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Steve Ellis, CPCU, AIC, MBA, is a 30 year veteran of the insurance industry. His experience extends into training, operations, quality improvement, audit, compliance, claims technology, and data & analytics.
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Bottom Line
Policyholders with unique insurance needs, such as a collector car or a higher-risk home, might consider American Modern as their company of choice.
Pros
Accepts homeowners insurance that may have been declined from standard carriers due to location, age or home type
Provides a variety of insurance coverage options for recreational and collectible vehicles
Cons
High NAIC complaint score indicates the company has four times as many complaints compared to the average
Standard home and auto policies may not be available
American Modern writes auto and home insurance in all states and Washington, D.C.
American Modern offers insurance for higher-risk homes.
American Modern has a higher-than-average NAIC complaint score.
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Founded in 1965, American Modern Insurance was one of the first companies to offer mobile home insurance. Today, the carrier has extended its options to drivers and homeowners who might have difficulty finding coverage with traditional insurance companies. In addition to homeowners insurance, American Modern has also moved into the car insurance space for collector car and recreational vehicle insurance.
American Modern’s policies are available in all 50 states and Washington, D.C. Its homeowners insurance could be a solution for homes that may be denied or surcharged at other insurance carriers, for issues such as age, condition, value or claims history. For car insurance, owners of collector cars know that a standard car insurance policy may not be enough for their car. America Modern allows collector car owners to explore unique coverage options tailored for their vehicle.
American Modern car insurance
American Modern did not make our list of best car insurance companies, but for owners of collector cars, American Modern’s collector car insurance may provide the needed level of personalization, whether it’s a classic car, muscle car, race car, kit car or another covered vehicle type. Although basic coverage options are similar to a standard auto insurance policy — including bodily injury and property damage liability, as well as collision coverage and comprehensive coverage — American Modern also offers options for drivers who use their car regularly or bring their car to car shows.
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
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Quick facts
Save $610 on average this year by shopping for new car insurance
Rates vary by state up to 246%
The average American pays $145/month for auto insurance
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
What collector cars might appreciate most is American Modern’s agreed value loss settlement. During the policy creation process, you will work with the company to agree on the car’s value, which is also its insured amount. In the event of a total loss, that amount is what will be paid out to you without depreciation. However, note that the deductible still applies and the settlement amount may include any applicable taxes and fees.
American Modern car insurance discounts
With American Modern auto insurance, drivers can take advantage of several discounts for a lower premium. These opportunities to save on car insurance may be different from those on a standard auto insurance policy. Here are the discounts currently available:
For high-value collections, American Modern provides credits based on how the vehicles are stored. Considerations include the security features and fire resistance of the storage facilities, as well as if the cars are stored in multiple locations.
Drivers may earn up to a 10% credit if the driver is part of an approved club.
Drivers can receive a discount up to 20% depending on the type of anti-theft device installed on their vehicle. Though it varies by state, typically the discounts average 5% for an alarm, 5% for an active disabling device, 15% for VIN etching and 20% for an electronic vehicle ID system.
While this discount is only offered in some states, drivers can earn between 5% and 10% for completing the course.
American Modern car services
American Modern does not offer any additional car services to drivers apart from auto insurance.
American Modern home insurance
American Modern home insurance could be a good option for homeowners who do not qualify for coverage from a preferred insurance carrier. This could be due to the home’s age, condition, location, type, value or even claims history.
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
Compare home insurance rates
Answer a few questions to see personalized rates from top carriers.
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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Depending on state availability, American Modern offers a Homeowners Flex, which is similar to a standard homeowners insurance policy in that it includes open peril protection and replacement cost settlement. In states where this is not available, American Modern offers its basic Homeowners policy, which is a named peril protection and actual cash value settlement (ACV), although additional coverage options to amend this may be included for an additional fee.
American Modern home insurance discounts
Like many of the best homeowners insurance companies, both the Homeowners Flex and the Homeowners policy with American Modern include discount opportunities. While the Homeowners policy previously only included discounts for alarm systems in certain states, the new version of the policy now includes similar discounts as the Homeowners Flex. Some unique discount options include:
If your homeowners insurance with American Modern is paid in full, the company may provide a discount on the overall premium. This is not commonly seen with standard homeowners insurance policies with traditional carriers.
If your auto policy is insured with the same agent that is also insuring your American Modern home, even if your auto isn’t with the same company, your homeowners insurance could receive a discount. This refers to the standard auto insurance policy, so you don’t need to have a collector car insured with American Modern to qualify for this discount.
If you have not had a claim on your homeowners insurance within this time frame, American Modern may add a discount to your policy.
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American Modern home services
Apart from homeowners insurance, it does not appear that American Modern offers any additional home services for policyholders.
Other American Modern perks worth considering
To round out this American Modern insurance review, below are a few more insurance products offered by the company. These include:
Pet health: This insurance type could help with medical costs related to a pet by reimbursing up to 90% for covered medical bills.
Condominium: Condominium owners need a different type of insurance compared to single-family homeowners. This policy type specifically insures the interior of your unit.
Rental property: A landlord or rental property insurance policy is specifically made for the risks that owners face while renting out a property. While most landlord policies are for long-term rentals, American Modern also includes a coverage option for short-term rentals.
American Modern social responsibility
As American Modern’s headquarters are located in Cincinnati, Ohio, the company has supported many local organizations such as Adopt-A-Family, Eastside Youth Athletic Trust Fund and Clermont 20/20. The company also set a goal for its building to be carbon-neutral by 2015 by updating its freezers, motion detection light sensors and installing more efficient lighting.
Not sure if American Modern is right for you?
If you are looking for standard car or homeowners insurance coverage, you may consider getting quotes from multiple insurers. This way, you can find the right company, coverage and price that meets your needs. If you are still debating if American Modern is your company of choice, you might want to consider these alternatives:
Progressive: If high-risk insurance, an array of policy options and robust digital tools are what you’re looking for with an insurance company, Progressive could be worth considering.
Liberty MutualWith nationwide availability and multiple policy options, Liberty Mutual may be a good alternative to American Modern.
Allstate: If collector car insurance is important to you, Allstate may be a good alternative option that suits your needs.
