This NJ Manufacturers Insurance review will evaluate the 2009, 2010, 2011, 2012, 2013, & 2014 homeowners & auto insurance complaint records for the subsidiary companies of NJ Manufacturers insurance, to determine whether each subsidiary, such as New Jersey Indemnity Insurance Company, has a better-than-average, average, or worse-than-average customer complaint record.
In addition to reviewing & rating its most recent six year complaint record, I’ll analyze the AM Best Financial Strength Ratings, and change in the JD Power home & auto insurance scores & ratings for NJ Manufacturers from 2012 to 2015, and compare them to the scores of leading competitors, like State Farm, Allstate, Travelers, Hartford, 21st Century, Progressive, & GEICO.
New Jersey Manufacturers has a great reputation for above average service & low auto insurance rates, which is supported by the information in this review, but NJ Manufacturers insurance is available only to the employees of New Jersey Business & Industry Association members, State of New Jersey employees, NJM’s previously insured drivers, and/or previous/current auto/homeowner policyholders, and not everyone qualifies due to their driving record or other reasons. This review can help drivers not qualifying for NJ Manufacturers to find an insurance company with comparable service & low rates.
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NJ Manufacturers Auto & Home Insurance Review
New Jersey Manufacturers sells auto & home insurance direct from its company, but it is open only to the employees of New Jersey Business & Industry Association members, State of New Jersey employees, NJM’s previously insured drivers, and/or previous/current auto/homeowner policyholders. New Jersey Manufacturers is also only available for New Jersey or Pennsylvania residents. Many NJ employers have New Jersey Manufacturers available to their employees, so if you are wondering if New Jersey Manufacturers is available to you, ask your employer.
This New Jersey Manufacturers Insurance Company review is divided into five sections, consisting of: 1. AM Best Financial Strength Ratings for the New Jersey Manufacturers companies 2. JD Power insurance customer & claims satisfaction scores & ratings for New Jersey Manufacturers compared to competing companies 3. the auto insurance customer complaint records for the New Jersey Manufacturers insurance subsidiaries, 4. the homeowners insurance customer complaint records for the New Jersey Manufacturers insurance subsidiaries, and 5. the competitiveness of New Jersey Manufacturers auto & home insurance rates compared to other major auto & home insurance companies.
1. AM Best Financial Strength Ratings for the New Jersey Manufacturers insurance companies
New Jersey Manufacturers Insurance Company had an A++ (Superior) AM Best Financial Strength Rating with a negative outlook (a possible ratings downgrade may occur in the near future), affirmed on 2/05/2015 (which had been maintained since 2/23/2012 or longer), but it was downgraded to A+ (Superior) with a stable outlook on 2/4/2016. The reason for the downgrade was cited by AM Best for “the group’s overall underwriting and operating performance, which has not been commensurate with A.M. Best’s expectations for its highest rating level,” as reported in this Insurance Journal article, “New Jersey Manufacturers Insurance Co. Ratings Downgraded a Notch.” A+ is the second highest rating for AM Best.
Here’s a further explanation for the rating downgrade excerpted from the article:
A.M. Best acknowledged that the insurer has seen operating results develop more favorably due to “several initiatives and benign weather,” following “adverse results” stemming from weather-related events in 2011 and 2012. But that isn’t enough, A.M. Best added, because “local competitive market pressures and ongoing susceptibility to severe weather-related events due to its significant presence in New Jersey make it unlikely that prospective results will return to levels” that warrant the highest rating level.
New Jersey Re-Insurance Company received an A+ (Superior) AM Best Financial Strength Rating with a stable outlook (a ratings upgrade or downgrade is not expected in the near future), downgraded from A++ on 2/05/2015, and affirmed again on 2/04/2016. A+ is the second highest rating for AM Best.
New Jersey Indemnity Insurance Company & New Jersey Casualty Insurance Company (sells Workers Compensation insurance only) have an A (Excellent) AM Best Financial Strength Rating with a stable outlook (no ratings upgrade or downgrade is expected in the near future) also reaffirmed on 2/04/2016. A is the third highest rating for AM Best.
I become concerned with any automobile or homeowners insurance company or subsidiary with less than an A- rating for financial strength from AM Best.
