Is NJM Insurance good? A Comprehensive Breakdown

Navigating the realm of car insurance, whether you’re an experienced driver or a first-time nervy one, can be likened to traversing a maze.

Among the numerous options, NJM Insurance often emerges as a notable choice.

However, determining whether NJM is a reliable insurance provider isn’t a straightforward yes or no.

The verdict hinges on your specific requirements and preferences.

Delving into the advantages and disadvantages of NJM can aid you in determining if it aligns with your needs.

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Is NJM insurance Good?Discover out Based on this article PHOTO: NJM.

 

NJM Insurance History

NJM Insurance Group, originally New Jersey Manufacturers Casualty Insurance Company, was founded on June 7, 1913, becoming the largest workers’ compensation insurer in New Jersey by 1922.

It expanded coverage to include property, commercial auto, and home insurance in 1921.

The merger of New Jersey Manufacturers Indemnity Insurance Company and New Jersey Manufacturers Casualty Insurance Company in 1965 formed the current entity.

NJM, headquartered in West Trenton since 1966, expanded to Pennsylvania in 2018, with soccer player Carli Lloyd becoming its spokesperson in 2015.

Financial Strength And Recognition

Financial Strength:
AM Best Company Rating: A+ (Superior).
– Financial Size Category: XV.
– NJM consistently maintained an “A” or better rating since 1933, exceptinsurance a “C” rating in 1933.

Complaint Record:
– Zero valid complaints in 2010, 2012, and 2013.
– Among carriers insuring at least 100,000 vehicles in New Jersey, NJM consistently has one of the lowest complaint ratios.

Industry Recognition:
– First company to receive J.D. Power’s Personal Auto Claims Certification in 2018.
– J.D. Power ranked NJM Insurance Company among the best for overall satisfaction in its 2019 U.S. Auto Insurance Study.

Workplace Accolades:
– Forbes listed NJM on its 2019 America’s Best Employers by State and Best Midsize Employers.

Consumer Choice and Satisfaction:
– Clearsurance ranked NJM as the #1 choice among car insurance companies in 2018 and #2 in 2019.

Corporate Social Responsibility:
– NJM received the Corporate Social Responsibility Award for Public Health or Safety Initiative from PR Daily in 2019 for the Teen Driver Safety Program.

Community Recognition:
– NJM was the 2016 New Jersey State Governor’s Jefferson Award Honoree for its corporate giving program.
– The National Safety Council awarded NJM the Teen Driver Safety Leadership Award in 2016 for its effective Teen Driver Safety Program.

Industry Outlook:
– In 2022, Nerdwallet listed NJM as a “top insurance company heading into 2022.

Products And Services

Personal Insurance

NJM offers a range of insurance products, including auto, homeowners, renters, condo, and umbrella coverage, catering to residents in New Jersey, Pennsylvania, Connecticut, Ohio, and Maryland.

In collaboration with the American Modern Insurance Group, NJM extends its services to include insurance for motorcycles, ATVs, boats, and collector cars.

Commercial Insurance

NJM was initially established to offer workers’ compensation insurance to businesses located in New Jersey.

Presently, the company extends its services by providing workers’ compensation coverage in Connecticut, Delaware, Maryland, New York, and Pennsylvania.

Additionally, NJM has expanded its offerings to include commercial auto insurance and commercial general liability insurance for businesses in New Jersey.

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Pros And Cons Of NJM

Pros

Exceptional customer service:

NJM maintains a top-tier position in customer satisfaction, securing a remarkable 6-year run of J.D. Power awards for its outstanding claims handling. This assures you of receiving supportive and friendly assistance precisely when you require it.

Competitive pricing:

NJM provides competitive pricing, especially for safe drivers and individuals with specific safety features in their vehicles. Take a moment to compare quotes and determine if they can outperform your existing rates.

cons

Restricted accessibility:

NJM operates exclusively in five states, limiting its availability and making it an unavailable option for everyone.

Elevated rates for specific drivers:

NJM might not be the most cost-effective choice for individuals with unfavorable driving histories or those possessing high-risk vehicles.

Limited discount options:

In contrast to some rivals, NJM provides a more modest array of discounts, potentially affecting the overall affordability of your premium.

 NJM Contact Information

Phone: Call toll-free at 1-800-232-6600 (Mon-Fri: 7 a.m. – 9 p.m., Sat: 8:30 a.m. – 4:30 p.m.).
Website: Visit https://www.njm.com/ for contact options, including a form and social media links.
Local Agent: Find a nearby agent on the website or call 1-800-232-6600.

Specific Inquiries:

Auto, Property, or Personal Umbrella: Call 1-800-232-6600.
Workers’ Compensation Claims: Call 1-800-HELP-NJM (1-800-435-7656).
Billing Questions or Payments: Call 1-800-232-6600 or email via https://www.njm.com/about/forms/email-payments.

Frequently Asked Questions

What does NJM stand for in insurance?

In 1913, the New Jersey Manufacturers Casualty Insurance Company was established to honor President Woodrow Wilson’s commitment during his campaign.

Its primary mission was to offer medical care and partial wage replacement to injured workers, thereby fulfilling a crucial need within the expanding business community of New Jersey.

What are the 3 types of insurance in NJ?

To comply with New Jersey law, individuals must possess liability, personal injury protection (PIP), and uninsured/underinsured motorist coverage to meet legal requirements.

Many insurance providers extend additional coverage options, providing enhanced protection beyond the mandatory minimums.

Can you register your car in NJ without a title?

Before registering your vehicle in New Jersey, you must first complete the title transfer for your vehicle.

Additionally, obtaining a New Jersey license is a prerequisite before you can proceed with the vehicle registration process in the state.

Conclusion

NJM stands out as a highly regarded insurance provider with a range of benefits.

Nevertheless, it may not align perfectly with everyone’s requirements.

To assess if NJM suits your insurance needs, evaluate your specific priorities.

Take the time to compare quotes from NJM and other insurers to identify the optimal blend of cost, coverage, and customer service that aligns with your unique situation.

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