Vacancy Insurance: What Nj Manufacturers Need To Know

New Jersey Manufacturers Insurance Group (NJM) offers a range of insurance products, including auto, home, renters, and umbrella insurance. As the name suggests, NJM is based in New Jersey, with its main office in West Trenton since 1966. The company was founded in 1913 by factory owners who wanted reliable, local, and safety-oriented insurance.

NJM writes insurance directly for consumers and operates exclusively for policyholders. The company has built a reputation for efficiency, integrity, and superior service, with high customer satisfaction ratings and few complaints. However, it is only available in a limited number of states, including Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania.

New Jersey Manufacturers Insurance Group's history and reputation

The New Jersey Manufacturers Insurance Group, originally known as the New Jersey Manufacturers Casualty Insurance Company, was founded in 1913 by factory owners who wanted to purchase insurance from a reliable, local, safety-oriented carrier. The company's original goal was to provide cost-effective, safety-conscious, and financially secure workers' compensation insurance to New Jersey business owners. By 1922, the company was the largest provider of workers’ compensation insurance in New Jersey.

Since its founding, the company has worked to build a reputation for efficiency, integrity, and superior service. It writes insurance directly for consumers without the expense of agents' commissions and operates in a mutual fashion exclusively for policyholders. The company has paid out more than $5.6 billion in dividends to policyholders since 1918. It has also earned a reputation for the prompt and fair handling of claims, often comparing favourably against other insurance companies in published surveys, particularly regarding customer and claims service in auto insurance.

In addition to workers' compensation insurance, the company also provides personal auto, commercial auto, homeowners, condo, renters, and umbrella insurance. It serves markets in Connecticut, Delaware, Maryland, New Jersey, New York, Ohio, and Pennsylvania. The company has also been recognised for its commitment to teen driving safety, running several Teen Driver Safety Programs in schools and partnering with sports teams to promote safe driving initiatives.

The New Jersey Manufacturers Insurance Group has received numerous awards and accolades over the years. It has been recognised by J.D. Power for its personal auto claims service and overall satisfaction in auto insurance. Forbes included the company in its list of America's Best Employers by State and Best Midsize Employers in 2019. Clearsurance ranked the company as the top consumer's choice among car insurance companies in 2018. The company has also received financial strength ratings of A+ (Superior) from AM Best Company.

The company's insurance coverage options

New Jersey Manufacturers Insurance Group (NJM) offers a range of insurance coverage options for both individuals and businesses. Here is an overview of the different types of insurance provided by the company:

• Auto Insurance: NJM offers auto insurance for personal and commercial vehicles. Their auto insurance coverage includes liability, medical expenses, uninsured and underinsured motorist, collision, and comprehensive insurance. They also provide additional coverage options such as rideshare insurance, gap insurance, and classic car insurance. NJM also offers various discounts, including multi-vehicle, bundling home and auto insurance, good student, and mature driver discounts.
• Homeowners Insurance: NJM provides homeowners insurance that covers standard risks and offers a range of add-ons. Some of the unique coverage options include identity fraud expense coverage, water backup coverage, scheduled personal property coverage, and assisted living care coverage. They also offer discounts for insuring both home and auto, installing safety features, and for non-smokers.
• Renters Insurance: NJM's renters insurance is known for its competitive rates and the ability to add roommates to the policy. It covers personal property and provides liability protection.
• Condo Insurance: NJM offers insurance for condo owners, providing coverage for their individual units and personal property.
• Umbrella Insurance: This type of insurance provides additional liability coverage beyond the limits of standard home and auto insurance policies.
• Workers' Compensation Insurance: NJM provides workers' compensation insurance to businesses, covering medical expenses and lost wages for employees who suffer work-related injuries or illnesses.
• Commercial Auto Insurance: This insurance covers vehicles owned by businesses, such as cars, trucks, and vans used for business purposes.
• Commercial General Liability Insurance (CGL): NJM offers CGL insurance to protect businesses from the risks associated with customer injuries, property damage, and advertising injuries.
• Boat and Watercraft Insurance: In partnership with American Modern Insurance Group, NJM provides liability and physical damage coverage for boats and personal watercraft.
• ATV and Motorcycle Insurance: NJM, in collaboration with American Modern, offers insurance for ATVs, motorcycles, dirt bikes, snowmobiles, and other similar vehicles.
• Classic Car Insurance: NJM provides specialized insurance for classic and collector cars, covering a range of vehicles, including exotics, muscle cars, tractors, and military vehicles.

