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NJM insurance review 2024

Updated Mar 14, 2024
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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
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Auto

Rating: 4 stars out of 5

4.0

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Cost & ratings

Rating: 4.3 stars out of 5

4.3

Coverage

Rating: 4 stars out of 5

4.0

Support

Rating: 3 stars out of 5

3.0

Home

Rating: 4.5 stars out of 5

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Cost & ratings

Rating: 4.7 stars out of 5

4.7

Coverage

Rating: 4.3 stars out of 5

4.3

Support

Rating: 4.5 stars out of 5

4.5

About Bankrate Score

Bankrate's take

Policyholders who value cheap average premiums over digital tools might choose NJM as their company of choice, but the carrier only writes policies in five states.

Who NJM may be good for: Because it offers low average rates, budget-minded drivers and homeowners may find exceptional savings with NJM.

 

Who NJM may not be good for: Drivers looking to build out a highly customized car insurance policy may not be wowed by NJM’s limited car insurance endorsements.

Answer a few questions to see personalized rates from top carriers

NJM car insurance

If you are looking for the best car insurance on a budget, New Jersey Manufacturers (NJM) might be a good option, but only if you live in the provider’s limited service area. NJM car insurance policies are only offered to residents of five states: Connecticut, Maryland, New Jersey, Ohio and Pennsylvania.

Bankrate gave NJM a Bankrate Score of 4.1 out of 5.0. This score takes into account that the company ranks highly for customer and claims satisfaction in J.D. Power studies and offers low average rates. However, NJM lost points due to limited availability and lack of functional mobile tools.

NJM offers all the standard auto coverage types, like liability, comprehensive and collision. While NJM doesn’t offer a wide array of endorsements, there are a handful of options for policy customization, including ridesharing coverage, gap coverage, and physical damage coverage for trailers or campers.

Pros and cons of NJM car insurance

Making a list of pros and cons may help you identify your priorities when comparing car insurance quotes. These perks and drawbacks we identified for NJM car insurance could help you distinguish one company from the next:

Pros
  • Fewer-than-average complaints with the National Association of Insurance Commissioners (NAIC)

  • A+ (Superior) financial strength from AM Best

  • Many discounts available for potential policy savings

Cons
  • No accident forgiveness program

  • Customer service is not available 24/7

  • New car replacement endorsement not offered

NJM car insurance cost

The average annual cost of NJM car insurance is $631 for minimum coverage and $1,358 for full coverage. This is quite a bit lower than the national average cost of car insurance, which is $741 for minimum coverage and $2,545 for full coverage. NJM also comes in lower than the national average across a range of different rating factors, including having a speeding ticket conviction and insuring a 16-year-old driver. However, your premium will likely differ from the average based on your own unique combination of rating factors.

NJM car insurance rates by driving history

Auto insurance companies may consider more than a dozen factors to determine your premium, and your driving record is typically among the most significant. Incidents such as a recent at-fault accident or speeding ticket conviction usually increase your car insurance rates. If you have a DUI conviction on your record, you’ll need to shop more cautiously. Not all insurers write policies to drivers with DUIs.

Clean driving history
NJM
$1,358
National average
$2,545
NJM
$1,565
National average
$3,070
NJM
$1,472
National average
$3,575
NJM
$1,564
National average
$4,740

NJM car insurance quotes by age

Because of their lack of experience behind the wheel and higher likelihood of being involved in an accident, younger drivers generally pay more for their car insurance coverage. Teens, especially, tend to see elevated rates, but remaining on a parent’s policy can help bring rates to a more affordable level. Below, we’ve rounded up average NJM rates by age for drivers with clean driving records.

Average cost of car insurance for drivers on their parents' policy
NJM
$1,777
National average
$5,374
NJM
$1,717
National average
$5,024
NJM
$1,618
National average
$4,720
NJM
$1,537
National average
$4,155
NJM
$1,481
National average
$3,932
Average cost of car insurance for drivers on their own policy 
NJM
$3,463
National average
$7,188
NJM
$1,806
National average
$3,142
NJM
$1,441
National average
$2,696
NJM
$1,358
National average
$2,545
NJM
$1,268
National average
$2,382
NJM
$1,187
National average
$2,307

NJM car insurance discounts

NJM auto insurance offers a wide variety of car insurance discounts that might help you lower your premium. A local agent may help you determine what discounts apply to you by discussing your circumstances and plans. In addition to offering some of the most popular car insurance discounts such as multi-car, bundling and paid in full, featured discounts from NJM include:

NJM may reward customers for purchasing a more robust policy. If you buy both comprehensive and collision coverage, you could receive a discount.
If your vehicle is within two model years, you might save on your premium.
Drivers who reach a qualifying age and take an approved driving course might get a discount on their car insurance. Mature driver discount availability and requirements may vary by state.
Enrolling in automatic electronic payments could help you save on your NJM car insurance.

Even though NJM is only available in a few states, the discount qualifications and availability do vary by location. Checking with an agent or NJM representative may help you determine which savings opportunities you qualify for.

