Njm Auto Insurance: Is It Worth The Hype?

NJM Insurance, or New Jersey Manufacturers Insurance, is a regional insurance company that offers auto, home, and renters insurance. It is only available in five states: Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania. NJM offers highly-rated customer service, affordable rates, and a variety of extra coverage options. The company provides all the standard auto coverage types, such as liability, comprehensive, and collision, as well as endorsements like ridesharing coverage, gap coverage, and physical damage coverage for trailers or campers.

NJM has received recognition for its financial integrity and operational efficiency, and it boasts an impressive sustainability program. The company has a strong capacity to meet claim obligations, as indicated by its high financial strength rating from AM Best.

However, NJM's availability is limited, and it lacks a functional mobile app for policy management. The company also does not offer an accident forgiveness program. Overall, NJM is a good choice for individuals seeking affordable rates and robust coverage options within its service area.

NJM's customer service

NJM Insurance, also known as New Jersey Manufacturers Insurance, is known for its excellent customer service. The company has been praised for its quick and easy claims process, with some customers reporting that they always receive a rebate check if they do not have an accident. NJM's customer service representatives are described as helpful and responsive, although there are a few negative reviews mentioning unhelpful or argumentative staff.

NJM offers various ways to contact customer service, including by phone, email, and through an online form on its website. The company's website also allows policyholders to log in and view policy information, make payments, report a claim, and more. However, some customers have expressed disappointment over the lack of a mobile app for policy management.

Overall, NJM Insurance receives high ratings for customer satisfaction, with significantly fewer complaints than other companies of its size. In the J.D. Power 2023 U.S. Auto Claims Study, NJM ranked third overall out of 24 companies, with a score of 900 out of 1,000. The company also has a low auto complaint index of 0.05 in 2023 from the National Association of Insurance Commissioners (NAIC), reflecting a high level of customer satisfaction.

NJM's insurance coverage

NJM Insurance, also known as New Jersey Manufacturers Insurance, offers a range of insurance products, including auto, home, renters, umbrella, classic car, motorcycle, boat, and personal watercraft insurance. The company provides coverage for residents in Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania.

Auto Insurance Coverage

NJM auto insurance offers standard coverage options such as liability, comprehensive, and collision insurance. In addition, NJM provides several add-ons and endorsements for further customisation. These include:

• Ridesharing coverage
• Gap coverage
• Physical damage coverage for trailers or campers
• Roadside assistance
• Rental car reimbursement
• Pet coverage
• New car replacement

Home Insurance Coverage

NJM's home insurance policies include standard coverage options and a range of endorsements for additional protection. Some of the notable add-ons include:

• Identity fraud expense coverage
• Water backup coverage
• Scheduled personal property
• Enhanced other structures coverage
• Assisted living coverage

Pros and Cons of NJM Insurance Coverage

Pros:

• Fewer-than-average customer complaints with the National Association of Insurance Commissioners (NAIC)
• Superior financial strength rating (A+) from AM Best
• Wide range of discounts available
• Low average premiums for both auto and home insurance

Cons:

• Limited availability; policies are only offered in five states
• Lack of functional mobile tools and 24/7 customer service
• No accident forgiveness program
• No new car replacement endorsement

NJM's insurance cost

The cost of NJM's insurance depends on a variety of factors, including the type of insurance, the level of coverage, and the state in which it is purchased. Here is a breakdown of the costs for auto, home, and renters insurance offered by NJM:

Auto Insurance

NJM offers auto insurance in Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania. The cost of auto insurance varies based on factors such as driving history, vehicle age, make/model, and usage.

For full coverage auto insurance, NJM's rates are very competitive. At $140 per month, their full coverage policy is 15% cheaper than the national average. This includes added protections such as rental car reimbursement and other extra coverage perks.

However, for minimum coverage, NJM's rates are higher than average. Their quotes for minimum coverage are around $73 per month, which is 14% more expensive than the average.

NJM also offers a range of discounts to reduce the cost of auto insurance. These include discounts for bundling home and auto insurance, insuring multiple cars, having safety features in your vehicle, being a good student, and more.

