If you live in one of the five states in which NJM sells personal lines insurance and are looking for robust coverage at a cheap price, you may want to consider this carrier. However, NJM doesn’t offer many digital tools to policyholders, so it may not be the best fit for drivers or homeowners who want to handle their insurance on the go.
|Lower-than-average premiums||Limited availability|
|Good home insurance policy options||Limited digital tools|
|Fewer than average NAIC (National Association of Insurance Commissioners) complaints||No mobile app for policy management|
New Jersey Manufacturers Insurance Group, known as NJM, sells numerous types of insurance coverage, including auto, home and flood coverage. However, personal policies are only available in Connecticut, Maryland, New Jersey, Ohio and Pennsylvania. Bankrate’s NJM Insurance review delves into the company’s auto and home coverage options, rates and discounts to help you decide if this regional company is right for you.
NJM car insurance | Bankrate Score: 4.4
If you are looking for the best car insurance on a budget, 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 4.4 out of 5.0. That score takes into account that the company ranks highly for overall customer satisfaction by J.D. Power in the Mid-Atlantic region and offers low average rates, but the limited availability and lack of functional mobile tools brought the total score down.
NJM strikes a nice balance between affordability and personalization. The company offers all the standard coverage types, like liability, comprehensive and collision. And while NJM doesn’t offer a wide array of endorsements, there are a handful of options available to add to your car insurance policy in order to customize it. Some of the policy options include ridesharing coverage, gap coverage, and physical damage coverage for trailers or campers.
NJM car insurance cost
The average annual cost of NJM car insurance is $364 for minimum coverage and $1,242 for full coverage. This is quite a bit lower than the national average cost of car insurance, which is $545 for minimum coverage and $1,771 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 be different from the average based on your own unique combination of rating factors.
|NJM average annual full coverage premium||National average annual full coverage premium|
|Clean driving history||$1,242||$1,771|
|Speeding ticket conviction||$1,369||$2,138|
|Lapse in coverage||$1,604||$1,949|
|Adding a 16-year-old driver*||$2,347||$3,852|
NJM car insurance discounts
New Jersey Manufacturers auto insurance offers a wide variety of car insurance discounts that may help you lower your premium even more. Additionally, a local agent can determine what discounts apply to you by discussing your circumstances and plans. In addition to offering some of the best car insurance discounts such as multi-car, bundling home and auto, and paid in full, the featured discounts from NJM include:
- Full coverage: NJM rewards customers for purchasing a more robust policy. If you buy both comprehensive and collision coverage, you may be rewarded with a discount automatically.
- 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.
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 could help you determine which savings opportunities you qualify for.
NJM car services
In addition to standard car insurance, NJM also offers classic and collector car, motorcycle and ATV, and boat and personal watercraft policies.
NJM home insurance | Bankrate Score: 4.6
If you live in one of these states and are looking for the best home insurance companies in your area, you may want to reach out for a quote. J.D. Power doesn’t rank NJM in its home insurance study due to its small market share, but the company did receive a below-average complaint index from the National Association of Insurance Commissioners (NAIC), indicating that fewer than normal complaints were logged. 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.
NJM home insurance scored highly in our Bankrate Score model due to the company’s low average premiums and wide range of coverage options. With NJM, you have a range of endorsements to choose from to customize your policy. Depending on your needs, you may choose to add assisted living care coverage, water backup coverage or scheduled personal property, among other options.
NJM home insurance cost
NJM home insurance costs, on average, $373 per year for a policy with $250,000 in dwelling coverage. This is much lower than the national cost of home insurance, which is $1,383 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 will vary based on your individual circumstances.
|Dwelling coverage limit||NJM average annual premium||National average annual premium|
NJM home insurance discounts
- 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.
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 NJM is likely your best bet to identify savings opportunities.
NJM home services
If you don’t own a home, you may still be able to get coverage with NJM through its condo owners or renters insurance programs. NJM can also help you purchase a flood insurance policy through Wright Flood, which provides policies through the federally-backed National Flood Insurance Program (NFIP).
Other NJM perks worth considering
While NJM’s digital tools aren’t as impressive as those of its competitors, the company’s website does feature a helpful “Life Events” section, with articles about everything from getting your first job to having a baby, along with insight into how those events impact your insurance needs. There’s also a “Safety Center” section that includes tips on personal safety, safe driving and home safety. Additionally, NJM offers the following products along with its auto and home insurance offerings:
- Classic and collector car
- Motorcycle and ATV
- Boat and personal watercraft
The company’s business insurance offerings include workers compensation, commercial auto and commercial umbrella policies.
NJM social responsibility
NJM is heavily involved in community support. The company supports numerous organizations within the states it services, including supporting local arts organizations, food banks and the Special Olympics.
Additionally, NJM boasts an impressive sustainability program for a small company. The company includes information about its recycling habits, transportation support and corporate support programs on its website.
Not sure if NJM is right for you? Consider these alternatives
If you’re considering getting quotes from NJM but aren’t quite sure it’s the right fit, you may want to reach out to these additional home and auto insurance carriers:
- Erie: Erie is another regional provider available in many of the same states as NJM. Erie boasts competitive auto and home insurance rates and robust coverage options.
- Auto-Owners: Available in 26 states, Auto-Owners could be a good option if you are drawn to NJM’s list of coverage options and discounts. Auto-Owners provides plenty of options for customization.
- Liberty Mutual: If you’re more interested in a national carrier — maybe you know you’ll move around often and want to keep the same insurer — Liberty Mutual could be a good choice.