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NJM Insurance review 2022

Updated Nov 15, 2022
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At a glance

4.5
Rating: 4.5 stars out of 5
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Rating: 4.4 stars out of 5

4.4

Home

Rating: 4.6 stars out of 5

4.6

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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.

Pros

  • Lower-than-average premiums
  • Good home insurance policy options
  • Fewer than average NAIC (National Association of Insurance Commissioners) complaints

Cons

  • Limited availability
  • Limited digital tools
  • No mobile app for policy management
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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 

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.

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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:

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 

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.

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
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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
$150,000 $269 $980
$250,000 $373 $1,383
$350,000 $534 $1,887
$450,000 $717 $2,351
$750,000 $1,102 $3,414

NJM home insurance discounts

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

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
  • Renters
  • Condo
  • Flood
  • Umbrella
  • Business

The company’s business insurance offerings include workers compensation, commercial auto and commercial umbrella policies.

NJM corporate sustainability 

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? 

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 companies:

  • 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.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto

  • $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 sample drivers own a 2020 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Age: 16-year-old data was calculated by adding a 16-year-old teen to a 40-year-old married couple’s policy.

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

Homeowners

  • Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000
  • Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000
  • Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000
  • Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000
  • Coverage E, Liability: $300,000
  • 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

Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for drivers and homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.

To determine how well the best car and home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for drivers and homeowners, we analyzed quoted premiums based on 40-year-old male and female drivers with a 2019 Toyota Camry, as well as 40-year-old male and female homeowners with $250,000 in dwelling coverage. This profile, assessed across more than 35,000 ZIP codes in the U.S., provided a basis on which drivers and homeowners may compare each provider.

While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.

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