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New Jersey Manufacturers Insurance Review

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Nov 30, 2018

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New Jersey Manufacturer’s Insurance
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With over 100 years of experience, this regional insurance company has grown from a worker’s compensation provider to a leading local personal and commercial insurance company. The company provides personal and commercial insurance to members of the New Jersey Business and Industry Association (NJBIA) and employees of specific public and private businesses.

New Jersey Manufacturer’s Insurance Summary

New Jersey Manufacturer’s Insurance, known as NJM, was founded in 1913 by a group of local factory owners. The company was designed to provide affordable worker’s compensation insurance from a local company. Commercial auto was added to the product lineup in 1917, and in 1921 the New Jersey Manufacturer’s Fire Insurance Company was established to offer personal lines insurance.

After several more shifts, the company combined all of their lines of business under one name. The company is partnered with the NJBIA to provide insurance, both commercial and personal, to members and employees of member companies, making them a niche market insurer. They also write coverage for workers at other specific employers, including public school and federal government employees.

Products include worker’s compensation, commercial auto, personal auto, and home insurance. They are sold directly and are available in New Jersey and Pennsylvania.

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Insurance Products

NJM writes auto/home insurance for individuals and commercial auto and worker’s compensation for businesses. They also offer flood insurance through the National Flood program.

Auto Insurance

NJM offers all of the basics of auto insurance with many options to choose from as add-ons. They advertise as a company offering high-quality policies rather than cheap policies, aligning themselves with some major insurers who frequently point out that better coverage and service is more important that the lowest rate.

In addition to a list of common discounts, NJM also pays dividends to policyholders, at an average rate of 5% of the yearly premium each year. Special dividends are also paid when available based on company performance.

While it is usually an add-on option with most insurance companies, NJM includes roadside assistance free of charge with all of their auto policies.

Specialty Vehicle

NJM doesn’t write specialty vehicle coverage directly, but does offer ATV and motorcycle insurance through a partnership with American Modern.

Home Insurance

NJM writes homeowner’s and renter’s insurance policies for eligible individuals.

In addition to the standard home insurance policy coverage for structure, personal property, and liability, NJM offers common add-ons such as scheduled personal property riders for high value items, water back-up coverage, and credit card fraud coverage.

Like the auto insurance policies, home insurance policies are eligible for dividends that are paid out regularly. The company also offers a bundling discount for auto and home insurance of 15%.

Worker’s Compensation

NJM’s first product, worker’s compensation is available to eligible companies. As with the personal lines policies, these products pay dividends.

Commercial Auto

NJM writes commercial auto insurance for qualifying businesses. Just like the personal auto insurance, commercial policies include free roadside assistance, and also earn dividends.

Other Products

NJM also offers personal umbrella insurance.

Who Qualifies For Coverage

As a niche insurer, customers must qualify for coverage with NJM. Personal and commercial qualification requirements differ slightly.

For Commercial insurance, the company must be a member of the New Jersey Business and Industry Association.

For Personal Insurance, applicants must meet one of these requirements:

  • Employed by a member company of the NJBIA
  • Employed by the state of New Jersey or a city, county, or township in New Jersey
  • Employed by a New Jersey public school
  • Employed by the federal government
  • A current or previous named insured, resident, or vehicle operator on an existing or previous NJM policy

New Jersey Manufacturer’s Insurance Rates

As a direct-buy insurance company also offering dividends to members, NJM is likely to be fairly competitive; membership insurance companies often are since they are limiting their risk pool.

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Claims

NJM’s claims can be filed in several ways depending on the type of policy. The company offers a 24-hour toll-free claims line for auto and home insurance claims, as well as an online claims system. The online system also allows uploading of photographs to allow customers to easily provide images of damage to adjusters.

Commercial auto claims can also be filed through a 24-hour a day toll-free number. Worker’s compensation, however, uses a different number that is only open 8 a.m. to 5 p.m. Monday through Friday.

The company does not provide much information on how claims are processed, but likely follows the standard procedures of investigation and fault determination.

NJM has a preferred network of car repair shops known as their Premier Car Care program that work directly with the insurance company and provide a 2-year warranty on repairs. Policyholders can also choose any repair shop they prefer.

Consumer Research and Complaints

Although NJM is not accredited on the BBB, they have an A+ rating with the Better Business Bureau site, with a total of 24 complaints in the past three years, 12 of which were in the past 12 months. Even for a smaller regional insurer, that is a low number of complaints.

Overall, there are very few complains anywhere online about the company. There are also more positive reviews out there than we normally see, for an insurance company of any size. Even a couple positive reviews is highly encouraging, since few people write reviews of insurance companies when they are pleased with their service. As a result, they carry more weight.

Financial Strength

Rating Company Grade Financial Outlook
AM Best A+ Stable
Fitch N/A N/A
S&P N/A N/A

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Bottom Line

If you qualify for NJM insurance, they are well worth a look. The company has a strong reputation, with very few complaints, and offer both discounts and dividend payouts to their customers. With a long history in business, they are also a stable company. Although rates my not compare readily with major nationwide insurers, NJM is definitely worth considering, particularly for those who prefer a smaller, local insurance company.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Review Information

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About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

2 Comments

  1. Dear Eric,

    I am presently insured with New Jersey Manufacturers Insurance. Recently, I had made a request via telephone for the financial strength of the company ie, cash reserves, litigation cost, settlement claims etc. I was informed that I was not entitled to such financial information. The representative stated they (N.J.M.) are only obligated to turn over such financial documents to the State of New Jersey Division of Banking and Insurance. I don’t know if this is true for all insurance companies during business in the state of N.J.
    Is this true? Your insight is greatly appreciated!

    Thank you,
    David Baldino

    Reply
    • Hi David,

      I don’t know the answer off the top of my head for that one in New Jersey, but try contacting your State’s Insurance Commissioner for additional information on the company. They have to provide a lot of information to prove things like solvency, and I imagine at least some of that is public information.

      Best,
      Eric Stauffer

      Reply

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