NJM Insurance – Best Auto Insurance? NJM Insurance Guide 2020

NJM Insurance

NJM Insurance Review: Best Auto Insurance? NJM Insurance Guide 2020

New Jersey Manufacturers – NJM Insurance was available only to members of certain groups. NJM dropped those restrictions in 2018 and now offers auto, homeowners, renters and umbrella insurance to anyone in New Jersey or Pennsylvania. NJM sells policies directly to customers by phone and online rather than through agents.  It gets top marks for customer satisfaction.  NJM is incorporated as a stock company, but it operates more like a mutual insurance company. Its stock is held in trust, and it pays out dividends and premium credits to policyholders in New Jersey.  Those dividend payments aren’t guaranteed.

About NJM Auto Insurance

NJM Insurance Company, or New Jersey Manufacturers Insurance, was established in 1913. In the past, it provided exclusive offerings for members. However, it recently became available to the public in 2018. NJM Insurance is known for its competitive rates and good customer service. Unfortunately, this insurance company is effectively available only in New Jersey, Connecticut, and Pennsylvania. It offers customers home, auto, and business insurance, with a few additional coverage options for a handful of other neighboring states. Customers of NJM Insurance stay loyal because of the company’s strong financial standing and local agents. These customer service agents are familiar with the area and surrounding community and can create a personalized experience.

Eligibility Requirements for NJM

Customers are eligible based on two simple criteria: employment and geography. Applicants must live in either New Jersey or Pennsylvania to qualify. Additionally, applicants must be employed by either the State of New Jersey, or a member organization of the New Jersey Business & Industry Association. People can also qualify if they are current or prior policyholders, spouses, operators of vehicles currently covered, or occupants of houses currently covered.

NJM Auto Coverage 

NJM offers standard insurance coverage for personal vehicles, which includes:

  • Property damage and bodily injury liability coverage: Covers another driver’s personal injuries or property damage when you are at fault in an accident
  • Collision: Covers the cost of repairing your vehicle after a collision with another car or an object
  • Comprehensive: Protects your car when it is damaged by things other than a collision like fire, theft, vandalism, or animals
  • Medical payments: Covers your medical expenses if you are injured in an accident
  • Uninsured and underinsured motorist coverage: Protects you when the other party involved in the accident does not have sufficient insurance to cover losses

You can also add roadside assistance, rideshare insurance, gap insurance, new car replacement, and transportation expense reimbursement to your NJM auto insurance policy.  NJM Insurance insures specialty vehicles like boats, motorcycles, and classic cars. It also provides coverage for business, floods, homes, motorcycles, and renters. Businesses can get worker’s compensation coverage if they are located in Connecticut, Delaware, Maryland, New Jersey, New York, or Pennsylvania. (Source: motor1.com)

NJM Auto Insurance Extras

NJM offers all the usual coverages, including liability, other state-required coverage types, comprehensive and collision, as well as roadside assistance. If you buy comprehensive and collision coverage, NJM’s policies also include a few extras:

  • New car replacement. If you own a new car with fewer than 15,000 miles on it and it is totaled or stolen within 12 months after you buy it, NJM’s new-car replacement coverage will pay what it costs to replace it, less your deductible.
  • Transportation expense reimbursement. NJM gives you three temporary transportation options when your car is being repaired as a result of a covered loss: You can take a taxi, use a rideshare company or rent a car. In Pennsylvania, the policy includes coverage of $20 a day, to a maximum of $600.  The New Jersey coverage is $30 a day, to a maximum of $1,200. In both states you can buy increased coverage, with a top limit of $100 a day and a $4,000 total payout.
  • Pet coverage. NJM will pay up to $1,000 for treating your dog or cat if it’s injured in a covered car accident. This is available with comprehensive or collision coverage; it isn’t necessary to buy both.
  • NJM SafeDrive mobile app: This app monitors your acceleration, speed, braking, cornering and distracted driving as part of the optional SafeDrive discount program. You get scores in each category, along with an overall score for each trip. A “leaderboard” lets you see how your scores compare to others’.