AM Best financial strength ratings are not a measure of customer service or the quality of the claims adjusting for any of the NJ Manufacturers companies, but an opinion about their ability to pay claims, remain financially solvent, and stay in business. I recommend avoiding, if possible or practical, any auto or homeowners insurance company with lower than an “A-” rating for financial strength from AM Best, or not rated by AM Best. Some major auto & home insurance companies have slightly lower financial strength ratings than some of the NJ Manufacturers companies, but the difference in financial strength among A++, A+, A, & A- rated companies is not significant to me unless higher rated companies are the same or better in terms of price, coverage, claims handling, and customer service.
2. NJ Manufacturers JD Power Auto & Home Insurance Ratings for 2012, 2013, 2014, & 2015
This part of the review will analyze the JD Power ratings & numerical scores for NJ Manufacturers Insurance, in all the JD Power insurance studies where the company was included in the last few years, to see if its JD Power ratings truly reflect the quality of the claims & customer service for the company.
I’ll compare the numerical scores (instead of the power circle rating) for NJ Manufacturers auto & home insurance, to the industry average and the scores of competing insurance companies, for each JD Power insurance study (2012-2015) where it was rated. NJ Manufacturers was included in the following annual JD Power insurance studies:
The Annual JD Power Auto Insurance Customer Satisfaction Study
The Annual JD Power Auto Insurance Claims Satisfaction Study
You can scroll down to read my analysis or summaries of the studies most interesting to you.
The Annual JD Power Auto Insurance Customer Satisfaction Study
NJ Manufacturers is usually rated in only one of the eleven regional studies (The Mid-Atlantic Region) composing the annual JD Power US Auto Insurance Customer Satisfaction Study, which makes sense, since NJ Manufacturers provides insurance in the states of New Jersey & Pennsylvania only.
Mid-Atlantic Region (DC, DE, MD, NJ, PA, VA, WV)
2015: NJ Manufacturers scored 42 points (on a 1,000 point scale) or 4.2% above the 2015 Mid-Atlantic region average, at 864 out of 1,000 points.
Here is how NJ Manufacturers rated in the Mid-Atlantic Region for the five factors used to determine its overall auto insurance customer satisfaction score in 2015:
Policy Offerings: Five Power Circles (among the best)
Price: Five Power Circles (among the best)
Billing & Payment: Five Power Circles (among the best)
Interaction: Five Power Circles (among the best)
Claims: Five Power Circles (among the best)
Overall Customer Satisfaction: Five Power Circles (among the best)
These companies scored 4.2% higher than NJ Manufacturers in the 2015 Mid-Atlantic Region study (from highest scoring company to lowest scoring company): USAA.
These companies scored 1.4% or more lower than NJ Manufacturers in the 2015 Mid-Atlantic Region study (from highest scoring company to lowest scoring company): Erie, Hartford, State Farm, GEICO, Allstate, Travelers, Progressive, Nationwide, Liberty Mutual, Plymouth Rock Assurance, and 21st Century.
2014: NJ Manufacturers scored 60 points (on a 1,000 point scale) or 6% above the 2014 Mid-Atlantic region average, at 866 out of 1,000 points.
Here is how NJ Manufacturers rated in the Mid-Atlantic Region for the five factors used to determine its overall auto insurance customer satisfaction score in 2014:
Policy Offerings: Five Power Circles (among the best)
Price: Five Power Circles (among the best)
Billing & Payment: Five Power Circles (among the best)
Interaction: Five Power Circles (among the best)
Claims: Five Power Circles (among the best)
Overall Customer Satisfaction: Five Power Circles (among the best)
These companies scored 2.7% higher than NJ Manufacturers in the 2014 Mid-Atlantic Region study: USAA.
These companies scored 3.3% or more lower than NJ Manufacturers in the 2014 Mid-Atlantic Region study: The Hartford, Erie, GEICO, State Farm, Allstate, Nationwide, Progressive, Travelers, 21st Century, Plymouth Rock Assurance NJ (High Point), and Liberty Mutual.
2013: NJ Manufacturers scored 63 points (on a 1,000 point scale) or 6.3% above the 2013 Mid-Atlantic region average, at 865 out of 1,000 points.
These companies scored 3.1% higher than NJ Manufacturers in the 2013 Mid-Atlantic Region study: USAA.
These companies scored 2.9% or more lower than NJ Manufacturers in the 2013 Mid-Atlantic Region study: State Farm, Erie, GEICO, The Hartford, Allstate, Nationwide, Progressive, Travelers, liberty Mutual, Plymouth Rock Assurance NJ (High Point), and 21st Century.