Home Insurance

Home insurance costs with NJM are calculated based on factors such as the home's age, size, construction type, location, and replacement cost.

NJM's home insurance rates are very competitive, especially for higher-value homes. For example, a policy with $350,000 of dwelling coverage costs $896 per year, which is $510 less expensive than average. Similarly, a policy with $500,000 of dwelling coverage costs $1,129 per year, which is $775 less than average.

However, for lower dwelling coverage amounts, NJM's rates may be higher than competitors like State Farm, Allstate, and Traveler's.

NJM also offers home insurance discounts for bundling policies, installing security systems, having smoke alarms or a sprinkler system, paying the annual bill in full, and more.

Renters Insurance

NJM's renters insurance is available in the same states as their other insurance products. The cost of renters insurance is affordable, with an average monthly rate of $11, making it one of the cheapest options.

While State Farm may offer slightly cheaper rates, NJM provides more coverage options and discounts, making the extra cost potentially worth it for those seeking more comprehensive protection.

In summary, NJM insurance costs vary depending on the type of insurance and the specific circumstances of the individual. They offer competitive rates, especially for full coverage auto insurance and higher-value home insurance, and provide a range of discounts to help reduce costs.

NJM's customer satisfaction

NJM Insurance, also known as New Jersey Manufacturers Insurance, has received high ratings for customer satisfaction. The company earned the third-highest score on J.D. Power's annual claims satisfaction survey and was ranked fourth in the Mid-Atlantic region in the 2023 U.S. Auto Insurance Study.

In terms of customer complaints, NJM has consistently received far fewer grievances than expected for a company of its size. According to the National Association of Insurance Commissioners (NAIC), NJM had 81% fewer customer complaints than similar auto insurance companies. The company's auto complaint index for 2023 was 0.05, reflecting a high level of customer satisfaction.

NJM's customer service has been described as "good," "excellent," and "very aggressive in making subrogation claims when an accident was clearly the other driver's fault." The company's claims process has been praised for its efficiency, with one customer stating that NJM is "quick in paying claims."

However, there are also some negative reviews, with a few customers expressing dissatisfaction with NJM's handling of their claims and unexpected rate increases. One customer mentioned that NJM raised their rates by 25% despite having a clean driving record. Another customer reported issues with receiving a rebate check after an accident-free year.

Overall, NJM Insurance has received mostly positive feedback regarding customer satisfaction, with ratings and reviews indicating a high level of customer satisfaction and efficient claims processing.

NJM's insurance discounts

NJM Insurance offers a range of discounts for its auto insurance customers. The availability of these discounts varies by state. Here is a list of the discounts offered by NJM:

• Defensive Driving Discount (New Jersey only): Completing a classroom or online course approved by the New Jersey Motor Vehicle Commission (MVC) can get you a discount on your liability, PIP, and collision premiums for up to three years.
• Driver Training Discount (CT, MD, NJ, and PA only): This discount is available for drivers under 21 who complete 30 hours of classroom instruction, six hours of behind-the-wheel training, or a combination of the two.
• Automatic Payment Plan Discount: Enrolling in an automatic payment plan can get you a discount on your policy.
• Collision and Comprehensive Coverage Discount: If you carry both collision and comprehensive coverage on your policy, a discount will automatically be applied.
• Good Student Discount: High school or college students with good grades (at least a B average or 3.0 GPA) may qualify for a discount.
• Home and Auto Bundle Discount: Bundling your auto insurance with homeowners, condo, or renters insurance from NJM can get you a discount on both policies.
• Mature Driver Discount (CT, MD, OH, and PA only): A discount is available for drivers over a certain age who have taken a qualified course. The specific age requirement and course criteria vary by state.
• Multi-Vehicle Discount: Insuring two or more vehicles on the same policy will result in a discount for each vehicle.
• Paid-in-Full Discount: Paying your policy premium in full, rather than in monthly installments, will get you a discount.
• Paperless Discount: Signing up for paperless delivery of documents will result in a discount.
• Vehicle Safety Equipment Discount: This discount is available for vehicles equipped with anti-theft devices, anti-lock brakes, or passive restraints.

Frequently asked questions