Markets/Coverages: Classic Car Insurer OpenRoad Expands to 40 States

OpenRoad Insurance, a provider of specialized insurance for classic and collector vehicles and related coverages, said it is now licensed in 40 U.S. states, up from 35 since March.

OpenRoad launched two years ago.

The latest states added to OpenRoad Insurance’s portfolio include: New York; New Hampshire; Vermont; North Carolina; and Delaware.

“Reaching 80% of states in two years is a testament to the hard work of our product team,” said Richard Hutchinson, chief executive officer of OpenRoad Insurance. “We built OpenRoad Insurance for the everyday car enthusiast who wants great coverage at a fair price, and an easier insurance experience.”

OpenRoad Insurance operates as a collector vehicle specialty insurer. The company’s singular focus on this segment keeps overhead low and pricing competitive while providing best in class coverage, it said.

Policies include agreed-value coverage, under which OpenRoad Insurance and the policyholder agree on a vehicle’s value at the time the policy is written, ensuring a total loss is paid at the full, predetermined amount rather than a depreciated market value. Policyholders may revise their agreed value at any time, allowing coverage to reflect a vehicle’s appreciation or a completed restoration rather than being fixed until renewal. Additional protections include emergency evacuation expenses, tools and spare parts coverage, coverage for vehicles under construction, and others.

Eligibility centers on vehicle use. Vehicles from 1989 or earlier are broadly eligible, while newer vehicles are evaluated for enthusiast traits — convertible or two-door body styles, performance or aesthetic upgrades — and usage patterns. OpenRoad Insurance offers easy-to-understand categories of insured vehicles, which include: classic and collector cars; modern sports and performance cars; muscle cars; classic trucks and 4×4’s; antique vehicles; modified vehicles; and other vehicles, such as vintage tractors, fire trucks and more.

Dallas-based OpenRoad said Texas remains its largest state by insured volume. The company plans to expand into 48 continental states.