It is important to note that the availability of specific coverage options and discounts may vary by state, so it is recommended to contact NJM directly or refer to their website for detailed information about the insurance coverage options available in your area.

Customer satisfaction and complaints

New Jersey Manufacturers Group (NJM) has high customer satisfaction ratings, including being rated #4 in customer service by JD Power for the mid-Atlantic region. The National Association of Insurance Commissioners (NAIC) gave NJM a rating of 0.24 in 2022, indicating that it has fewer complaints than the average.

NJM has an A+ rating from the Better Business Bureau (BBB), with a total of 24 customer service complaints over the past three years, 12 of which were in the past 12 months. This is a low number of complaints, even for a smaller regional insurer. Overall, there are very few complaints about the company online, and more positive reviews than is typical for an insurance company of any size.

NJM offers multiple convenient methods for filing claims. Customers can file claims online, through a 24-hour phone line, or via a mobile app. The company also allows customers to make and manage their claims online 24/7.

However, there are some complaints from customers about unexpected premium increases after making claims, and issues with claims handling and customer service. Some customers have also complained about unexpected policy cancellations due to non-payment, and issues with the company's mobile app.

Discounts and savings

New Jersey Manufacturers Group (NJM) offers a range of discounts to its customers, including:

Defensive Driving Discount

Available for those who take a defensive driving class or online course approved by the New Jersey Motor Vehicle Commission. The discount applies to liability, personal injury protection (PIP), and collision premiums for up to three years.

Driver Training Discount

This discount is available in Connecticut, Maryland, New Jersey, and Pennsylvania. The necessary eligibility paperwork can be submitted through your online account or by email.

Electronic Payment Discount

You can get a discount by signing up for automatic electronic payments.

Collision and Comprehensive Insurance Discount

If you carry both collision and comprehensive insurance, you’ll receive a discount.

Good Student Discount

This discount is available to high school and college students who meet certain academic criteria, such as being on the honor roll, having a minimum B average, or a 3.0 GPA.

Home and Auto Bundle

You can save on your policy if you add auto insurance to your NJM homeowners, condo, or renters insurance.

Mature Driver Discount

If you’re over a certain age and take a qualified course, you’re eligible for a discount. However, documentation is required and qualifications differ by state.

Multi-Vehicle Discount

If you insure two or more vehicles through NJM on the same policy, you’ll receive a discount.

New Vehicle Discount

You may be eligible for a discount if your car is two model years old or newer.

Paid-in-Full Discount

Similar to many other insurers, if you pay your NJM bill in full instead of in monthly installments, you’ll receive a discount.

Paperless Discount

Receive a discount for choosing to get your documents electronically. This discount is available in Connecticut, Maryland, Ohio, and Pennsylvania.

Vehicle Safety Equipment Discount

If your vehicle has an anti-theft or vehicle recovery device, anti-lock brakes, or passive restraints, you’re eligible for a discount.

Pros and cons of the company's insurance

Pros

• High customer satisfaction ratings: NJM has high customer satisfaction ratings, including being rated #4 in customer service by JD Power for the mid-Atlantic region.
• Online quotes available: NJM allows potential customers to obtain quotes online, making it convenient for customers to compare its offerings to other companies.
• Unique discounts: NJM offers several unique discounts, including defensive driving, mature driver, and driver training discounts.
• Commitment to safety: NJM is committed to keeping teens safe while driving, offering a free driver safety program called the Teen Driver Safety Program. It also sponsors several safe driving initiatives, including the Just Drive Pledge and the U Got Brains Champion Schools program.
• Financial strength: NJM has received an A+ (Superior) rating from AM Best, indicating strong financial strength.
• Low premiums: NJM is known for its low premiums and was ranked the cheapest provider out of 10 companies offering coverage in New Jersey.
• Positive customer service reviews: NJM has high rankings from industry experts and strong customer service reviews.

Cons

• Limited availability: NJM's coverage is only available in a few states, including Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania. This limited availability may be a disadvantage for those living outside of these states.
• Additional cost for roadside assistance: While NJM offers roadside assistance, it comes at an additional cost of $75 or $125 per emergency.
• No online purchase option: Policies can only be purchased over the phone or through an agent, which may be inconvenient for some customers.
• Limited insurance types: NJM primarily focuses on auto insurance and related products, such as homeowners, condo, renters, and personal umbrella insurance. They do not appear to offer health, dental, or life insurance, which may be a disadvantage for those seeking a one-stop shop for all their insurance needs.

Frequently asked questions