Is NJM a real insurance company?
NJM offers auto, homeowners, condo, renters, and personal umbrella insurance policies to Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania residents. NJM is a direct writer of personal insurance and employs a select group of exclusive agents who support personal insurance policyholders.
Yes, NJM is a great option for auto and home insurance. It has excellent customer service, affordable rates, and many extra coverage add-ons.
Filing a claim won't necessarily affect your premium. A claim is one of several personalized factors used in determining an auto premium. We will review the claim details carefully at the time of your renewal. If you have questions about your premium or policy, you can always contact us at 1-800-232-6600.
NJM's Financial Size Category is XV, and AM Best, the nation's oldest and most widely regarded rating agency for the insurance industry, rates NJM A+ (Superior) for financial strength.
NJM now offers its personal insurance products and services to all Connecticut, Maryland, New Jersey, Ohio, and Pennsylvania residents. We also provide our customers with convenient access to Flood, Motorcycle and ATV, Watercraft, and Collector Car insurance.
New Jersey's own NJM comes out on top of this matchup, powered by its edge in customer and claims service, coverage options, and lower cost. Both companies offer a good selection of discounts, while GEICO gets the nod when it comes to ease of use.
Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.
Geico has the cheapest full-coverage auto insurance quotes in New Jersey. Coverage from Geico costs an average of $97 per month — or $1,163 per year.
NJM car insurance cost
The average annual cost of NJM car insurance is $631 for minimum coverage and $1,358 for full coverage. This is quite a bit lower than the national average cost of car insurance, which is $741 for minimum coverage and $2,545 for full coverage.
The average monthly car insurance cost in New Jersey is approximately $146 for full coverage and $65 for minimum coverage. New Jersey drivers with a DUI conviction pay average rates that are 88 percent higher compared to drivers with a clean driving record.
What does NJM really stand for?
1913 - New Jersey Manufacturers Casualty Insurance Company is founded to fulfill President Woodrow Wilson's campaign pledge to provide injured workers with medical care and partial wage replacement. NJM is established to provide workers' compensation to New Jersey's growing business community.
Insurance for Auto, Home, Renters & Business
In an industry that relies on customer satisfaction, we pride ourselves on being committed to our customers. Get your Connecticut, Maryland, New Jersey, Ohio, or Pennsylvania auto insurance quote today and learn what sets us apart.
| Insurance Score Provider | Good Score Range | Poor Score Range |
|---|---|---|
| FICO | 700-900 | 250-500 |
| LexisNexis | 776-997 | 200-500 |
State Farm is the cheapest car insurance company overall according to NerdWallet's analysis, with an average rate of $39 a month for minimum coverage.
Overview. Why Geico made our list: Based on our Bankrate Score, Geico tops our list of the best insurance companies in New Jersey. Geico also tied in first place for our 2024 Bankrate Awards for Best Auto Insurance Company Overall and Best Budget Auto Insurance Company and won first place for Best For Young Drivers.
But NJM offers optional insurance coverage, too, so you can customize your policy to meet your specific needs. These add-ons include: New car replacement coverage: If your vehicle is totaled in a covered accident, NJM will pay to replace your car with the same year, make and model.
| Best car insurance category | Company winner |
|---|---|
| Best insurance company overall | Travelers |
| Best insurance company for affordability | NJM |
| Best insurance company for accident forgiveness | Geico |
| Best insurance company for having few customer complaints | American Family |
Geico is so cheap because it sells directly to the consumer. Geico also offers many discounts that help customers save even more on top of its already-low premiums.
| Company | NAIC Score |
|---|---|
| United Automobile Insurance | 40.45 |
| Ocean Harbor Insurance | 19.54 |
| California Casualty | 13.16 |
| Metromile | 2.02 |
Which insurance company denies the most claims?
- #1: United Health Group (UNH)
- #2: Berkshire Hathaway Inc. ( BRK.B)
- #3: CVS Health Corp Group (CVS)
- #4: The Cigna Group (CI)
- #5: Elevance Health Inc. ( ELV)
- #6: Centene (CNC)
- #7: Ping An Insurance (PNGAY)
- #8: Allianz (ALIZY)
Why is car insurance so expensive in New Jersey? While it's not the most expensive state for car insurance in the country, New Jersey still ranks 45th for affordability. Car insurance is likely higher due to traffic levels in urban areas, proximity to other major cities and the number of claims in the state.
Minimum insurance requirements for New Jersey
The minimum amount of New Jersey auto insurance coverage is $15,000/$30,000/$5,000. In the event of a covered accident, your limits for bodily injury are $15,000 per person, with a total maximum of $30,000 per incident.
The first phase of New Jersey's latest car insurance requirements took effect in January 2023 and the second phase will occur in January 2026. The cost for liability car insurance coverage for New Jersey drivers increased by an average of $145 per year due to the required higher coverage limits.
