Jeffrey Wade
NJM Insurance is rated highly for customer satisfaction, with a score of 4.7 out of 5 on Trustpilot. The company also ranks highly for customer and claims satisfaction in J.D. Power studies and has received a commendable financial strength rating from AM Best, indicating its reliability as an auto insurance provider. NJM Insurance offers affordable full-coverage car insurance, with rates that are lower than the national average, and provides a range of discounts and coverage options. However, it is only available in a limited number of states and has been criticised for its lack of functional mobile tools.
| Characteristics | Values |
|---|---|
| Bankrate Score | 4.0 out of 5.0 |
| Average Annual Cost of Car Insurance | $1,014 for minimum coverage |
| National Average Cost of Car Insurance | $802 for minimum coverage and $2,680 for full coverage |
| AM Best Financial Strength Rating | Commendable |
| J.D. Power Score | 711 out of 1,000 |
| NerdWallet Overall Performance Rating | 4.5 out of 5 |
| Trustpilot Customer Review Average | 4.7 out of 5 |
| Full Coverage Cost | $140 per month |
| Minimum Coverage Cost | $73 per month |
| States Available | Connecticut, Maryland, New Jersey, Ohio, Pennsylvania |
| Discounts | Multi-policy, Paid-in-full, SafeDrive, Accident Forgiveness, Gap Insurance, Classic Car Insurance, Rental Car Coverage |
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Customer satisfaction
NJM Insurance Group has received high ratings for customer satisfaction from various sources. On Trustpilot, the company has a rating of 4.7 out of 5, with customers praising its transparent and attentive customer service. NJM has also earned excellent ratings from J.D. Power, A.M. Best, NAIC, and Forbes, indicating strong customer satisfaction.
According to customer reviews, NJM offers excellent responsiveness, reasonable premiums, and flexibility in dealing with claims. The company provides a wide range of coverage options, including auto, homeowners, renters, and commercial insurance, and is known for its competitive pricing. NJM's rates for full coverage are generally lower than those of its competitors, making it a cost-effective choice for comprehensive protection.
In terms of customer satisfaction surveys, NJM has been recognised by Forbes as one of the World's Best Insurance Companies in 2024. The company ranked 7th in the US home insurance category and 5th for US auto insurance, based on a survey of over 45,000 people. NJM scored well on factors such as the quality of advice, customer service, price performance, transparency, and damage service.
Additionally, NJM has received high marks for customer and claims satisfaction in J.D. Power studies, with a particular focus on areas like claim processing, customer service, and transparency. The company has also been recognised for its low number of customer complaints, with data from the National Association of Insurance Commissioners (NAIC) showing fewer-than-average complaints.
Overall, NJM Insurance Group is highly regarded for its customer satisfaction, with positive reviews highlighting its commitment to providing excellent service, competitive pricing, and a wide range of coverage options.
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Affordability
NJM Insurance, also known as New Jersey Manufacturers Insurance, offers affordable auto, home, and renters insurance. Notably, its homeowners insurance rates are lower than those of many big-name competitors. NJM's auto insurance is also competitively priced, with an average monthly rate of $56 for liability-only insurance and $70 for full-coverage insurance. Full coverage from NJM is 15% cheaper than the national average, costing $140 per month. Additionally, NJM's rates are particularly affordable for high-risk drivers, such as those with a recent accident on their record.
For younger drivers, who typically face higher insurance rates, remaining on a parent's policy can help make NJM's coverage more affordable. While NJM's rates for $200,000 of dwelling coverage are cheaper than average, other insurers like State Farm, Allstate, and Traveler's offer more affordable rates in this category. Nevertheless, NJM's combination of affordable rates and a range of coverage options makes it an attractive choice for many, especially in the Northeast, where it operates.
Although car insurance rates are rising across the industry, NJM strives to maintain consistent rates for its policyholders. The company aims to change its insurance rates slowly and only when necessary to avoid disrupting customers. Despite this commitment, factors like the increased cost and volume of claims can still lead to rate adjustments.
Overall, NJM's affordability, coupled with its well-rated customer service, has earned it recognition. For instance, J.D. Power rated NJM as "above average" in overall auto customer satisfaction, and Forbes ranked it seventh in the U.S. home insurance category and fifth for U.S. auto insurance in 2024.
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Financial strength
NJM Insurance has been rated highly for its financial strength, which is an important indicator of reliability.
