This company provides specialized auto insurance policies tailored for classic and collector vehicles. They offer comprehensive coverage options, including Agreed Value, OEM parts repair, and roadside reimbursement, often at competitive rates compared to standard carriers. Customers can manage policies, file claims, and access resources directly through their platform.
Funding
Funding not disclosed
Founders
Product
Problem
Standard auto insurance policies often undervalue classic and collector vehicles, failing to account for their unique characteristics, rarity, and historical significance. This can leave owners underinsured and facing financial losses in the event of damage or theft.
Solution
OpenRoad provides specialized auto insurance for classic and modern collector vehicles, offering agreed value coverage that ensures policyholders receive a predetermined value in the event of a covered loss. The company's policies are designed to accommodate occasional use, with rates typically lower than standard insurance. OpenRoad also offers a suite of collector-specific coverages, such as spare parts coverage, OEM parts replacement, and the flexibility to choose a preferred repair shop.
Target Audience
OpenRoad targets owners of classic and modern collector vehicles, including antiques, muscle cars, sports cars, and custom trucks.
Features
- Agreed Value Coverage: Insures vehicles for a predetermined value based on rarity, condition, and historical significance.
- Shop of Choice Repairs: Allows policyholders to select their preferred repair shop.
- OEM Parts Replacement: Ensures repairs are done with original equipment manufacturer parts.
- Roadside Reimbursement: Covers emergency services like towing and lockout support.
- Spare Parts & Tools Coverage: Provides coverage for loss or damage to spare parts and tools.
- Vehicle Under Construction Coverage: Protects vehicles being built or restored, covering their increasing value.
- No Deductible Windshield: Covers the full cost of windshield repair or replacement without a deductible.