Does American Modern Offer Classic Car Insurance?

American Modern offers classic car insurance coverage for classic cars, modern limited production cars, and antique cars.
Written by Cameron Thiessen
Reviewed by Amy Bobinger
American Modern offers classic car insurance via their collector car insurance plans, which includes agreed value total loss settlement. These insurance policies are intended for owners of classic and collectible vehicles who only need to drive them for a limited number of miles per year.
If you have a collector car like a classic muscle car, a rare antique, or a modern exotic race car you should be eligible for American Modern classic car insurance. We’ll go over how American Modern’s collector car insurance works compared to a typical
car insurance
policy, how much it might cost, and what types of vehicles would be eligible.

Does American Modern Offer Classic Car Insurance?

Yes, American Modern’s collector car insurance is specialty insurance for classic cars, including antiques, hot rods, and modern collector vehicles.
But keep in mind that not just any old car will be eligible for collector car insurance. Read on to learn more.

What is classic car insurance coverage?

Classic car insurance is a special type of coverage tailored specifically to high-value classic vehicles that are only driven a limited number of miles per year. Mileage limits significantly affect the policy’s cost, allowing car owners to still bring their collectible vehicles out on special occasions.
Referred to by American Modern as collector car insurance, these types of policies are based on a professional value assessment of your vehicle. In the event of a total loss, you’ll receive a payout equal to this agreed value—depreciation of the actual value has no effect on this payout.
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How does American Modern classic car insurance coverage work?

American Modern collector car insurance coverage is based on the agreed value of your car, the mileage plan you choose, and the deductible you choose.
You can get an American Modern collector car insurance policy with a limit of 1,000, 3,000, or 6,000 miles per year, or you can opt for a more customizable Freedom mileage plan. Usually, the fewer miles on your mileage plan, the cheaper your classic car coverage will be.
Deductible options range from $0 to $10,000, with the option of a
diminishing deductible
. There’s plenty of included forms of coverage, such as spare parts coverage, roadside assistance, and even pet protection!
However, coverages like
collision insurance
, full safety glass, and
medical payments (MedPay)
cost extra with an American Modern collector car insurance policy. Other car insurance companies might include these coverages with their basic classic car insurance—optional coverage and included coverage often vary between companies when it comes to classic car coverage.

How much does an American Modern classic car insurance policy cost?

Classic vehicle insurance can cost up to 50% less than a standard car insurance policy. On average, it’s usually about 36% cheaper than a standard policy for a vehicle of similar value, but this is also dependent on the specific plan you choose.
Another thing that will play into the cost of your insurance is the agreed value—sometimes referred to as stated value—of the collector car you’re insuring. The higher the value of the vehicle, the higher you can expect to pay for your classic car insurance premium.
Your premium will also be impacted by whatever discounts you may be eligible for. In some states, you’ll save 5% to 10% on your premium if you take an accident prevention course, and installing anti-theft devices for your car can save you up to 20%. You could even get a 10% discount for having a car club membership.

Who should get collector car insurance?

If you have a valuable collectible car, whether it’s antique, modern, or somewhere in between, collector car insurance will likely be a good fit, assuming that you’re fine with driving it within your mileage plan. However, if your classic is seeing daily use, or you’re even commuting with it, you would probably be better off with a standard insurance policy.
These types of insurance policies are meant for the sorts of cars that are taken to things like parades or car shows, or are only used for occasional pleasure driving.
“Collector car” could mean a lot of things, but American Modern does provide a list of the types of vehicles that could be eligible for collector car insurance. Here are some of the types of vehicles mentioned:
  • Classic cars
  • Antique cars
  • Exotic cars
  • Muscle cars
  • Custom vehicles
  • Race cars
  • Military vehicles
  • Fire engines
  • Street rods
  • Kit cars
  • Collectible motorcycles
  • Collectible trucks
  • Tractors
Specifically, collector car insurance is meant for vehicles that are driven infrequently, and it’s geared specifically to special vehicles that are considered to be collectors items.
One thing to be wary of is that classic car insurance or collector car insurance might only be offered to motorists who have a
clean driving record
. There are also stipulations regarding how well-maintained and safely stored the vehicle is.
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Yes, classic car insurance and collector car insurance rates are intended to be cheaper than standard car insurance rates for a given vehicle. Depending on your policy, you could save over 50% or more by switching from a standard insurance plan to collector car insurance.
There’s no rule for how old a car has to be in order to be considered for American Modern collector car insurance.
A number of factors are taken into consideration in order to determine whether or not a vehicle is eligible for collector car insurance. Age could be a significant factor for rare classics, but it might not factor in at all if the vehicle in question is a recent limited production run of a “modern classic.”
According to
Forbes Advisor
, the more common deductible amounts range from $250 to $1,000, but American Modern lets you choose deductibles from between $0 and $10,000. Naturally, the higher the deductible you choose, the less you’ll pay for your premium. Just make sure that you pick a deductible that you’re confident you’ll be able to pay if you do end up needing to make a claim.
In 2008, American Modern Insurance Group, Inc. was purchased by Munich Re Group, a German parent company with a dark history of thriving under and working with the Nazi dictatorship. In our current era, it’s now one of the most powerful companies in the world, and most of the companies under its umbrella are insurance companies. American Modern was originally the Midland Company, which started in Cincinnati, Ohio in 1938.
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