The New Jersey Manufacturers Insurance Company provides its insurance products exclusively to New Jersey state employees of members of the New Jersey Business and Industry Association and employees of that association. The company was founded in 1913 in response to legislation which required companies to provide injured workers medical care and wage replacement.The company provides auto, homeowners, personal liability, and flood insurance for individuals. Commercial coverage include commercial auto insurance and worker’s compensation insurance. New Jersey Manufacturers also has a subsidiary NJM Bank which provides all of the standard banking services like checking and savings accounts, investment products, loans, etc. to people and businesses in New Jersey.
Competition and Complaints
Their major competitors in their market are the Government Employees Insurance Company, Palisades Safety and Insurance Management Corporation, and Selective Insurance Group Inc. New Jersey Manufacturers Insurance Company finished at the top in a national consumer magazine reader survey published in 2006. The company draws very low levels of valid complaints with the New Jersey Department of Banking and Insurance, having registered only two valid complaints throughout the year of 2009.
Personal Auto Insurance
New Jersey Manufacturers Insurance Company is the largest provider of Personal Auto Insurance in the state of New Jersey. With more than 775,000 vehicles insured by their company NJM writes around 98% of it’s insurance policies in New Jersey and the remainder are written in nearby areas of the state of Pennsylvania. Their rates are amongst the most competitive insurance rates in the state. They also return company dividends to their policyholders. Tiers, profession, education, or credit scores are not factors that they use in their rate decisions, which enables them to provide low rates to all of their customers.
Homeowners and Renters Insurance
New Jersey Manufacturers Insurance Company is among the largest insurers of New Jersey private residences. These policyholders also receive Regular Dividends on their insurance contracts. If you have both an auto and homeowners insurance policy with them they provide a 15% discount on the homeowners policy premium as well. If your policy is ever placed into effect, the company offers a free Replacement Cost Analysis program which is designed to help customers determine an up-to-date estimate of what it will cost to rebuild your home.
NJM’s wholly owned subsidiary company, New Jersey Re-Insurance Company is the provider of flood insurance from the National Flood Insurance Program.
NJM is the leading carrier in New Jersey of workers compensation insurance coverage.
Commercial Auto Insurance
NJM Commercial auto provides businesses of any size, whether they have one truck or an entire fleet of vehicles, quality car insurance coverage. The company is among the larges of voluntary writers of commercial car insurance for the state of New Jersey. New Jersey Manufacturers Insurance Group has $55.1 million dollars in existing commercial auto insurance premiums for the year of 2009.
NJM was rated by JD Power and Associates in 2009 and they scored 869 out of 1000 for Overall Customer Satisfaction. Comparison shopping for insurance quotes in New Jersey will reveal that if you are eligible NJM is your best choice for cheap rates and top rated service for auto and homeowners insurance.