American Modern insurance review 2024
Edited by
Edited by
-
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation of . Our content is backed by Coverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our .
At a glance
Bankrate's take
Policyholders with unique insurance needs, such as a collector car or a higher-risk home, might consider American Modern as their company of choice.
Who American Modern may be good for: American Modern may be a good choice for those with unusual insurance needs, such as classic car owners or those living in manufactured homes.
Who American Modern may not be good for: Individuals with standard homes and vehicles may find more suitable coverage from another carrier.
American Modern car insurance
The best car insurance company is one that can meet your personalized needs, and drivers looking for collector’s car coverage or coverage for recreational vehicles might find American Modern car insurance a good option.
In keeping with the company’s focus on collector cars and recreational vehicles, American Modern has coverage beyond the standard coverage types, like bodily injury and property damage liability, collision, and comprehensive. It offers an agreed value loss settlement component for its auto policies, applicable to various vehicle types: muscle cars, exotics cars, trucks and more. American Modern’s insurance products are available in all 50 states and Washington, D.C.
Pros and cons of American Modern car insurance
Depending on your situation and what you’re looking for in car insurance, American Modern has a few pros and cons to consider.
-
Auto policies specialized for collector and other recreational vehicles
-
Agreed value loss settlement available
-
Online product guide to help customers determine which policies suit their needs
-
Some customers report a lengthy claims process
-
No coverage for standard vehicles
-
No high-risk driver coverage options
American Modern car insurance cost
Car insurance rates can vary significantly between drivers depending on several variables, even when considering the same insurer. Premiums are impacted by location, driving history, yearly mileage, coverage amounts and type, and other personal factors. To see what kind of rate American Modern will offer you, request a quote and specify the type and amount of coverage you’d like. At that point, you can compare your quote to the average cost of car insurance. Depending on eligibility, you may also be able to lower your rates through discounts.
American Modern car insurance discounts
To help save on auto premiums, American Modern offers a few discounts that drivers may be eligible for.
American Modern home insurance
American Modern home insurance may be of particular interest to people whose homes don’t meet standard home insurance requirements.
American Modern offers modified homeowners insurance packages with specialized coverage for homes that don’t qualify for traditional insurance. Additionally, in some states, its Homeowners FLEX program extends coverage based on the standard HO-3 policy to homeowners outside of the standard market. This plan offers open peril protection and replacement cost settlement. In other states where this option is unavailable, the company offers its Homeowners package, an alternative to HO-3 policies with named peril protection and actual cash value settlement. In both cases, American Modern specializes in covering homes that might have difficulty getting adequate coverage elsewhere.
Pros and cons of American Modern home insurance
There are a few potential benefits and downsides when looking at American Modern homeowners insurance. Finding the best home insurance for you may require getting quotes from multiple companies.
-
Covers homes that may have been declined by standard carriers due to location, age or home type
-
Has an A+ (Superior) rating from A.M. Best, highlighting financial strength
-
Average rates are lower than the national average
-
Named peril policies may cover fewer perils than some competitors
-
Available discount savings may be less than those of competitors
-
Prices are typically higher than average
American Modern home insurance cost
According to our research using Quadrant Information Services, the 2024 annual average cost for $250,000 in dwelling coverage from this company is $1,560. For comparison, the national annual average cost for $250,000 in dwelling coverage is $1,687. American Modern has average costs slightly above the national average, and may not be the cheapest home insurance provider for some.
| Dwelling coverage limit | American Modern average premium | National average premium |
|---|---|---|
| $150,000 | $999 | $1,146 |
| $250,000 | $1,560 | $1,687 |
| $350,000 | $2,119 | $2,231 |
| $450,000 | $2,680 | $2,785 |
| $750,000 | $4,400 | $4,457 |
*All rates displayed are average annual rates.
American Modern home insurance discounts
American Modern home insurance discounts vary by the coverage program you choose, and availability could be impacted by your location. However, some of its discounts include:
Compare American Modern with other insurers
Finding the right insurance company can be tricky, and it’s often wise to shop around and get quotes from multiple insurers before making a decision. If you’re still considering whether or not to go with this company, a few competitor options are listed below for comparison.
|
Featured
|
|
|
|
|---|---|---|---|
|
Overview
|
Overview
|
Overview
|
Overview
|
|
Policyholders with unique insurance needs, such as a collector car or a higher-risk home, might consider American Modern as their company of choice.
|
Drivers looking for affordable car insurance after being categorized as high-risk may find Progressive attractive. High-risk drivers may have difficulty finding affordable policies from some insurers due to their risk status. Therefore, companies specializing in policies for these types of drivers can be beneficial.
|
People looking to bundle life insurance with home or auto may consider Liberty Mutual. Like American Modern, Liberty Mutual is available throughout the nation. However, unlike American Modern, this company offers life insurance on top of home and auto policies and has a broader range of potential discounts.
