American Collectors auto insurance review: Extensive coverage options for classic cars

Young black woman smiling from the driver's side window of her classic carImage: Young black woman smiling from the driver's side window of her classic car
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Editors’ take: American Collectors offers extensive classic car insurance options for collectors of all kinds. It could be a great option for classic car owners who frequent car shows, are concerned with valuation transparency or drive their classic cars more than 5,000 miles a year. If you plan on racing your classic car or using it as your primary vehicle, American Collectors insurance probably isn’t for you.


American Collectors auto insurance at a glance

AvailabilityAvailable in all 50 states and Washington, D.C.
J.D. Power customer satisfaction ratingsNot listed
How to get an insurance quoteOnline or over the phone
How to submit a claimOnline or over the phone

Pros

  • Agreed value coverage
  • Reimbursement for certain expenses related to a breakdown or accident
  • Flexible mileage options

Cons

  • No standard auto insurance for nonclassic cars
  • Some limits on driver and vehicle eligibility

What you need to know about American Collectors auto insurance

Founded in 1976 and headquartered in Cherry Hill, New Jersey, American Collectors Insurance insures classic cars and trucks, modified cars, hot rods, exotic cars and classic motorcycles.

‘Agreed value’ coverage

American Collectors insures vehicles on an “agreed value” basis — the standard for classic car policies. If you have regular car insurance and your covered car is considered a total loss, you might not find out how much you’ll receive from your insurance company until after the accident. With agreed value coverage, your car’s value is determined upfront, so you know how much you’ll receive in the event of a total loss accident.

C.A.R.E. coverage plan

The company’s Collector Auto Reimbursement Endorsement (C.A.R.E.) Plan reimburses you for emergency expenses such as towing, roadside assistance, lockout, travel expenses, nonrefundable car shows and hotel fees if you miss a car show due to an accident or breakdown.

Four tiers of C.A.R.E. coverage (silver, gold, platinum and titanium) offer varying levels of coverage and reimbursement caps. C.A.R.E. coverage is not available in all states.

Flexible mileage options

American Collectors claims to provide more mileage freedom than any other collector vehicle insurance provider. Annual mileage options range from 1,000 to 7,500.

Auto coverage offered by American Collectors

American Collectors insures a wide range of collectible vehicles and items. To be insured, collectible vehicles must meet specific qualifications, such as …

  • Driven on a limited basis
  • Not used for racing
  • Kept in an enclosed, locked garage

Drivers must also have a minimum of five years of licensed driving experience, a good driving record and a regular-use vehicle.

American Collectors offers agreed value coverage, coverage for newly acquired vehicles, spare parts coverage and coverage for vehicles in restoration. American Collectors also offers free Inflation Guard, which automatically adjusts the agreed value limit for your vehicle during the policy term, up to a maximum of 6% per year.

In addition, collector cars are also eligible for spare parts or tools coverage, $0 glass deductibles, basic towing, disaster relocation and expenses coverage, travel loss expense protection, personal effects coverage and pet coverage.

American Collectors also offers …

  • Classic truck and utility vehicle insurance
  • Modified car and hot rod insurance
  • Exotic car and import insurance
  • Antique and classic motorcycle insurance
  • Popular collectibles insurance (covers wine, stamp, coin, comic book, toy and sports memorabilia collections against theft, fires, floods and natural disasters)

Auto insurance discounts offered by American Collectors

In general, classic cars are less expensive to insure than traditional cars because they’re presumably not on the road regularly for errands, work commutes and other trips that can increase the likelihood of an accident.

American Collectors promises insurance rates up to 40% less than standard auto policies. In addition to low-deductible options, this insurance company also offers a number of discounts. Note that not all discounts are available in all states.

  • Discount for high-value vehicles (worth $250,000 or more)
  • Multi-vehicle policy discount
  • Mature driver discount
  • Garage security discount
  • Winter layup discount
  • Car club membership discount
  • Discount for anti-theft/safety features
  • Discount for storing your car on a vehicle lift

Who owns American Collectors insurance?

NSM Insurance Group purchased American Collectors in 2014. American Collectors’ policies are underwritten by American Bankers Insurance Company of Florida, American Reliable Insurance Company and American Security Insurance Company, which are all owned by Assurant Specialty Property.

Which states does American Collectors insurance cover?

American Collectors insurance covers classic cars and collectibles in all 50 states and Washington, D.C. Some coverage and discount options may vary by state.

Does American Collectors auto insurance insure motorcycles?

American Collectors offers insurance for antique and classic motorcycle insurance. To qualify, motorcycles must be at least 20 years old, meet American Collectors condition standards and be kept in a locked garage.

Not sure if American Collectors auto insurance is right for you? Consider these alternatives.

  • Geico: This insurer may be ideal if you want to carry a standard car insurance policy that also covers classic cars.
  • Farmers: This insurance company offers spare parts coverage, a popular option for owners of collector cars.

About the author: Sarah Sidlow is a freelance writer and editor based near Detroit. She has a master’s degree in journalism from Georgetown University. Sarah’s work has appeared in Luxembourg’s national newspaper, Washington City Paper… Read more.