Last Updated: October 2019
Disclaimer: We are not NJM Insurance Group. This is an independent review of NJM insurance crafted to help consumers understand if they are one of the better options you can choose for auto insurance coverage.
This NJM Auto Insurance review is approximately a 4-minute read from start to finish.
During this review, we will touch on subjects such as the auto insurances currently available, the discounts you can apply for, and the overall pros and cons of choosing the company for coverage.
We have also created easy to navigate links directly below that will allow you to skip to any specific section of this post that you desire to learn more about.
Here’s what we intend to cover in today’s post:
- Our NJM Auto Insurance Review
- Company History and Background
- Financial Strength Ratings
- Consumer Complaints and the BBB
- Auto Insurance Coverages Offered
- What Makes NJM Auto Unique?
- Who Should Consider NJM Insurance?
- Cost of NJM Auto Coverage
- Rideshare Coverage with NJM
- Pros of Choosing NJM
- Cons of Choosing NJM
- Final Thoughts
Lastly, for the sake of saving time, we have created a quick and easy 30-second overview of the company directly below that will allow you to gain the information needed and be on your way.
Here is that brief summary:
NJM Insurance Group is an insurance company that currently offers auto, home, and other lines of insurance to residents of PA and NJ.
NJM has great financial strength and customer satisfaction rankings and is known to offer competitive coverage.
Especially for safe drivers who are eligible for 1 or more of the discounts offered.
NJM also makes it clear that they take pride in offering dividend payments to policyholders, much like a mutual company operates.
NJM is known to be more favorable towards safe drivers but does offer a long list of discounts you may be eligible for that could help offset higher premiums if you have a blemish or two on your driving record.
Overall, if you live in PA or NJ, NJM is a company worth running a quote with.
However, be sure to compare these rates with several auto insurance providers to ensure you are getting the best possible price for your auto coverage in your area.
That’s a fast way, to sum up what you need to know about NJM Insurance Group.
If, however, you have those 4-minutes to spare, we recommend you take the time to read our full review of the company directly below.
Here is what you need to know.
Our NJM Auto Insurance Review
NJM Insurance Group is an insurance company that currently offers several lines of insurance coverage, including home, auto, and umbrella insurance.
NJM also offers workers compensation coverage.
As of 2019, NJM only offers coverage to residents of New Jersey and Pennsylvania.
NJM is currently headquartered in West Trenton New Jersey and has more than 850,000 policyholders.
Overall, NJM is often not a fit for most consumers shopping online for insurance coverage due to having such a limited state availability.
On the other hand, if you are an individual who currently resides in New Jersey or Pennsylvania, NJM is a great company to compare quotes with.
Company History and Background
NJM is short for the New Jersey Manufacturers Casualty Insurance Company.
When NJM was initially founded in the early 1900s, it began as a worker compensation company before it soon expanded into home and auto insurance in 1913.
Currently, NJM also has two subsidiaries to help underwrite insurance coverages:
- New Jersey Casualty Insurance Company (Workers Compensation)
- New Jersey Indemnity Insurance Company (Personal Auto Coverage)
Financial Strength Ratings
Although NJM is limited based on the state of residence on where it can offer coverage, it’s still one the most financially stable insurance companies you can choose to work with.
As of 2019, NJM currently holds an A+ rating, which is considered Superior according to A.M. Best.
Only 10% of all insurance providers achieve this ranking, and NJM has been holding down these financial strength numbers since the day they were initially founded.
The only year that has caused NJM to drop below an A rating was 1933 when nearly all insurance companies were struggling due to the Great Depression.
When it comes to financial strength, NJM is considered one of the best in the business, and overall, this shouldn’t be a factor as the consumer that causes any concern.
Consumer Complaints and the BBB
Complaints lodged against an insurance company go a long way towards helping consumers understand what they can expect and what common issues other policyholders may be having.
With NJM, not a lot of information is readily available in the form of complaints, which could be considered a positive.
Currently, according to the BBB, NJM is currently being provided an A+ rating with only 30 complaints closed in the past three years, which is considered very low compared to other auto insurance providers.
Auto Insurance Coverages Offered
The auto insurance coverages offered by NJM are going to resemble the same coverages you can find with nearly all auto insurance providers in the country.
With NJM, you also have the option to purchase additional coverages that require more monthly premiums to be paid that include the following options:
New Car Replacement- With new car replacement, if your car has less than 15,000 miles on it and it either totaled or stolen, NJM will replace your car at the cost it requires to purchase another vehicle.
Not the depreciated value of the vehicle.
Vehicle Reimbursement- This coverage allows you to use $30.00 dollars per day up to a maximum of $1200.00 dollars to rent a vehicle while waiting for your car to be replaced or repaired.
Pet Coverage- Pet coverage is growing in popularity in recent years, and with NJM, they will provide $1000.00 in coverage to cover the care needed for a dog or a cat if they sustain injuries due to a vehicle accident.
Gap Coverage- This coverage helps cover the difference to pay off your vehicle loan if you total your vehicle that’s no longer worth the value required to fulfill your loan agreement.
<h2id=”6″>NJM Discounts Available
NJM currently has a significant number of discounts that consumers can enjoy when applying for coverage.
Here’s a quick overview of those potential savings:
- Multi-Policy Discount
- Multi-Vehicle Discount
- Paid in Full Discount
- EFT Discount
- Full Coverage Discounts
- New Car Discount
- Student Away from Home Discount
- Young Driver Discount
- Defensive Driver Discount
- Senior Driver Discount
What Makes NJM Auto Unique?
NJM is unique from the standpoint that they are another insurance company focusing on a very limited coverage area.
NJM has never seemed to show interest in expanding out of PA or NJ and likely will not do so.
Who Should Consider NJM Insurance?
Anyone who has a state residence that qualifies for coverage should take the time to run a quote with NJM.
Often, these regional auto insurance providers can offer great rates depending on the driver profile for individuals who live in the correct coverage areas.
However, as always, be sure to run rates with multiple auto insurance providers in addition to NJM to ensure you are getting the best price and coverage.
Cost of NJM Auto Coverage
Auto insurance is never black and white when it comes to potential cost you may pay for coverage.
This is mainly due to all driver profiles are different based on risk, credit, and even marital status.
Overall, if you live in PA or NJ, NJM has a strong enough reputation that makes it clear that they are a competitive option for car insurance coverage.
However, due to all drivers being unique, including anyone reading, it’s always the best situation to allow yourself 5-6 quotes before deciding.
Rideshare Coverage with NJM
While conducting our review, we like to find out what coverages are offered by providers for rideshare drivers who drive for uber and lyft.
After review, we were not able to determine if NJM currently offer this coverage for rideshare drivers.
As the consumer, be sure to inquire about this coverage if you need it to find out the specifics.
Pros of Choosing NJM
Car insurance companies typically present unique strengths and weaknesses.
After review, here is what we believe to be the most significant strengths of working with NJM Auto:
- High Customer Satisfaction Ratings
- Low Number of Overall Complaints
- Dividend payments to Policyholders
- Many discounts available
- Complete and competitive coverage is available
Cons of Choosing NJM
On the flip side, here is what we believe to be the most significant drawbacks of working with NJM.
- More competitive pricing is available
- Limited state availability
- Not the most tech-savvy option available.
NJM is undoubtedly an auto insurance provider that deserves a second look if you currently live where you can be offered coverage by the company.
No doubt it about it.
However, to save yourself money in the long run, be sure to compare rates with multiple options to ensure you are getting the most robust and budget-friendly coverage possible.
Best of luck in your search.