U.S. drivers have suffered through a variety of cost spikes over the past several years. Rising inflation, pain at the pump due to fuel price fluctuations, material shortages driving up parts and repair costs, and the lingering effects from a surge of insurance claims during COVID-19 resulted in the largest rate increase for auto coverage in nearly 50 years. Unfortunately, it doesn’t appear that there is much relief ahead. All signs indicated that U.S. drivers will likely see the cost of maintenance, repairs, and parts continue to rise in 2025 and auto insurance rates are projected to increase yet again this year. But many classic and collector vehicle owners seem to have found some refuge from these costly trends and word is spreading across the auto enthusiast community.
What Can Collector Vehicle Owners Expect to See in 2025?
The recent news cycle has created a lot of uncertainty when it comes to price stability in the automotive world and unfortunately the trend of rising auto insurance costs is also expected to continue. 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 should expect to see an average increase of 12% in their 2025 renewals, or a 31% increase compared to what they were paying just two years ago.
Owners of classic, antique, and custom cars continue to be among the most severely impacted by these price hikes given that the vast majority of the 40M+ collector vehicles registered in the U.S. are currently covered by standard auto insurance providers. These standard auto insurance programs don’t typically offer proportionally lower rates to account for the fact that these owners are statistically less likely to get into an accident or file a claim. Their coverage is priced as if all cars and trucks on a policy are daily drivers, exposed to all the risks that come with being on the road every day. Yes, even those bundle and save type programs.
Not only are these auto enthusiasts likely overpaying for coverage, but many are also missing critical coverages best suited to protect their prized rides.
Good News, Many Collector Vehicle Owners Qualify For Relief!
Given current market conditions it’s unsurprising to read reports that 49% of auto insurance customers are actively shopping for new coverage. Beyond getting basic cost relief, classic and collector car owners face the additional challenge of ensuring they have auto insurance protections that fit their unique needs and those of their rides. The good news is that there is now a program available for these owners that accomplishes both, and auto enthusiasts have been making the switch in droves.
Word has recently been spreading across the auto enthusiast community of a program being offered by Dallas-based classic and collector vehicle insurer OpenRoad. Collector vehicle owners that were previously covered by standard auto insurance providers, as well as those with other classic car programs, have been flocking to OpenRoad citing significant savings, better coverage, and superior customer service. 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 alone who are keen to have another option for their clients.
One customer 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, Open Road.” Another review states, “Almost half the price (of) your competitors for equal coverage.” 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.
OpenRoad’s insurance program not only includes specialized coverages tailored to the unique needs of classic and modern collector vehicle owners, but their pricing models also account for the reduced accident frequency associated with collector vehicles, often resulting in far lower insurance rates. But OpenRoad goes above and beyond on pricing as well, offering additional discounts to car club members as well as customers who transfer their coverage from another classic car insurer. 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.
Delivering Superior Customer Service & Specialized Coverage
With OpenRoad, paying less doesn’t mean getting less. In addition to getting all the standard coverage you’d expect with an auto insurance policy— think comprehensive, collision, uninsured motorist, and the like — every OpenRoad policy comes with protection tailored to car collectors that simply can’t be matched by traditional auto insurance companies.
OpenRoad’s 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 your 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.
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, 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 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 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. This is just another way coverage with OpenRoad goes above and beyond other programs out there.
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 23 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.