2012: NJ Manufacturers scored 33 points (on a 1,000 point scale) or 3.3% above the 2012 Mid-Atlantic region average, at 840 out of 1,000 points.
These companies scored 7.3% higher than NJ Manufacturers in the 2012 Mid-Atlantic Region study: USAA.
Erie insurance scored only .6% below NJ Manufacturers in the 2012 Mid-Atlantic Region study.
These companies scored 2.7% or more lower than NJ Manufacturers in the 2012 Mid-Atlantic Region study: State Farm, Nationwide, Travelers, Progressive, The Hartford, GEICO, Allstate, Liberty Mutual, 21st Century, and High Point Insurance.
Mid-Atlantic Region Auto Insurance Satisfaction Summary: NJ Manufacturers scored 3.3%, 6.3%, 6%, and 4.2% above the region average each year in the 2012, 2013, 2014, & 2015 studies respectively, showing a strong trend of above average auto insurance customer satisfaction in the Mid-Atlantic region states (NJ & PA) where it’s available.
The Annual JD Power Auto Insurance Claims Satisfaction Study
2015: NJ Manufacturers scored 38 points (on a 1,000 point scale) or 3.8% above the 2015 US auto claims satisfaction study average, at 895 out of 1,000 points.
Here is how NJ Manufacturers rated in the six factors used to determine its overall auto insurance claims satisfaction score in 2015:
First Notice of Loss: Five Power Circles (among the best)
Service Interaction: Four Power Circles (better than most)
Appraisal: Three Power Circles (about average)
Repair Process: Four Power Circles (better than most)
Rental Car Experience: Three Power Circles (about average)
Settlement: Five Power Circles (among the best)
Overall Auto Claims Satisfaction: Five Power Circles (among the best)
These insurance companies scored about the same (2 points, 5 points, and 10 (1%) points below NJM respectively) as or near NJ Manufacturers in the 2015 US Auto Claims Satisfaction study (listed in order from highest scoring company to lowest scoring company): Auto Owners, USAA, and Amica.
These insurance companies scored higher than NJ Manufacturers in the 2015 US Auto Claims Satisfaction study (listed in order from highest scoring company to lowest scoring company): None.
These insurance companies scored 2.4% or more lower than NJ Manufacturers in the 2015 US Auto Claims Satisfaction study (listed in order from highest scoring company to lowest scoring company): Auto Club of Southern California, Hartford, Nationwide, Erie, Allstate, American Family, Farmers, Safeco, State Farm, GEICO, Liberty Mutual, Progressive, Country Financial, Mercury, Travelers, CSAA Insurance Group, 21st Century, Hanover, Metlife, Automobile Club Group, Esurance, and MAPFRE-Commerce Insurance.
2014: NJ Manufacturers scored 7 points (on a 1,000 point scale) or .7% above the 2014 JD Power Auto Claims Satisfaction study average, at 864 out of 1,000 points.
Here is how NJ Manufacturers rated in the six factors used to determine its overall auto insurance claims satisfaction score in 2014:
First Notice of Loss: Four Power Circles (better than most)
Service Interaction: Three Power Circles (about average)
Appraisal: Three Power Circles (about average)
Repair Process: Three Power Circles (about average)
Rental Car Experience: Two Power Circles (lowest rating)
Settlement: Three Power Circles (about average)
Overall Auto Claims Satisfaction: Three Power Circles (about average)
These companies scored 1.5% or more higher than NJ Manufacturers in the 2014 JD Power Auto Claims Satisfaction study: Amica, USAA, and Auto-Owners.
These companies scored about the same as (.2% to .5% higher) NJ Manufacturers in the 2014 JD Power Auto Claims Satisfaction study: State Farm, American Family, Auto Club of Southern California, and The Hartford.
These companies scored .5% or more lower than NJ Manufacturers in the 2014 JD Power Auto Claims Satisfaction study: Erie, Travelers, Mercury, GEICO, Nationwide, Country, Safeco, Allstate, Metlife, Farmers, Progressive, Auto Club, CSAA/AAA NCNU, 21st Century, Liberty Mutual, Esurance, and MAPFRE-Commerce.
2013: NJ Manufacturers scored 40 points (on a 1,000 point scale) or 4% above the 2013 JD Power Auto Claims Satisfaction study average, at 895 out of 1,000 points.
These companies scored 1.9% higher than NJ Manufacturers in the 2013 JD Power Auto Claims Satisfaction study: USAA.
