#auto insurance company ratings
NJM Auto Insurance Rate Comparisons
Auto Insurance Policy
New Jersey Manufacturing is one of the most highly rated auto insurance companies that we’ve come across – both in terms of financial solvency, customer satisfaction, and value. We highly recommend it as an option for eligible insureds to consider, and therein lies the catch. Unfortunately, there are a couple of restrictions and eligibility requirements for people NJM will insure.
Great Auto Insurance Premiums and Value
As a mutual company, NJM returns value or excess profits back to policyholders in the form of dividends. In 2011, the company reported that it returned an average of $149 dollars in dividends to its insureds. This is similar to an extra 8% discount on insureds’ premiums, based on the $1,742 aggregate average discussed below. NJM notes that dividends have been continuously distributed to customers since 1918 for a total of approximately $5B to date.
Many customers like New Jersey Manufacturing Insurance Group for its affordable premiums, policy coverage, and value. Sample NJM premiums of $1,742 were 17% cheaper versus the overall state average. This makes NJM the 12th cheapest insurer in NJ. In particular, this is a great company for young and single male drivers to consider: sample premiums for this demographic are about 31% less than other insurers. However, a bit of comparison shopping around yielded companies with even cheaper premium quotes. For example, sample rates for married couples are $2,063 at NJM, but getting quotes at other places such as USAA Casualty Company or Liberty Mutual Fire Insurance Company show savings of 15% and 26%, respectively. For this reason, we always urge readers to look around at at least two other companies. To see which companies are offering cheap auto insurance in your area, enter your zip code in the box below.