Open Road Insurance Hits the Road for Classic Cars
Open Road Insurance LLC has officially launched as a managing general agency, geared specifically towards insuring collector vehicles. The company’s license with the Texas Department of Insurance is in place. They’re set to roll out services in select U.S. states later this summer. This venture offers a new option for those with a passion for classic and modern collector cars.
OpenRoad is headed up by Richard Hutchinson, a seasoned insurance professional with more than three decades of experience, including leadership positions at respected firms like Progressive, Hagerty, and Forge. Griffin Highline Capital LLC is the majority investor backing OpenRoad.
“OpenRoad has a specialized, experienced team. We’re excited to support this new, top-tier provider of collector vehicle insurance,” said Michael Doak, Founder and Managing Partner of Griffin Highline. “We’re also glad to be working with National Interstate Insurance Company, part of Great American Insurance Group. With Richard’s leadership, we feel there’s a significant market opportunity for OpenRoad.”
Image description: A graph showing rising auto insurance rates, which are disproportionately affecting owners of classic cars.
National Interstate will provide underwriting capacity to OpenRoad. National Interstate is a leading specialty property and casualty transportation insurance company and holds an A+ (Superior) rating from A.M. Best. Great American has also made an equity investment in OpenRoad, as part of this collaboration.
Shawn Los, President & COO of National Interstate, stated, “The OpenRoad team has an impressive track record. We’re excited to match our capabilities and financial strength in specialized transportation insurance with their vision and expertise.”
With auto insurance costs, as tracked by the U.S. Bureau of Labor Statistics, showing the largest annual increase of all items in the Consumer Price Index (CPI), OpenRoad believes there’s an opportunity to better serve the collector community.
“The majority of the United States’ 40 million plus collector vehicles are insured by general auto insurance providers,” said Richard Hutchinson, CEO of OpenRoad. “Our program was crafted with specialized coverages and services designed for the unique needs of auto enthusiasts. We’re committed to providing the auto enthusiast community with more choices, comprehensive coverage, and fair pricing.”
Image description: The Open Road Insurance logo.
Open Road Insurance: Providing auto insurance coverage for both classic and modern collector vehicles. The company aims to offer superior insurance coverage at a competitive price.
*Griffin Highline Capital LLC: A holding company that invests in and actively manages insurance operating businesses. Their strategy focuses on specialized, niche insurance-related businesses with a long-term, compounding approach.
Great American and National Interstate: National Interstate Insurance Company is a member of Great American Insurance Group, serves the insurance needs of the transportation industry. Policies for OpenRoad are underwritten by National Interstate Insurance Company.