These companies scored 2.1% or more lower than NJ Manufacturers in the 2013 JD Power Auto Claims Satisfaction study: Auto-Owners, The Hartford, Erie, Amica, Travelers, State Farm, American Family, Nationwide, The Hanover, Safeco, Allstate, Mercury, GEICO, Auto Club, Liberty Mutual, CSAA/AAA NCNU, Progressive, Metlife, MAPFRE-Commerce, Farmers, 21st Century, and Esurance.
2012: NJ Manufacturers scored 44 points (on a 1,000 point scale) or 4.4% above the 2012 JD Power Auto Claims Satisfaction study average, at 896 out of 1,000 points.
These companies scored higher than NJ Manufacturers in the 2012 JD Power Auto Claims Satisfaction study: None.
These companies scored slightly lower (.7% to .9% lower) than NJ Manufacturers in the 2012 JD Power Auto Claims Satisfaction study: USAA and Auto-Owners.
These companies scored 2% or more lower than NJ Manufacturers in the 2012 JD Power Auto Claims Satisfaction study: Amica, Erie, Automobile Club of Southern California, Country, American Family, The Hartford, State Farm, Allstate, Travelers, CSAA/AAA NCNU, Nationwide, GMAC (Now called National General), Auto club, The Hanover, Liberty Mutual, GEICO, Progressive, Metlife, Safeco, Farmers, Mercury, 21st Century, Encompass, Esurance, and Commerce (MAPFRE).
Auto Insurance Claims Satisfaction Summary: NJ Manufacturers scored 4.4%, 4%, .7%, & 3.8% above the national average each year in the 2012, 2013, 2014 & 2015 studies respectively, which shows strong performance above the average in most years (except 2014), in the JD Power Auto Claims Satisfaction study.
New Jersey Manufacturers Auto & Homeowners Insurance Complaint Record 2009-2014
You may really like your car or home insurance company, or you may have heard from relatives or friends about the insurance companies they think are best, but you never really know how good your insurance company will be, until you have a serious claim. A great way to evaluate an auto or home insurance company’s claims service is to look at its customer complaint record.
A measure of quality for an auto or homeowners insurance company is the number of upheld complaints filed against it with a state’s insurance regulatory authority, compared to the industry average and competing companies. Some of the most common reasons, for people to file auto & home insurance complaints with a state insurance department against insurance companies, are for delays in a claim payment, unsatisfactory payment of a claim, and denial of a claim.
Sections #3 & #4 of this review will show you if New Jersey Manufacturers auto & home insurance has a better-than-average, average, or below-average complaint record, based on its 2009, 2010, 2011, 2012, 2013 & 2014 customer complaint statistics. These sections of the review provides valuable information, to help you decide if New Jersey Manufacturers, or a competitor, like Allstate, GEICO, or State Farm, is a better insurance company for you. By choosing a company with a better-than-average complaint history, or at least avoiding companies with consistent, worse-than-average complaint records, you decrease the likelihood you will have a negative experience, when you need your auto or home insurance company.
The complaint statistics, called complaint ratios, used in this New Jersey Manufacturers Insurance review are the number of upheld complaints filed against each of the New Jersey Manufacturers companies with a state’s insurance regulatory authority, adjusted for each subsidiary’s market share, as determined by the National Association of Insurance Commissioners.
The complaint ratios for the New Jersey Manufacturers insurance companies listed below display the ratio of the company’s U.S. Market Share of closed complaints compared to the company’s U.S. Market Share of premiums for a specific policy type. Complaint ratios lower than “1” have less complaints than average, and complaint ratios over “1” have more complaints than average. The lower the complaint ratio, the less complaints against the company. Ideally, you want to choose an auto or home insurance company with complaint ratios less than 1.00 each year, at least over the most recent three years.
So you don’t have to worry about comparing complaint ratio numbers, I devised a rating system to help you identify if New Jersey Manufacturers has a good or poor complaint record.
Here’s how I establish my auto & homeowners insurance complaint ratings:
B = Better than average. Insurance companies with complaint ratios less than 75% of the average insurance company.
C = Average. Insurance companies with complaint ratios from 75% to 125% of the average insurance company. I use a minus sign (-) to indicate auto insurance complaint ratios slightly worse than average (1.05 to 1.25) and a plus sign (+) for auto insurance complaint ratios slightly better than average (.95 to .75).
