NJM insurance review 2024
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At a glance
Score breakdown
Auto
4.0
Cost & ratings
4.3
Coverage
4.0
Support
3.0
Home
4.5
Cost & ratings
4.7
Coverage
4.3
Support
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.
- Offers a wide range of car insurance discounts, including good student and vehicle safety equipment
- Provides incentives for bundling home and auto insurance policies
- Offers over 10 endorsements for homeowners policies
- Low complaint ratings from the NAIC
New
NJM Insurance Group earned recognition as a 2023 Ward’s 50 Top Property and Casualty Insurance Company for the second year in a row. This recognition by Ward, part of Aon plc known for its benchmarking in the insurance industry, highlights NJM's dedication to financial integrity and operational efficiency. Chosen from nearly 2,900 U.S.-based insurers, NJM stands out for its exceptional performance over a five-year analysis period (2018–2022), underscoring its commitment to serving policyholders' interests. This accolade from Ward's 50 reflects NJM's ongoing achievement in financial stability and providing superior service to its policyholders.
NJM car insurance review
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 assessed NJM a Bankrate Score of 4.0 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 $737 for minimum coverage and $1,590 for full coverage. This is quite a bit lower than the national average cost of car insurance, which is $664 for minimum coverage and $2,388 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.
How much is NJM car insurance?
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.
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---|---|---|
Good driver, good credit
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NJM full coverage premium
$1,590
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National full coverage premium
$2,388
|
NJM full coverage premium
$2,678
|
National full coverage premium
$4,372
|
|
NJM full coverage premium
$1,826
|
National full coverage premium
$2,893
|
|
NJM full coverage premium
$1,721
|
National full coverage premium
$3,396
|
|
NJM full coverage premium
$1,826
|
National full coverage premium
$4,586
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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.
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|
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---|---|---|
NJM full coverage premium
$2,031
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National full coverage premium
$5,080
|
|
NJM full coverage premium
$1,859
|
National full coverage premium
$4,376
|
|
NJM full coverage premium
$2,982
|
National full coverage premium
$4,818
|
|
NJM full coverage premium
$2,085
|
National full coverage premium
$2,929
|
|
NJM full coverage premium
$1,679
|
National full coverage premium
$2,523
|
|
NJM full coverage premium
$1,590
|
National full coverage premium
$2,388
|
|
NJM full coverage premium
$1,394
|
National full coverage premium
$2,135
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Compare NJM car insurance rates
Car insurance rates can significantly differ from one company to another based on differing underwriting algorithms and various factors including driving history, vehicle type and coverage choices. When comparing NJM's rates to those of other big-name providers, it's notable that NJM's rates for full coverage are generally lower. This positions NJM as a competitively priced option for those seeking comprehensive protection on the road.
|
|
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---|---|---|
$1,590
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$737
|
|
$2,743
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$874
|
|
$2,254
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$694
|
|
$3,054
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$919
|
|
$1,921
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$565
|
|
$1,905
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$688
|
|
$2,688
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$886
|
|
$2,001
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$545
|
|
$2,036
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$750
|
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$1,756
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$455
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NJM customer satisfaction
When selecting auto insurance, it's important to consider more than just the pricing. Third-party customer satisfaction ratings, such as those from J.D. Power, can offer insights into an insurer's performance, particularly in areas like claim processing, customer service and overall transparency. NJM’s commendable financial strength rating from AM Best indicates a robust capacity to meet claim obligations, highlighting its reliability as an auto insurance provider. These ratings can be helpful references when evaluating potential insurers.
NJM auto claims satisfaction
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 2023 U.S. Auto Claims Study, the company did even better, coming in third place overall with a score of 900 out of 1,000.
NJM auto insurance customer complaints
The National Association of Insurance Commissioners (NAIC) monitors customer complaints in the insurance industry and assigns a complaint index to insurers, with lower scores indicating fewer complaints. NJM's notably low auto complaint index of 0.05 in 2023 reflects a high level of customer satisfaction, as this score suggests significantly fewer complaints than the industry average of 1.0 for their private passenger auto insurance.
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:
- Full coverage: NJM may reward customers for purchasing a more robust policy. If you buy both comprehensive and collision coverage, you could receive a discount.
- New car: If your vehicle is within two model years, you might save on your premium.
- Mature driver: 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.
- Electronic payment: 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.
NJM home insurance review
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 4.5 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 homeowners 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
- Average premiums generally significantly lower than 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, $721 per year for a policy with $300,000 in dwelling coverage. This is significantly lower than the national cost of home insurance, which is $2,285 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.
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$150K dwelling
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NJM average premium
$525
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National average premium
$1,394
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$300K dwelling
|
NJM average premium
$721
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National average premium
$2,285
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$350K dwelling
|
NJM average premium
$788
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National average premium
$2,550
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$450K dwelling
|
NJM average premium
$931
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National average premium
$3,091
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$750K dwelling
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NJM average premium
$1,361
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National average premium
$4,525
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Compare NJM homeowners insurance rates
Homeowners insurance rates vary widely among providers, influenced by factors like location, property value and the level of coverage desired. NJM stands out for its homeowners insurance rates, which are notably lower compared to many big-name competitors. This affordability, combined with its range of coverage options, makes NJM an attractive choice for homeowners looking for quality insurance without the high costs typically associated with comprehensive coverage.
