The New Jersey Manufacturers Insurance Company
The New Jersey Manufacturers Insurance Company (NJM) is headquartered in West Trenton, New Jersey. The company sells commercial and personal automobile policies, as well as homeowners, flood, personal umbrella policies (PUPs, but only to policy holders who have both automobile and homeowners policies with the company). It also sells workers compensation insurance.
NJM sells to a limited market; since its inception it has been a partner of the New Jersey Business and Industry Association (NJBIA). In order to qualify for an insurance policy through New Jersey Manufacturers, one must be either an employee of an NJBIA member or the state of New Jersey, or an actual member of the NJBIA.
The New Jersey Manufacturers Insurance Company was originally named the New Jersey Manufacturers Casualty Insurance Company, and was formed in 1913 by a small group of factory workers who sought the protection of workers compensation insurance. The company expanded into automobile insurance soon thereafter. NJM was financially sound enough to begin issuing dividend checks to its policy holders in 1918 and has continued the practice to date, even doing so through the Great Depression.
NJM has expanded to cover more than seven hundred thousand policy holders in New Jersey and eastern Pennsylvania. It is currently the largest insurance policy writer of both workers compensation and automobile insurance policies in the state of New Jersey. It wrote over $300 million in premiums in 2010.
The company has also expanded into banking and is a member of the Federal Deposit Insurance Corporation. It is also an Equal Opportunity Lender. Bank locations are located in New Jersey.
New Jersey’s Department of Banking and Insurance indicates that NJM consistently scores some of the lowest complaint levels among insurance companies doing business in the state. Such records have been published in the state’s annual Auto Insurance Consumer Report since 1987.
NJM has already been named a 2011 Customer Service Champion by J.D. Power and Associates; one of 40 companies nationwide. A.M. Best, the leading independent insurance industry assessor, has given the company an A++ (Superior) rating. In fact, New Jersey Manufacturers has consistently been rated an A or better by A.M. Best since 1922; the only year it was rated lower was in 1933, during the Great Depression.
Whether you are an investor, or shopping around for an automobile insurance policy, this seems to be a company to keep your eye on. Before you make a final decision about which company to purchase a policy from, make sure to get a quote from this one also. You might be pleasantly surprised.
If you have ever worked for the New Jersey Manufacturers Insurance Company or had a policy with them, our readers would love to hear from you. What did you think about the company? What did you like or dislike about it. How was the customer service. Please share your insights or personal story with the rest of our insurance community. Just fill out the web-form below to get started. Thank you.
This article is written for informational purposes and is not intended to take the place of competent local legal counsel. The writer is not associated with this insurance company or any of its affiliates. This website does not endorse any specific automobile insurance company over another.
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