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American Modern insurance review 2023

Updated Mar 09, 2023
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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
  • Offers insurance to homeowners that standard carriers may have declined due to home type, age or location

  • Provides a variety of insurance coverage options for recreational and collector vehicles

Cons
  • Being specialized towards riskier automobiles and homes may contribute to higher premiums overall

  • Some standard types of home and car insurance may not be available from this insurer

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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.

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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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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.

PROS

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    Auto policies specialized for collector and other recreational vehicles

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    Agreed value loss settlement available

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    Online product guide to help customers determine which policies suit their needs

CONS

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    Some customers report a lengthy claims process

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    No coverage for standard vehicles

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    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 car tools and benefits

American Modern does not offer car services outside of its insurance products.

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 to offer specialized coverage to 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.

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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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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.

Quick Facts
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$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
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1 out of every 20
insured homes makes a claim each year
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100% of homes
need insurance before getting a mortgage
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Pros and cons of American Modern homeowners 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.

PROS

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    Covers homes that may have been declined by standard carriers due to location, age or home type

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    Has an A+ (Superior) rating from A.M. Best, highlighting financial strength

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    Policies are available for specialty markets such as mobile homes and seasonal homes

CONS

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    Named peril policies may cover fewer perils than some competitors

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    Available discount savings may be less than those of competitors

American Modern home insurance cost

According to our research using Quadrant Information Services, the 2023 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 $1,428. 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 annual premium National average annual premium
$150,000 $999 $975
$250,000 $1,560 $1,428
$350,000 $2,119 $1,879
$450,000 $2,680 $2,343
$750,000 $4,400 $3,761

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:

Savings

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American Modern home tools and benefits

American Modern does not offer home services outside of its homeowner insurance policies.

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 auto satisfaction

American Modern property and casualty insurance received an NAIC complaint score of 1.18 on private passenger insurance, which is just above the baseline of 1.0. The higher the score is over the baseline of 1, the more complaints have been filed. This means, regarding private car insurance, that American Modern had roughly the expected number of complaints for a company of its size. American Modern did not score on the J.D. Power survey for auto insurance.

American Modern Homeowners satisfaction

American Modern home insurance is unrated by J.D. Power, but has an NAIC complaint score of .77 for homeowner insurance. This means the company’s home insurance products received fewer than average complaints for a company of its size.

How to file a claim with American Modern

There are a few ways to file a claim with your American Modern insurance policy. Claims can be filed online through its website, handled over the phone, mailed or corresponded via fax. To file online, visit the American Modern claim page and follow the prompts. To file by phone, call 800-375-2075. To send your claim by fax, use fax number 513-947-4040.

American Modern availability

American Modern has insurance products available in all 50 states and the District of Columbia. However, coverage types, amounts and discounts can all vary by state.

Other American Modern perks worth considering

Beyond its auto and home coverage, there are a few other features and insurance options 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 add-on may be added to home insurance policies, and can help cover medical costs for pets.

American Modern corporate sustainability

American Modern has a stated community commitment that includes partnering with several companies to help support various causes, including money-raising campaigns for the United Way. Other companies it has partnered with include the following:

  • Adopt-A-Family
  • Amelia, Batavia and Milford Schools
  • Boy Scouts of America
  • Children’s Hospital and Mercy Hospital
  • Clermont 20/20
  • Clermont Senior Services
  • Eastside Youth Athletic Trust Fund
  • University of Cincinnati, Miami University, Xavier University

The company also focuses on environmental initiatives, such as maintaining a low carbon footprint.

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.

American Modern vs. Progressive

While American Modern does not have policies specialized for high-risk drivers, Progressive does. 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.

Learn more: Progressive Insurance review

American Modern vs. Liberty Mutual

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.

Learn more: Liberty Mutual Insurance review

American Modern vs. Allstate

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.

Learn more: Allstate Insurance review

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.

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Methodology

Homeowners

Bankrate utilizes Quadrant Information Services to analyze 2023 current rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

  • Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000, $750,000
  • Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
  • Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
  • Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
  • Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.