DALLAS, July 11, 2024 /PRNewswire/ -- The summer driving
season may provide auto enthusiasts more opportunities than just
getting back behind the wheel. New classic and modern collector
vehicle insurer, OpenRoad, has announced it will begin offering
coverage across select U.S. states this Monday, July 15, 2024, promising better prices,
superior coverage, and some much-needed relief from skyrocketing
insurance costs for many collector vehicle owners.
OpenRoad's launch comes at a time when U.S. drivers have
experienced a multi-year trend of record-breaking cost increases,
causing 49% of auto insurance customers to be actively shopping for
rate relief. According to the Bureau of Labor Statistics, today
many drivers are paying 22% more than they did just a year ago. On
average, auto insurance costs have grown 6 times faster than
inflation since March of 2023.
"It's shocking to see what U.S. drivers have experienced in
terms of rate increases," said Justin
Moreno, OpenRoad's Chief Marketing and Communications
Officer. "We know that the auto enthusiast community has been
affected given most U.S. collector vehicles that are eligible for
our program are currently covered by standard auto insurance
carriers. Our objective is to show these vehicle owners what the
right coverage looks like and provide rates that reflect the
special care they give their rides."
OpenRoad's insurance program includes specialized coverages
tailored to the unique needs of classic and modern collector
vehicle owners, with many protections not available through
standard auto insurance programs. OpenRoad's pricing models also
account for the reduced accident frequency often associated with
collector vehicles, resulting in lower insurance rates for their
owners.
"When developing our program, we examined all the contributing
factors that were causing these rate hikes," explained Mark VanDam, OpenRoad's Chief Underwriting
Officer. "In the process, we identified several opportunities for
us to build a better program, one that passed more savings along to
our customers and provided the specialized coverages they
need."
OpenRoad's launch on Monday, July 15,
2024, will be centered around Midwest states with coverage
becoming available across Wisconsin, Illinois, Indiana, and Ohio. The collector vehicle insurer aims to
add an additional 12 states before the fall and ultimately plans to
offer coverage countrywide.
Updates to OpenRoad's official launch schedule will be published
regularly on the company's LinkedIn page and can also be found by
visiting OpenRoadAutoInsurance.com.
About OpenRoad Insurance:
OpenRoad is a provider of auto insurance coverage for classic and
modern collector vehicles. OpenRoad provides auto enthusiasts
superior insurance coverage at a fair price in partnership with
National Interstate Insurance Company, a leading property and
casualty insurer focused on the transportation industry rated "A+"
(Superior) by A.M. Best.
For more information about OpenRoad, please visit
OpenRoadAutoInsurance.com.
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SOURCE Open Road Insurance