OpenRoad Insurance Expands Coverage to Classic Vehicle Enthusiasts
OpenRoad Insurance has expanded its licensing to cover 40 states, a strategic move aimed at bolstering its presence in the classic and collector vehicle insurance market.
By entering new markets in New York, New Hampshire, Vermont, North Carolina, and Delaware, the company now reaches 80% of U.S. states—an achievement that aligns with its mission to provide comprehensive coverage for automotive enthusiasts. Founded just two years ago, OpenRoad has quickly gained traction, thanks to focused efforts on product development and market expansion under the leadership of CEO Richard Hutchinson. The insurer's growth trajectory reflects not only its dedication to serving a niche market but also its efficacy in addressing the unique insurance needs of hobbyist vehicle owners.
Specialized Coverage for Classic Vehicles
OpenRoad Insurance distinguishes itself by offering agreed-value policies. This approach ensures that policyholders receive compensation based on a pre-determined fixed value of the vehicle, rather than market depreciation, in the event of total loss. Notably, these policies can be adjusted to capture the vehicle's appreciation or completed restorations over time. This flexibility is a key attraction for owners of collector vehicles, who often invest significantly in maintaining or enhancing their prized automotives. Additionally, OpenRoad offers extra protection options that cover scenarios such as emergency evacuations, tools, spare parts, and ongoing vehicle restorations.
Criteria and Coverage Options
Eligibility for coverage primarily hinges on vehicle usage, a factor that differentiates it from conventional auto insurance. Vehicles typically qualify if manufactured in 1989 or earlier, although newer models may also be insurable based on certain characteristics like convertibility or extensive modifications. OpenRoad classifies vehicles into several categories, including classics, modern sports cars, muscle cars, and even unique types like vintage tractors or fire trucks. By focusing exclusively on classic and collector cars, OpenRoad manages to maintain competitive pricing and reduced overhead.
| State | Coverage Status |
|---|---|
| Texas | Highest volume of insured vehicles |
| New York | New Market |
| North Carolina | New Market |
The company's strategic expansion is poised to further increase its reach, with plans to eventually cover 48 continental states from its base in Dallas. This steady growth and focus on customer-specific needs indicate OpenRoad Insurance's commitment to cementing its position in the specialty insurance sector. As the company continues to expand, insurance professionals should watch for further market dynamics and opportunities in the collector vehicle insurance space.