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---|---|---|
$721
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- $1,564 |
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$1,955
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- $330 |
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$2,288
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+ $3 |
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$1,448
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- $837 |
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$2,411
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+ $126 |
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$1,699
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- $586 |
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$3,524
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+ $1,239 |
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$1,691
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- $594 |
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$2,935
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+ $650 |
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$1,871
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- $414 |
NJM customer satisfaction
Bankrate’s team knows that price isn’t everything when it comes to having good coverage. Although no one looks forward to filing an insurance claim, it’s important that your insurer is communicative and transparent throughout the claims process if you ever need to utilize your policy. That’s why we included third-party customer satisfaction ratings in our NJM insurance review to provide a broader view of their service quality. For home insurance specifically, interpreting these third-party ratings can give potential policyholders insight into an insurer's reliability, customer service and claim resolution efficacy, offering a more comprehensive understanding of what to expect.
NJM homeowners claims satisfaction
Although NJM was not included in the 2023 J.D. Power Digital Experience Study or the 2024 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.
NJM home insurance customer complaints
The NAIC plays a critical role in the insurance industry, monitoring and reporting on the number of complaints filed against insurers. For home insurance, the NAIC assigns a complaint index, where a lower score suggests fewer customer complaints. It's noteworthy that NJM's home insurance complaint index has shown a progressive improvement, decreasing each year from 2021 to 2023, indicating increasing customer satisfaction and fewer grievances.
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:
- Storm shutter and hurricane glass: 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.
- Backup or portable generator: If you own a portable generator, NJM may reward you with a discount on your premium.
- Nonsmoker: 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.
- Age 65 and over: 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.
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:
Featured
NJM
4.3
Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings
Cost & ratings 4.5Coverage 4.2Support 3.8 |
Erie
4.2
Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings
Cost & ratings 4.6Coverage 3.9Support 3.8 |
Auto-Owners
4.5
Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength and customer experience, in addition to average quoted rates. A secondary assessment of each provider's online and mobile resources and policy management options also contributed to overall ratings
Cost & ratings 4.8Coverage 4.2Support 4.2 |
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OVERVIEW
Bankrate identified key carrier features, coverage offerings, discounts and more
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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.
Read More
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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.
Read More
|
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.
Read More
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STANDOUT FEATURES
These features are some of the carrier’s most impressive
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Multiple discounts
Lower-than-average auto rates
Home insurance endorsements
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Rate Lock program
Erie Auto Plus package
Guaranteed replacement cost
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Extensive discounts
Robust coverage options
Life insurance policies
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AVG FULL COV. AUTO RATE
Average national annual cost of a full coverage auto insurance policy
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$1,590 | $2,036 | $1,756 |
J.D. POWER AUTO SCORE
J.D. Power’s Auto Claims Satisfaction Study assesses customer satisfaction with the claims experience on a 1,000-point scale
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896/1000 | 893/1000 | 865/1000 |
AVG HOME RATE
Average national annual cost of a home insurance policy with $300K in dwelling coverage
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$721 | $1,871 | $1,681 |
J.D. POWER HOME SCORE
J.D. Power’s Property Claims Satisfaction Study assesses customer satisfaction with the claims experience on a 1,000-point scale
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Not Scored | 674/1000 | 634/1000 |
AM BEST RATING
AM Best ratings assess companies’ financial strength based on historical ability to pay out claims, among other financial obligations
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A+(Superior) | A+(Superior) | A++(Superior) |
Why you can trust Bankrate
Read our full methodologyOur insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth NJM insurance review.
46
years of industry expertise
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
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.
What are real-life customers saying about NJM?
To offer a hands-on perspective on NJM's insurance services, we've gathered insights from real customers who have shared their experiences online. These testimonials come from two main sources: Reddit, a dynamic discussion platform where individuals freely share their opinions and advice on a wide array of topics including insurance, and Trustpilot, a dedicated platform for company reviews. Sourcing experiences from sites like these helps to give a well-rounded view of NJM's performance from the customer's viewpoint. Together, these platforms offer valuable insights into NJM's customer service, claim handling and overall satisfaction levels among policyholders.
Reddit users offer varying perspectives on NJM Insurance, with one highlighting the company's excellent service and swift claims process for responsible drivers, while another voices dissatisfaction over significant rate increases despite a clean driving record. These accounts reflect the diverse experiences individuals may have with insurance providers, influenced by personal driving history and policy changes.
Trustpilot
Trustpilot reviews for NJM Insurance show mixed experiences. One user appreciates the reasonable rates and professional handling of claims, recommending the company to friends. Another expresses frustration over a significant premium increase following a minor claim, feeling penalized for utilizing their insurance, leading to consideration of policy cancellation.
NJM Company details
For those interested in NJM Insurance or current policyholders seeking assistance, you can contact the company via the following:
- Customer service and sales: 1-800-232-6600
- Claims: 1-800-367-6564
- Website: NJM.com
- Payments address: PO Box 70167, Philadelphia, PA 19176
- General mailing address: 301 Sullivan Way, PO Box 428, West Trenton, NJ 08628
State availability
NJM offers home and auto insurance policies in a select number of states, focusing on serving residents in the Northeastern United States. NJM is available in the following states:
- Connecticut
- Maryland
- New Jersey
- Ohio
- Pennsylvania
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
Methodology
Bankrate utilizes Quadrant Information Services to analyze October 2024 rates for all 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 2022 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 married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Bankrate Score
Our 2024 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.
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. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
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Cost & ratings 50%
-
Coverage & savings 30%
-
Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average 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, Demotech 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 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.