On October 20, 1897, Travelers Insurance wrote the very first automobile liability insurance policy to Gilber J Loomis - a mechanic from Westfield, Massachusetts. And since then, the market has only accelerated in terms of size, scale and budget - especially where collectibles and classic cars are concerns.
Expert industry data from 2025 estimates a US target market of approximately 36 million collector and enthusiast vehicles, representing $15 billion in annual written premiums. Furthermore, SEMA reported that US consumers spent approximately $52.65 billion accessorising and modifying vehicles in 2024. It’s a booming market – and one startup is dead set on disrupting it.
OpenRoad Insurance only launched in 2024 but it’s now operating in a staggering 43 US states, eyes set on the opportunity to bring something new and innovative to an already established sector. Speaking to Insurance Business, Bryan Ballatore, Chief Marketing Officer at OpenRoad Insurance, explained that while the speciality car insurance sector is long-stablished, it’s also highly limited. And there’s room for a new player in the game.
“There are only a few options that provide agents and consumers with a top-to-bottom, product-to-claims, classic-car specialist,” he told IB. “We felt the timing was right for a new option; one built at the intersection of classic and collector vehicle insurance expertise, new technology, and focus. Focus exclusive to collector car insurance, no other insurance or non-insurance distractions.
“That focus, expertise, and technology would give us an advantage. We’re able to offer a best-in-class insurance product, highly competitive pricing, and speed and ease typically not found within the specialty space.”
The company's early reception reinforced that conviction, although entering a market dominated by established competitors presented considerable obstacles.
“Almost immediately we began to find market fit,” explained Ballatore. “The early successes were anecdotal. From agents to clients, and hobby professionals, we received positive feedback on our vision. People were looking for a simple, fast, tech-first, classic-car option that paired great pricing with great coverage. The challenges were numerous! Being the newcomer in an established industry where your competitors have decades each of brand awareness and distribution relationships was the greatest challenge. Building a new technology platform from scratch wasn’t easy either.”
Rather than adapting existing systems, OpenRoad developed its technology around the needs of brokers, agents and vehicle owners. As Ballatore told IB, his team applies technology here to make the process simpler, faster and more intuitive to users - be that brokers or the vehicle owners themselves.
And it’s plugging a gap in the market.
J.D. Power's 2026 US Insurance Shopping Study found that 53% of customers had shopped for auto insurance, down from 57% the previous year but still historically elevated. And, according to the same report, 47% of auto insurance shoppers purchased these policies through digital channels.
“Our agent partners don’t spend much time quoting classic or collector auto coverage,” added Ballatore. “So, when they do, we ensure we’re presenting a simple process that gives them the confidence they need to put a proposal in front of a client.”
That approach extends to the company's appointment and quoting processes, where speed is a central consideration.
“One critical standard was that we wanted to be a viable option for any agent immediately. A classic car opportunity lands on their desk, and regardless of their appointment status with us, we wanted to be an option.
“That meant building an automated and fast appointment process, it requires immediate access to the portal so an agent can quote instantly, and it required a quote flow that is intuitive, asks only the most pertinent questions, and can be completed within just a few minutes. An agent can go from non-appointed to having a completed quote in less than ten minutes.”
Beyond technology, Ballatore believes its team's experience as insurance professionals and vehicle enthusiasts has helped shape its offering.
“We’ve walked in the shoes of the key roles that make the industry tick - as broker, agent, carrier, underwriter, sales rep, claims manager and customer. We’ve seen the best of the industry, especially in times of need, and where, at times, it can fall short. We understand how our clients actually use their vehicles - weekend drives, seasonal storage, low annual mileage, a usage pattern that differs from a daily or commuter’s risk profile.
“Being enthusiasts ourselves, we also understand the passion and community around these vehicles. We know how they’re cared for, what they mean to their owners, and how they’re involved in their owners’ lives.”
And the company's exclusive focus on collector vehicles also shapes its approach to underwriting and pricing.
“We only offer collector vehicle insurance. That is our mission and our purpose. Our specialization lets us underwrite the real risk instead of a generic proxy for it. This also shows up in the pricing of our policies and in how fast and fairly we pay a claim. [What’s more], 88% of those we surveyed gave us a “9” or “10” rating - meaning they would likely recommend us to a friend. We have an 85 NPS score for customer satisfaction and a 96 claims NPS.”
As Ballatore and by extension OpenRoad looks beyond this initial launch, raising awareness remains an important priority, particularly when it comes to broadening perceptions of what qualifies for specialist coverage.
“We believe that, if agents, brokers, underwriters and carriers understand that collector car insurance is so much broader than just a traditional 1960s muscle car insurance, they’ll see that their customers qualify for a policy that better protects their interest and saves them money.
“A classic or collector car is very broad by our definition, we insure brand-new cars like the Corvette and Mustang, early 2000s Audi S4s, and lots of 80s and 90s trucks and 4x4s. Next, we’re going to keep working diligently to launch in new states.”
When asked about what’s next for OpenRoad Insurance, their eyes are set on continued expansion and investment.
“We’ve got Florida, California, and Washington coming up in 2027,” said Ballatore. “Additionally, we’re going to continue refining and improving our technical system based on the feedback we get from our agents, and we’re going to continue investing in servicing our agent partners and clients. Delivering on our promise.”
This article was created in partnership with OpenRoad Insurance.
