pricing, offering additional discounts to car club members as well as any customer who transfers their coverage from another classic car insurer.
Setting a New Bar For Classic & Collector Vehicle Insurance
OpenRoad exceeds what many other programs out there can offer. In addition to getting all the coverage you’d expect with any auto insurance policy— think comprehensive, collision, uninsured motorist, and the like — every OpenRoad policy comes with several protections tailored to car collectors. Their agreed value policy guarantees that the insurance payout you’ll receive in the event of a total loss equals the actual worth of your classic car, rather than a depreciated value that most insurance programs use. This guarantees that you’re covered for the true value of your ride, considering the time, effort, and investments you put into your vehicle as well as its condition and rarity.
OpenRoad is also setting a new bar when it comes to coverage for repairs. Under their program 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, but 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 another differentiator from standard auto insurance programs that often do not guarantee coverage for OEM parts and rarely let you pick a shop outside of their approved body shop network.
OpenRoad also includes a generous emergency roadside cost reimbursement program at no additional cost as well as coverage for the relocation and temporary storage of your ride in the event of major disasters such as hurricanes and wildfires.
Delivering Superior Customer Service & Specialized Coverage
With so many auto enthusiasts making the switch to OpenRoad, it seems that they have found everything that they have been looking for in a classic auto insurance provider. Just check out these recent customer reviews:
- “Almost half the price (of) your competitors for equal coverage.”
- “Better coverage for less cost than other classic car insurance companies.”
- “They made it easy for me to switch from my old insurance policy to new one and at less than half the price!”
- “Not only did they match our previous collector car insurance, they beat it even after adding another vehicle to the policy! They are rockstars! Would recommend to everyone!
- “To my total surprise I got more coverage for a fraction of what I have been paying.”
Beyond the significant cost relief, many customers also point to the excellent customer service they received with reviews that include statements such as, “The team went above and beyond to help us,” and, “Overall, the best experience I’ve had setting up insurance.” That’s some high praise for an auto insurance company.
Rapidly Expanding Across the U.S.
To keep up with the massive market demand that they’ve seen, OpenRoad has been rapidly rolling out its insurance program across the U.S., quickly growing coverage availability to 24 states. Don’t reside in one of their currently live states? Don’t worry, the brand plans to add coverage across several more 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.