Rideshare Insurance

If you buy comprehensive and collision coverage, you can also add gap insurance, which helps pay off your loan or lease balance if your vehicle is totaled or stolen.  Additionally, NJM offers rideshare insuranceThis can help bump up your coverage if you drive for a company like Uber or Lyft. The rideshare company’s insurance kicks in when you have a passenger.  However, it doesn’t fully cover you when you have the app on and haven’t accepted a ride request. (Source: nerdwallet.com)

NJM Auto Insurance Costs And Discounts

Many personal factors affect the cost of your car insurance premium. Details like your gender, age, zip code, credit score, driving record, and the type of car you drive can make your rates go up or down. Always be sure to speak to a local agent about your specific circumstances and how they’ll affect your rates.  NJM auto insurance is known for reasonable rates. For instance, a single male could get rates of $1,272 for the year, which is cheaper than the overall New Jersey state average.  You can save more if you qualify for one of NJM Insurance’s discounts for:

  • Multipolicy discount.
  • Multivehicle discount.
  • Paying your premium in full, upfront discount
  • Paying your premium electronically discount.
  • Buying both collision and comprehensive coverage discount.
  • Vehicle safety discount – features like anti-lock brakes and air bags.
  • Newer car discount –  for driving a car no more than two model years old.
  • Student discounts for having good grades and for leaving the car at home while living at a school more than 100 miles away.
  • Young driver training discount.
  • Defensive Driving Discount for taking a defensive driving class (in New Jersey).
  • Driver Improvement Discount for drivers 55 and older taking a driver improvement course (in Pennsylvania).
  • NJM SafeDrive program –  This is an app that tracks data about your driving habits like your speed, acceleration, cornering, braking, and distracted driving.  It rewards you with a discount if you are a safe driver. Drivers who participate in this program get a score that lets them compare results with other drivers. You can also become eligible for a discount if you consistently drive safely. It’s voluntary, but you get a discount for participating.

NJM Quotes And Claims Process

NJM auto Insurance has a reputation for its customer satisfaction in the claims filing process.

How To Get A Quote

To get a NJM Auto quote, you’ll need a valid email address, driver’s license number, driving history information, the names of all drivers to be insured on the policy and the safety features on the vehicle.  The process is available online.  Just go to the website homepage and request an NJM auto insurance quote. Enter pertinent information about yourself including your zip code, address, vehicles, and driving history. You will receive a quote for auto insurance coverage. An agent will then contact you to you to finish the process and engage your policy.

How To File A Claim

To report an incident, you can simply call the customer service line and provide your policy number.  You can also report your claim online. Log in to the customer dashboard, and enter information about the incident and any losses. Make sure you have your policy number, the date and time of the accident, a description of what happened, and pictures of the damage.

NJM auto insurance was a part of J.D. Power’s 2019 Personal Auto Claims Certification program. For a company to be included in this program, it requires customer satisfaction across the board with the claims process.

NJM Insurance Reviews –  “Among the Best Auto Insurance Companies”

NJM Insurance overall has a very good reputation when it comes to customer service. It has the support of its customers and responds to customer claims in a timely fashion. The J.D. Power 2019 U.S. Auto Insurance Study named NJM auto insurance among the best for cost, claims satisfaction, and customer satisfaction.  Customer reviews said NJM processed claims fast and efficiently. Many said the claims approvals were fair and accurate. They also complimented the knowledgeable staff that was transparent about their processes.  NerdWallet also named NJM among the best car insurance companies:

“NJM auto insurance earned 5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account a number of details including pricing, discounts and ease of filing a claim. Other factors analyzed include website transparency, financial strength and complaint data from the National Association of Insurance Commissioners.” Source: nerdwallet.com

NJM Homeowners Insurance 

NJM policies for homeowners offer all the standard coverages.  These include liability coverage, personal property insurance and protection for your home and other structures like sheds. You can also buy add-on coverage for extra protection.

  • Extra coverage for valuable items like jewelry and heirlooms.
  • Extra fraud protection in case you’re a victim of credit card fraud, a forged check or counterfeit money.
  • Identity fraud coverage, which pays up to $15,000 for expenses you encounter if your identity is stolen.
  • Earthquake insurance, which pays for damage to your home or belongings from an earthquake.
  • Water backup coverage, which pays up to $5,000 if your sump pump overflows.
  • Coverage for fungi damage or issues such as wet or dry rot.
  • Supplemental loss assessment, which covers up to $5,000, depending on your policy, when your condo or homeowners association is liable for an injury or property damage and you must pay your share.

Homeowners insurance discounts from NJM include:

  • Multipolicy discount.
  • Discount for features such as smoke detectors, burglar alarms and automatic sprinkler systems.
  • Discount for insuring a new-construction home.
  • Nonsmoking discount.
  • Discount for being 65 or older.
  • Discount for having an automatic backup power supply or portable generator.
  • Paid-in full and electronic payment discount.
  • Paperless discount (Pennsylvania only).
  • Discount for having impact-resistant glass in all windows – New Jersey only. (Source: Nerdwallet.com)

NJM Insurance Reviews & Customer Complaints

According to NAIC (National Association of Insurance Commissioners) NJM had far fewer complaints than expected. The number of complaints to state regulators is considered low relative to the company size.  Complaints were low for both home and auto insurance, according to three years’ worth of data.  The company gets high marks for auto insurance customer satisfaction:

  • Personal Auto Claims Certification – It is the first company to earn J.D. Power’s Personal Auto Claims Certification, based on customer satisfaction with claims and J.D. Power’s audit of the company’s practices.
  • Among the Best Auto Insurance Companies – J.D. Power rates NJM “among the best” in two of its 2019 studies — one for claims satisfaction and the other for overall customer satisfaction in the mid-Atlantic region.
  • Best Car Insurance Comapnies – Consumer Reports  NJM ranks among the top three auto insurers nationwide in Consumer Reports’ most recent car insurance satisfaction survey.

NJM Insurance Reviews – 5 Star ***** “Among the best auto insurance companies…”

 No one in the US is close. Auto, home insurance. Hours to call as needed. Claims are processed fast and efficiency, honestly and more than fair. Price, transparency, service. Ease of changes. Exceeds expectations in all regards.  Consumer AffairsAlan of Columbus, NJ  Verified Reviewer  Original review: Sept. 9, 2019

NJM Insurance Reviews – 5 Star *****   “Best car insurance…”

Had NJM for 40 years, easy to deal with, no hassle claim submitting, very knowledgeable staff. They are are a little higher in rates than other insurance companies but the great customer service makes up for that.  Consumer AffairsJoseph of Little Egg Harbor, NJ Verified Reviewer  Original review: Aug. 26, 2019

NJM Insurance Reviews – 4 Star ****   “Loyal for 45 years…”

I have been with NJM Auto since I was 17 years old… a loyal Auto policyholder for the past 45 years! And when I bought my first home in 1981, they have been my homeowner’s insurer as well. Why all of these years when so many times I’ve had opportunities to switch? 1. They are always prompt and professional when handling my claims.  2. They are always fair in dealing with my loss.  3. Their prices are competitive and the dividend back is a nice touch.

What else should you expect from an insurance company beyond 1, 2, and 3 above? When I read the complaints on this site, I wish that the person(s) involved at NJM were able to respond, because what I’ve read does NOT sound like the company I have been dealing with for the past 45 years.  Consumer AffairsStevo of Wayne, NJ Verified Reviewer  Original review: Aug. 23, 2019

More about NJM Insurance

NJM’s website is user-friendly and easy to navigate. Policyholders can log in to see policy information, make payments, report a claim and more. However, tech-savvy customers might be disappointed that NJM doesn’t offer a mobile app for managing its policies.  NJM offers other policies through third parties. Here are types of insurance you can get from NJM’s partners:

  • Classic and collector car insurance
  • Motorcycle and ATV
  • Boat and personal watercraft
  • Flood insurance

Other types of Homeowner’s, Business and Property  insurance from NJM include:

  • Renters
  • Condo
  • Umbrella
  • Business Insurance

Frequently Asked Questions

Is NJM insurance cheap?  NJM auto insurance has some of the lowest rates in the states the company serves. For example, a single male can get an annual car insurance premium of $1,272.

Can anyone get NJM Insurance?  Not if you live outside the service area of New Jersey and Pennsylvania.  Otherwise, most anyone who lives in New Jersey, Connecticut, and Pennsylvania can get auto insurance from NJM. Your car must be registered to the state you live in.

Does NJM auto insurance cover rental cars?  Yes, you are eligible for rental car coverage if you have collision coverage and other-than-collision coverage, also known as comprehensive car insurance.

NJM Insurance – Final Thoughts

NJM Insurance is a decent option for affordable car insurance coverage.  Unfortunately, only if you live in its limited service areas of New Jersey, Connecticut, and Pennsylvania.

NJM Insurance Pros

  • Competitive car insurance rates and offerings
  • High satisfaction with claims processing and coverage
  • Online policy management
  • Strong financial stability
  • Local agents greatly familiar with local driving laws

 NJM Insurance Cons

  • Insurance only available to employees of select organizations
  • Geographic limitations – only in New Jersey and Pennsylvania
  • No coverage on mechanical breakdown or personal property

NJM provides auto insurance to customers primarily in New Jersey and Pennsylvania. Along with a selection of car insurance coverages and discounts, it pays dividends to its policyholders.  These dividends average roughly 5 percent of the yearly premium each year. The insurance provider receives positive reviews for its high customer satisfaction with claims processing.   Customers like the wide selection of coverage options, while offering many discounts to save you money.  NJM is backed by a strong financial foundation, as shown by its A++ rating on AM Best. Unfortunately, NJM does not have a mobile app to allow you to manage your policy on the go.

Online reviews have positive things to say about the claims filing process with NJM. Many claim it is among the best auto insurance companies.  If you are looking for a no-hassle claims process and you live in select East Coast states, you could benefit from NJM’s low rates.

 

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