Get personalized auto insurance quotes

Answering a few quick questions to check your availability with NJM
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NJM home insurance

Finding the best home insurance company for your needs may seem daunting, but Bankrate's reviews are here to help you narrow down your choices. If you live in a state NJM services, the company's homeowners insurance could be an excellent choice if you're looking for low average premiums and customizable policies. NJM earned a Bankrate Score of 3.2 out of 5, thanks partly to its cheap rates and wide range of coverage options. However, just like with its auto insurance, NJM’s digital tools for home insurance aren’t as robust as the tools offered by many other companies on the market.

Along with the standard homeowners coverage types, NJM policyholders could choose to add identity fraud expense coverage, water backup coverage, scheduled personal property, enhanced other structures coverage and more. The company’s assisted living coverage is especially unique and provides liability and personal property coverage to eligible family members who live in an assisted living facility.

Pros and cons of NJM home insurance

Comparing home insurance quotes may seem like a chore, but creating a pros and cons list might help streamline the process. Here are some notable benefits and drawbacks we identified with NJM homeowners insurance:

Pros
  • Robust endorsement options

  • NJM home insurance premiums are 74 percent lower than the national average

  • Fewer-than-average amount of homeowners insurance complaints with the NAIC

Cons
  • Not rated by J.D. Power

  • No live chat

  • Online customer portal allows policyholders to review their policy details, but does not allow for policy changes

NJM home insurance cost

NJM home insurance costs, on average, $588 per year for a policy with $250,000 in dwelling coverage. This is significantly lower than the national cost of home insurance, which is $1,759 on average for the same coverage. NJM’s average premiums are consistently lower than the national average across a range of different coverage levels, but keep in mind that your own premium may vary based on your individual circumstances.

$150,000
NJM
$476
National average
$1,195
$250,000
NJM
$588
National average
$1,759
$350,000
NJM
$708
National average
$2,328
$450,000
NJM
$837
National average
$2,904
$750,000
NJM
$1,230
National average
$4,643

NJM home insurance discounts

In addition to offering cheap average premiums, NJM offers a range of home insurance discounts. Some of the more unique discounts offered by NJM include:

Some of the states that NJM sells insurance in experience strong storms and hurricanes. If your home is equipped with safety features, such as shutters and hurricane glass, you may qualify for this discount.
If you own a portable generator, NJM may reward you with a discount on your premium.
With NJM, it doesn’t matter if you’ve never been a smoker or if you only recently quit. As long as you don’t currently smoke, you could save on your home insurance.
If you are over 65 years old, you could get a discount on your NJM home insurance policy.

As with auto insurance, not all of NJM’s discounts apply to residents in all five of the states it services. Additionally, eligibility may vary, so working directly with an NJM agent is likely the best way to identify savings opportunities.

Get personalized home insurance quotes

Answering a few quick questions to check your availability with NJM

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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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Compare NJM with other insurers

If you're still wondering whether NJM insurance is the right choice for you, you may consider reaching out to these additional home and auto insurance companies:

Badge 1 Featured

NJM

Item
Rating: 3.7 stars out of 5
3.7
Info
Read review Read Bankrate's full NJM Insurance review
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Erie

Item
Rating: 3.7 stars out of 5
3.7
Info
Read review Read Bankrate's full Erie Insurance review
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Auto-Owners

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Rating: 3.7 stars out of 5
3.7
Info
Read review Read Bankrate's full Auto-Owners Insurance review
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Liberty Mutual

Item
Rating: 3.7 stars out of 5
3.7
Info
Read review Read Bankrate's full Liberty Mutual Insurance review
Overview
Overview
Overview
Overview
Policyholders who value cheap average premiums over digital tools might choose NJM as their company of choice, but the carrier only writes policies in five states.
If you live in Erie’s 12-state service area, the company could be a great choice for robust coverage and affordable premiums. Erie’s digital tools are lacking compared to its competitors, though, so it may not be the best choice for tech-focused customers.
Auto-Owners could be a good fit if you are looking for insurance policies that can be highly customized to your needs. Coverage is only available in 26 states, though, so it’s not an option for everyone.
Policyholders who value digital capabilities and robust discounts over customer and claims satisfaction might consider Liberty Mutual as their company of choice.
Avg. full coverage auto rate
Avg. full coverage auto rate
Avg. full coverage auto rate
Avg. full coverage auto rate
$1,229
$1,356
$1,361
No rates available
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
$371
$957
$1,049
No rates available
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
J.D. Power Digital Experience Study - Service
Not scored
663/1,000
688/1,000
656/1,000
.J.D. Power Digital Experience Study - Shopping
.J.D. Power Digital Experience Study - Shopping
.J.D. Power Digital Experience Study - Shopping
.J.D. Power Digital Experience Study - Shopping
Not scored
530/1,000
507/1,000
538/1,000
AM Best rating
AM Best rating
AM Best rating
AM Best rating
A+ (Superior)
 A+ (Superior)
A++ (Superior)
A (Excellent)

Is NJM a good insurance company?