The company has a commendable financial strength rating from AM Best, indicating a robust capacity to meet claim obligations. AM Best's ratings are opinion-based and take into account an insurer's financials, operating performance, business profile, and other factors. A high rating in financial strength from AM Best suggests that NJM Insurance has a strong ability to pay claims.
Additionally, NJM Insurance has received high ratings from other third-party customer satisfaction surveys, such as J.D. Power, which further reinforces its financial stability and reliability. J.D. Power's studies have ranked NJM Insurance highly for customer and claims satisfaction, and the company has also earned a score of 711 out of 1,000 in the Mid-Atlantic region in J.D. Power's 2024 U.S. Auto Insurance Study.
NJM Insurance's financial strength is also reflected in its ability to offer low average rates for insurance. The company's rates for auto insurance are lower than the national average, making it a cost-effective option for many customers.
Furthermore, NJM Insurance has a strong reputation for customer service, with positive reviews on platforms like Trustpilot, where it has a rating of 4.7 out of 5. The company's commitment to customer satisfaction is evident in its transparent and attentive service, as well as its range of coverage options and discounts.
Overall, NJM Insurance's financial strength ratings and customer satisfaction scores indicate a reliable and stable company with a strong ability to meet its financial obligations.
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Discounts
NJM Insurance offers a range of discounts to its customers. The company provides auto insurance discounts, including those for mature drivers, multi-car policies, good students, and defensive driving courses. For homeowners, discounts are available for safety features such as storm shutters and hurricane glass, as well as for non-smokers and those over 65.
Auto Insurance Discounts
NJM Insurance offers a wide variety of car insurance discounts. Some of the featured discounts include:
- Full coverage: Customers who purchase both comprehensive and collision coverage may receive a discount.
- New car: If a vehicle is within two model years, there may be savings on the premium.
- Multi-car: Having more than one car insured with NJM can result in a discount.
- Mature driver: Drivers who reach a certain age and complete an approved driving course may receive a discount. The availability of this discount may vary by state.
- Good student: High school or college students who have achieved academic honours or maintained a B average (3.0 GPA) may qualify for a discount.
- Defensive driving: Completing an approved defensive driving course can lead to savings on liability, PIP, and collision premiums for up to three years. This discount is currently only available to NJ drivers.
- Electronic payment: Enrolling in automatic electronic payments can result in savings.
- Paid-in-full: Customers who pay their entire premium upfront may receive a discount.
Home Insurance Discounts
NJM also offers discounts on homeowners insurance, including:
- Safety features: Homes equipped with storm shutters, hurricane glass, or other safety features may qualify for a discount.
- Backup generator: Owning a portable generator can result in a discount on the premium.
- Non-smoker: Non-smokers may receive a discount on their home insurance.
- Age 65 and over: Customers over the age of 65 may qualify for a discount on their home insurance policy.
It is important to note that discount qualifications and availability may vary by location, and customers are encouraged to consult with an agent or NJM representative to determine their specific savings opportunities.
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Availability
NJM Insurance Group provides auto, homeowners, renters, and business insurance. However, it is only available in a few select states. According to sources, NJM Insurance is available in seven states in the Mid-Atlantic and Northeast regions, including Connecticut, Delaware, Maryland, New Jersey, New York, Ohio, and Pennsylvania. One source also mentions that NJM Insurance is only available in five states.
The limited availability of NJM Insurance can be a drawback for some customers. For instance, if you don't live in one of the few states that NJM sells insurance in, you will have to consider another insurance company.
NJM Insurance is a regional insurer, and as a result, J.D. Power did not include the company in every region of its 2024 U.S. review. Despite this, NJM Insurance still earned a Bankrate Score of 4.5 out of 5, thanks to its cheap rates and wide range of coverage options.
While the company does not have a mobile app for general policy management, it does offer a mobile app for tracking driver behaviour. This app, called NJM SafeDrive, is a usage-based program that tracks acceleration, braking, cornering, distracted driving, and speed. It is voluntary, and users get a discount for participating.
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Frequently asked questions
Bankrate gave NJM Insurance a score of 4.0 out of 5.0 for auto insurance and 4.5 out of 5 for homeowners insurance.
NJM Insurance has high customer satisfaction and low complaints. It has a customer review average of 4.7 out of 5 on Trustpilot. It also has a high rating from J.D. Power, which measures customer satisfaction and claims satisfaction.
NJM Insurance is known for offering affordable insurance products. Its car insurance rates are below the national average, and its home insurance rates are also cheaper than average. However, its rates vary depending on factors such as age, location, and coverage level.