|
Like American Modern, Allstate has some policy specializations for collector cars. However, the coverage options available for these types of vehicles may be more limited with Allstate. Still, Allstate scores consistently high with third-party ratings, like those from J.D. Power, and offers life insurance on top of home and auto. People looking for specialty car coverage who do not want to use American Modern may prefer Allstate.
|
|
Avg. full coverage auto rate
|
Avg. full coverage auto rate
|
Avg. full coverage auto rate
|
Avg. full coverage auto rate
|
|
No rates available
|
$1,998
|
No rates available
|
$2,936
|
|
Avg. home rate for $250k dwelling coverage
|
Avg. home rate for $250k dwelling coverage
|
Avg. home rate for $250k dwelling coverage
|
Avg. home rate for $250k dwelling coverage
|
|
$1,560
|
No rates available
|
No rates available
|
$1,532
|
|
JD Power Digital Experience Study - Service
|
JD Power Digital Experience Study - Service
|
JD Power Digital Experience Study - Service
|
JD Power Digital Experience Study - Service
|
|
Not scored
|
533/1,000
|
538/1,000
|
694/1,000
|
|
JD Power Digital Experience Study - Shopping
|
JD Power Digital Experience Study - Shopping
|
JD Power Digital Experience Study - Shopping
|
JD Power Digital Experience Study - Shopping
|
|
Not scored
|
722/1,000
|
656/1,000
|
509/1,000
|
|
AM Best rating
|
AM Best rating
|
AM Best rating
|
AM Best rating
|
|
A+ (Superior)
|
A+ (Superior)
|
A (Excellent)
|
A+ (Superior)
|
Is American Modern a good insurance company?
Like the hundreds of other companies Bankrate’s insurance industry experts have reviewed, American Modern has its perks and drawbacks. This company may be ideal for some people due to its specialized coverage and strong financial standing for both homeowners and private passenger auto insurance. Drivers of collector cars, owners of recreational vehicles, or people with homes that do not qualify for coverage in the standard market may find American Modern especially appealing. However, the company likely won’t be an option for consumers seeking high-risk auto insurance or who qualify for traditional home insurance.
American Modern customer satisfaction
There are several trusted third-party entities that review and rate insurers, some of which we considered in our American Modern Insurance review. Two of the more prominent company ratings are customer satisfaction and customer complaints, as provided by J.D. Power and the National Association of Insurance Commissioners (NAIC), respectively. These ratings and scores can highlight which companies perform better based on collected data.
American Modern did not score on the J.D. Power survey for auto insurance.
| Study or Rating Agency | American Modern | Industry average |
|---|---|---|
| 2023 J.D. Power Digital Experience Study - Service | Not scored | 702/1,000 |
| 2023 J.D. Power Digital Experience Study - Shopping | Not scored | 521/1,000 |
| AM Best rating | A+ (Superior) | B (Fair) |
American Modern customer complaints
The National Association of Insurance Commissioners (NAIC) keeps track of customer complaints against insurance companies, then provides that data to the public. It produces an index for complaints based on the number of complaints about each company compared to its market share.
An index of 1.00 indicates the average number of complaints compared to market share. Higher scores mean more complaints than expected while lower scores mean fewer complaints. A lower index is better.
American Modern's NAIC index score for its auto insurance product indicates that customers may not be entirely satisfied with the carrier's service over the last couple of years.
Like its auto insurance product, American Modern's home insurance NAIC index is high, indicating that potential customers may want to speak with existing policyholders about their experience.
Other American Modern tools and benefits
Beyond its auto and home coverage, there are a few other features and insurance options you may want to consider when considering American Modern:
- Mobile app: American Modern offers a free mobile app for policyholders to manage their plans.
- Landlord insurance: Landlords can choose from short and long-term rental insurance to help deal with the risks that rentals face.
- Condominium insurance: American Modern offers condominium policies that cover the interior and contents of your condominium.
- Pet health insurance: This optional endorsement may be added to home insurance policies, and can help cover medical costs for pets.
- Vacant property insurance: This coverage can insure a home or other property that you are not using.
- Boat and yacht insurance: You can work with American Modern to insure a boat or yacht.
- Other vehicle insurance: American Modern offers specialized coverage for motorcycles, ATVs, UTVs, golf carts and snowmobiles.
Frequently asked questions about American Modern
Joshua Cox-Steib has two years of experience in writing for insurance domains such as Bankrate, Coverage.com, The Simple Dollar, Reviews.com, and more. His work has also been featured on such sites as MSN and BBB (Better Business Bureau). His insurance writing career has spanned across multiple product lines, with a primary focus on auto insurance, life insurance, and home insurance.
