NJM Insurance is a regional insurance company that takes pride in offering competitive rates, excellent customer reviews, and a no-nonsense approach to insurance. While it may not be available nationwide, NJM has earned a reputation for its financial stability and customer satisfaction. In this NJM car insurance review, we’ll take a closer look at what sets NJM apart and whether it’s the right insurer for you.
NJM Overview
NJM Insurance, headquartered in West Trenton, New Jersey, has a rich history dating back to 1913. Originally focused on workers’ compensation insurance, NJM expanded to offer personal and commercial auto insurance as well as homeowners insurance. Today, NJM is available in five states – Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania. While it may be a smaller insurer, NJM has earned above-average customer and claims satisfaction scores, competing with industry giants like Progressive, State Farm, and GEICO.
Pros and Cons of NJM
NJM offers several advantages for policyholders. It provides the standard car insurance coverages like liability, collision coverage, comprehensive coverage, personal injury protection (PIP), and uninsured motorist coverage. Additionally, NJM offers optional coverage add-ons that allow you to customize your policy to meet your specific needs. These options include new car replacement coverage, pet coverage, gap insurance, roadside assistance, rental car reimbursement coverage, and rideshare coverage.
While NJM has many benefits, it’s important to consider some potential drawbacks. NJM is only available in five states, limiting its availability to a wider audience. Moreover, NJM didn’t fare as well in the Crash Network 2023 Insurer Report Card, ranking 67th out of 87 in terms of quality repairs and customer service. Additionally, NJM has a Better Business Bureau (BBB) rating of C-, suggesting room for improvement in customer satisfaction.
NJM Coverage Options
NJM provides policyholders with a range of coverage options to protect themselves and their vehicles. In addition to the standard coverages, NJM offers several optional insurance coverages that allow you to tailor your policy to your specific needs. These optional coverages include new car replacement coverage, pet coverage, gap insurance, roadside assistance, rental car reimbursement coverage, and rideshare coverage.
NJM Discounts
NJM customers can take advantage of various discounts to keep their car insurance rates affordable without sacrificing coverage. These discounts include defensive driving course discount (only available in New Jersey), driver training discount, automatic payment discount, full coverage discount, good student discount, multi-policy discount, mature driver discount, multi-car discount, new car discount, vehicle safety discount, paperless discount, and paid in full discount. Additionally, NJM offers the NJM SafeDrive program, allowing safe drivers to receive a participation discount for enrolling in the program and practicing safe driving habits.
NJM Customer Service and Claims Ratings
When choosing a car insurance company, price is not the only consideration. Customer satisfaction and claims handling are equally important. NJM excels in these areas, earning high customer service and claims satisfaction scores. NJM received an impressive 900 out of 1,000 in the J.D. Power 2023 Auto Claims Satisfaction Study, ranking just below Amica and Erie. It also earned fourth place in the Mid-Atlantic region for overall customer satisfaction in the 2023 Auto Insurance Study, with a score of 834 out of 1,000. Furthermore, NJM has a significantly lower customer complaint index compared to other insurance companies.
While NJM enjoys positive customer reviews and high satisfaction scores, it’s worth noting that it didn’t perform as well in the Crash Network 2023 Insurer Report Card. Body repair shops rated NJM below the industry average in terms of customer service and quality repairs. Additionally, NJM has a BBB rating of C- based on customer reviews.
How Much Does NJM Car Insurance Cost?
Cost is an important factor for many drivers, and NJM offers competitive rates for various driving profiles. The average annual rate for full coverage with NJM is $1,366, which is nearly 29% cheaper than the national average. However, it’s essential to remember that these rates are sample rates and can vary based on individual factors such as age, driving record, coverage type, and limits chosen.
Other Insurances Offered by NJM
While NJM is best known for its auto insurance policies, it also offers a range of other personal and business insurance products. These include homeowners insurance, renters insurance, condo insurance, boat and personal watercraft insurance, motorcycle insurance, classic and collector car insurance, personal umbrella insurance, flood insurance, commercial auto insurance, commercial general liability insurance, workers’ compensation insurance, businessowners policy (BOP), commercial excess and umbrella insurance, and commercial package insurance.
How NJM Compares
NJM is just one of the many auto insurance companies available in the market. When comparing insurers, it’s essential to consider factors beyond price, such as financial stability and claims satisfaction. NJM offers competitive rates, with only Erie outperforming it in terms of price. However, in terms of claims satisfaction, NJM is on par with Erie and outperforms other regional competitors.
How to File a Claim with NJM
Filing a claim with NJM is a straightforward process. Policyholders have two options: calling NJM at 1-800-367-6564 or submitting the claim online. Both options are available 24/7, and when filing a claim, you’ll need to provide details such as your NJM auto insurance policy number, the date, time, and location of the accident, a description of the incident, and any other relevant information.
Methodology
This review relies on the company’s website, publicly available information, and expert sources such as AM Best, Clearsurance, Crash Network, NAIC, and J.D. Power. The review does not include policy offerings, discounts, additional features, or service options not actively promoted on the company’s website. Policy pricing data is provided by Quadrant Information Services via The Zebra.
FAQs
Is NJM car insurance worth it?
NJM car insurance is an excellent choice, but it’s always a good idea to compare quotes from multiple insurers. NJM has a solid track record of financial stability and excellent customer satisfaction scores, making it a worthwhile option even if it isn’t the cheapest.
How to contact NJM car insurance?
You can contact NJM car insurance by phone at 1-800-232-6600. NJM also provides a contact form on their website for inquiries.
Does NJM have a good reputation?
NJM has a good reputation, with competitive rates, positive consumer reviews, and an A+ financial strength rating from AM Best.
Who is NJM’s biggest competitor?
According to competitive analysis website Owler, NJM’s biggest competitors are GEICO, Travelers, and Chubb. While these national insurers have a larger footprint, NJM offers competitive rates.
In conclusion, NJM Insurance is a reputable regional insurer that offers competitive rates, excellent customer service, and a range of coverage options. While it may not be available nationwide, NJM has a strong presence in its five states of operation. If you’re looking for an insurer with a solid track record and personalized coverage options, NJM could be the right choice for you.