Members of Bankrate’s editorial staff are licensed agents, and the team has decades of insurance industry experience between us. We understand how much thought goes into gathering insurance quotes and choosing the best company. For this reason, we conduct detailed, holistic insurance carrier reviews — our goal is to provide our readers with the information they need to make the most educated decision about their insurance needs.

Whether NJM is a good company likely depends on your priorities. Based on proprietary premium data, NJM may be among the cheapest car insurance companies, but it only sells insurance in five states. It also offers robust homeowners insurance coverage options, but it's missing a few endorsements for auto. Lastly, policyholders who value digital tools may want to look elsewhere — although the company has an online policy portal, the system doesn't allow for policy changes, and the company lacks a mobile app capable of policy management. Perhaps the best way to determine if NJM can provide what you need is to contact the company for a quote.

NJM customer satisfaction

Bankrate knows that when it comes to insurance, price isn’t everything. Although no one looks forward to filing an insurance claim, if you find yourself in need, it’s important that your insurer is communicative and transparent throughout the claims process. That’s why we included third-party customer satisfaction ratings in our NJM insurance review. Although NJM was not included in the 2023 J.D. Power Digital Experience Study or the 2023 Property Claims Satisfaction Study, it did receive a strong rating from AM best for financial strength. This indicates that NJM has strong financial backing and a history of being able to pay out customer claims.

Study or Rating agency NJM 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) N/A

Since NJM is a regional insurer that only operates in five states, J.D. Power did not include the company in every region of its 2023 U.S. Auto Insurance Study. However, in the region NJM was included, Mid-Atlantic, it ranked above the region average, coming in fourth place with a score of 834 out of 1,000 points. In the J.D. Power 2022 U.S. Auto Claims Study, the company did even better, coming in second place overall with a score of 896 out of 1,000.

J.D. Power Auto Claims Satisfaction Study

NJM customer complaints

The National Association of Insurance Commissioners (NAIC) is a leading regulatory body for the insurance industry. Among other responsibilities, the NAIC tracks the volume of complaints customers file against an insurer and awards a complaint index. Unlike J.D. Power, with NAIC scores, lower is better. A low complaint index indicates that a company receives fewer complaints, while a higher complaint index means it receives more. The NAIC gives a separate complaint index for each line of insurance a company writes. Below, we’ll review the indexes for NJM’s private passenger auto and home insurance.

NJM’s ultra-low auto complaint index is a great indication of customer satisfaction. From 2020 to 2022, NJM’s complaint index for private passenger auto insurance never rose above .16.

NJM’s homeowners insurance complaint index is even more impressive. Its near-nonexistent home insurance complaint index shows that NJM customers have little to complain about in terms of home insurance.

Other NJM tools and benefits

While NJM’s digital tools may not be as impressive as some of its competitors', the company’s website does feature a helpful “Life Events” section, with articles on everything from getting your first job to having a baby, along with insight into how those events may impact your insurance needs. There’s also a “Safety Center” section that includes tips on personal safety, safe driving and home safety. NJM offers the following products along with its auto and home insurance offerings:

  • Renters insurance: Renters insurance is sometimes overlooked, but this policy may provide renters with important liability protection as well as coverage for their personal property.
  • Umbrella insurance: An umbrella policy provides extra liability coverage above and beyond what you carry on your home and auto policies.
  • Business insurance: NJM’s business insurance offerings include workers' compensation, commercial auto and commercial umbrella policies. Unlike its personal policies, NJM business policies are available in New York.
  • Classic car insurance: This specialized type of insurance policy can be used to protect a wide breadth of vehicles like collector cars, antiques, custom vehicles and even tractors. 
  • Boat and watercraft insurance: NJM partners with American Modern to bring liability and physical damage coverage to boat owners.
  • ATV and motorcycle insurance: Like its boat policies, NJM’s ATV and motorcycle policies are also underwritten by American Modern.

Frequently asked questions about NJM insurance

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Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Auto insurance rates are weighted based on the population density in each geographic region.

Auto

Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should only be used for comparative purposes.

Age: Rates were calculated by evaluating our base profile with the ages 16-60 (base: 40 years) applied. Depending on age, drivers may be a renter or homeowner. Age is not a contributing rating factor in Hawaii and Massachusetts.

The rates for drivers ages 16-20 added to their parents' policy reflect the good student and driver's training discounts applied. The rates for drivers aged 16-20 on their own policy do not include the good student and driver's training discounts. Additionally, 25-year-old rates are based on the driver as a renter and 30+ on the driver as a homeowner.

Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), single speeding ticket and single at-fault accident.

Homeowners

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.

Bankrate Score

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
  • Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
  • Tier 3 (Support): To encompass the many ways an auto and home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Tier scores are unweighted to show the company's true score in each category out of a possible five points.

Written by
Natalie Todoroff
Writer, Insurance

Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.

Edited by Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute