Features of NJM Homeowners' Insurance
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25 Apr 2023 01:31:56 pm.
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Features of NJM Homeowners' Insurance
Pros Explained
High customer satisfaction ratings: New Jersey Manufacturers Group has high customer satisfaction ratings, including being rated #1 in customer service by JD Power for the mid-Atlantic region.1
Online quotes available: NJM allows potential customers to obtain quotes online, giving them the option to see what coverage may cost them and more easily compare to competitors.
Unique discounts available: New Jersey Manufacturers offers several unique discounts, including a defensive driving, mature driver, and driver training discount.
Cons Explained
Only available in a few select states: New Jersey Manufacturers Group only provides personal insurance in 5 states: Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania.
Roadside assistance costs additional: Roadside assistance is available 24/7 for certain qualified incidents, but it will cost either $75 or $125 per emergency, and no deductible applies to the coverage.
No online purchase option: Policies can only be purchased over the phone or through an agent.
Introduction
New Jersey Manufacturers Group (NJM) offers eight types of auto insurance coverage, including liability, medical expenses, underinsured and uninsured motorist, collision, comprehensive, classic and collector car, motorcycle and ATV, and boat and personal watercraft insurance. They offer an online portal where you can make claims 24/7 and have roadside assistance coverage available to add to your policy.
See how NJM stacks up to its competitors with our list of the best car insurance companies.
Company Overview
New Jersey Manufacturers Casualty Insurance Company (NJM) was founded in 1913 in where else, but New Jersey. It was originally created to provide workers with workers’ compensation. Since then, its offerings have expanded to include auto, homeowners, condo, renters, and personal umbrella insurance. They only offer personal coverage in Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania.
NJM also offers business coverage, including commercial general liability, commercial excess and umbrella, and ProEdge Businessowners policy. These policies are only available in Delaware, Maryland, New Jersey, and Pennsylvania, however.
Types of Coverage
NJM offers eight different types of insurance coverage, but take note that coverage types and levels may vary by state.
Liability Coverage
Liability coverage through NJM may pay out if you injure someone in an accident or damage their car or other form of property to compensate them for the damages and injuries you caused. It can also pay for a lawyer if you are sued.
Medical Expenses
This type of coverage, also known as MedPay, may cover your medical expenses after an accident.
Underinsured and Uninsured Motorist
If you get in an accident with someone who doesn’t have insurance, or who doesn’t have enough coverage to pay for the damages, this policy may pay what you’re owed. Property damage may be included, depending on coverage type and state.
Collison
This basic insurance may pay to repair or replace your vehicle after damage from a collision with another vehicle or object.
Comprehensive
Comprehensive insurance through NJM helps pay for damage that collision insurance doesn’t cover. This could be from theft, vandalism, flooding, fire, a broken windshield, or a collision with an animal.
Classic and Collector Car
Offered through American Modern, a nationwide specialty insurance provider, for classic or collector cars, this coverage includes exotics and muscle cars, restorations, race cars, tractors, military vehicles, and more.
Motorcycle and ATV
Also offered through American Modern, this policy covers your motorcycle, dirt bike, ATV, snowmobile, or golf cart, among a few other vehicles. With motorcycle and ATV insurance, you may be eligible for homeowners and multi-bike discounts.
Boat and Personal Watercraft
Another option with American Modern, this includes liability and physical damage insurance for watercraft up to 64 feet in length, 120 m.p.h., and $1 million in value. The cost of insurance will vary depending on factors like location, boat size, and type of boat. Discounts are available through American Modern.
Discounts
NJM has several discounts available to customers, but availability may change based on location.
Defensive Driving (NJ Only)
The defensive driving discount is 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 (CT, MD, NJ, and PA Only)
The driver training discount is available if you provide the necessary eligibility paperwork, which you can do through your online account or by email.
Electronic Payment Discount
You can get an easy discount by signing up for automatic electronic payments.
Full Coverage
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, and you can qualify in a few different ways: Make the honor roll or dean’s list, or earn at least a B average or 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
If you’re over a certain age and take a qualified course, you’re eligible for a discount. Documentation is required.
Multi-Vehicle Discount
If two or more vehicles are insured through NJM on the same policy, you’ll receive a discount.
New Car Discount
You may be rewarded with a discount if your car is two model years old or newer.
Paid in Full Discount
Like many insurers, if you pay your NJM bill in full, rather than monthly, you’ll receive a discount.
Paperless Discount (CT, MD, OH, and PA Only)
Receive a discount for getting your documents electronically.
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.
Payment Options
NJM customers can pay for their policy in the following ways:
Online: Customers can log in to their dashboard to set up automatic bill pay and also make a one-time payment without logging in.
Online bill pay service: Customers can choose NJM as the payee for their policy and have their bank pay their premium directly for them.
By phone: By using the automated phone system, customers can pay their bills from their checking, savings, or credit/debit card.
By mail: Customers can pay their bill through the mail by sending in a check with the policy number on it.
Customers will receive a discount if they pay their bill in full versus paying monthly.
Loss Ratio
The loss ratio of a company helps gauge how financially strong it is at any given time. New Jersey Manufacturers Group has a loss ratio of 61.42 %, which is on the lower end among similar insurers.2 A higher loss ratio of claims/premiums can indicate financial distress, and this is not the case with NJM. According to internal research, its average annual premium is $1,694.00, which is the fifth cheapest out of 25 companies ranked.
Other Features
New Jersey Manufacturers Group has several features that help them to stand out among the competition. For starters, online quotes are available, making it convenient for potential customers to compare NJM to other companies. They also offer gap insurance, which pays for some or all of the difference between the balance of a loan or lease on a vehicle and what NJM is willing to pay to replace the vehicle if it is considered a total loss.
NJM Roadside Assistance offers 24/7 service for a flat tire, dead battery, no fuel, or getting locked out of your car. They also have Transportation Expense Enrollment, where customers can purchase increased limits for rental reimbursement if the vehicle is in a covered loss.
NJM’s transportation expense endorsement is only available for vehicles with physical damage (comprehensive and collision) coverage.
NJM is also involved in keeping teens safe while driving. They offer a free driver safety program, called the Teen Driver Safety Program, available at no cost to schools in Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania. They also sponsor several safe driving initiatives, including the Just Drive Pledge, where teenagers pledge to avoid distractions and the U Got Brains Champion Schools program, in which schools compete for $10,000 to use towards school safety programs.
New Jersey Manufacturers Group offers 24/7 claims reporting through their online portal or by calling 1-800-367-6564.
Customer Service
New Jersey Manufacturers Group has several ways to be in touch with their company.
They have a customer service line that customers can call at 1-800-232-6600 Monday through Friday from 7:00 a.m. to 9:00 p.m. and Saturdays from 8:30 a.m. to 4:30 p.m.
NJM also has an email contact form in which a representative will respond within two business days.
Customers can also mail auto insurance questions to:
NJM Insurance Group
301 Sullivan Way
PO Box 428
West Trenton, NJ 08628-0227
Customer Satisfaction
New Jersey Manufacturers Group has done an exceptional job of providing an overall positive customer service experience for its customers. They allow customers to make and manage their claims online 24/7, have high rankings from industry experts, and strong customer service reviews.
Satisfaction Ratings
J.D. Power ranked New Jersey Manufacturers Insurance Co. #1 for customer satisfaction among auto insurers in the mid-Atlantic region in 2021, and third-party review sites rank them highly as well.1
Customers also want to know that their insurance company is financially sound and will be able to pay a claim if and when the time comes. New Jersey Manufacturers Group was given an A+ (Superior) rating by AM Best, which gives insurers a letter grade based on their financial strength. An A+ is only one step down from the highest ranking of A++.3
Complaint Index
The National Association of Insurance Commissioners (NAIC) compiles consumer complaints about insures and then compares this information to the industry average. The average complaint score is set at 1. New Jersey Manufacturers Group was given a rating of 0.15 by NAIC, meaning that it has less than the average amount of complaints against it.4
Account Management
NJM customers have an online dashboard to log into to make claims, view existing claim details, view and print their ID card, view policy documents, upload documents to their account, and pay bills.
Customers can also call the customer service department if they prefer to speak to a representative.
How New Jersey Manufacturers Group Compares to Other Auto Insurance Companies
New Jersey Manufacturers Group is known for its low premiums. They were ranked the cheapest provider out of 10 companies offering coverage in New Jersey. NJM’s average premiums were also in the five cheapest out of 25 companies ranked.
NJM is only available in Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania however, making it less accessible than most competitors.
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