W = Worse than average. Insurance companies with complaint ratios more than 125% of the average insurance company.
I prefer companies with the longest recent history of “B” ratings each year (or at least in the most recent three years). Companies with “B” or “C+” ratings are okay, too, particularly if they have less market share, with less than $50,000,000 in premiums for that line of insurance (auto or home) each year. I prefer to avoid companies with a consistently higher than average number of complaints, or with inconsistent complaint records, unless there are mitigating factors, such as very small market share.
3. New Jersey Manufacturers Auto Insurance Complaint Statistics & Ratings
New Jersey Manufacturers auto insurance complaint record considering all subsidiaries:
Better than average
New Jersey Manufacturers has three subsidiary companies licensed to insure private passenger vehicles in NJ &/or PA. The use of more than one auto or home insurance subsidiary company is usually to offer different pricing to specific risk profiles (for example, drivers with a clean driving record vs. drivers with tickets and accidents), operate in a certain US state or group of states, or offer different lines of insurance, such as life insurance or motorcycle insurance.
Here is the auto insurance complaint data for each New Jersey Manufacturers subsidiary:
B = Better than Average C = Average W = Worse than Average
2017 Auto Insurance Complaint Ratio = B (.03)
2017 US auto insurance premium = $1,009,835,176
2016 Auto Insurance Complaint Ratio = B (.01)
2016 US auto insurance premium = $934,156,012
2015 Auto Insurance Complaint Ratio = B (.02)
2015 US auto insurance premium = $913,746,909
2014 Auto Insurance Complaint Ratio = B (.03)
2014 US auto insurance premium = $924,834,318
2013 Auto Insurance Complaint Ratio = B (0) (No complaints)
2013 US auto insurance premium = $912,883,482
2012 Auto Insurance Complaint Ratio = B (.12)
2012 US auto insurance premium = $871,585,343
2011 Auto Insurance Complaint Ratio = B (.30)
2011 US auto insurance premium = $826,465,559
2010 Auto Insurance Complaint Ratio = B (.28)
2010 US auto insurance premium = $783,147,930
2009 Auto Insurance Complaint Ratio = B (.34)
The New Jersey Manufacturers Insurance Company subsidiary has an excellent, better-than-average auto insurance complaint history over the last six years, with its number of auto insurance complaints in its worst year during this period, at only 34% of the industry average. The auto insurance market share for New Jersey Manufacturers Insurance Company has increased each year since 2010, which may be an indication of competitive pricing for its auto insurance.
B = Better than Average C = Average W = Worse than Average
2017 Auto Insurance Complaint Ratio = B (0) (No complaints)
2017 US auto insurance premium = $6,205,998
2016 Auto Insurance Complaint Ratio = B (0) (No complaints)
2016 US auto insurance premium = $7,284,336
2015 Auto Insurance Complaint Ratio = B (0) (No complaints)
2015 US auto insurance premium = $6,148,624
2014 Auto Insurance Complaint Ratio = W (1.74)
2014 US auto insurance premium = $6,193,013
2013 Auto Insurance Complaint Ratio = B (0) (No complaints)
2013 US auto insurance premium = $10,209,217
2012 Auto Insurance Complaint Ratio = B (0) (No complaints)
2012 US auto insurance premium = $10,963,781
2011 Auto Insurance Complaint Ratio = B (0) (No complaints)
2011 US auto insurance premium = $17,839,205
2010 Auto Insurance Complaint Ratio = C+ (.87)
2010 US auto insurance premium = $9,676,589
2009 Auto Insurance Complaint Ratio = B (0) (No complaints)
The New Jersey Indemnity Insurance Company subsidiary had no auto insurance complaints in four of the last six years, and one auto insurance complaint each year in 2010 & 2014. Because New Jersey Indemnity Insurance Company has very few auto insurance customers, the one auto insurance complaint it had in 2010 & 2014 resulted in high complaint ratios of .87 & 1.74 respectively. The auto insurance market share for New Jersey Indemnity Insurance Company has decreased each year since 2011, which may be an indication New Jersey Indemnity Insurance Company may not be selling new auto insurance policies.
B = Better than Average C = Average W = Worse than Average
2017 Auto Insurance Complaint Ratio = B (0) (No complaints)
2017 US auto insurance premium = $200,818
2016 Auto Insurance Complaint Ratio = B (0) (No complaints)
2016 US auto insurance premium = $211,856
2015 Auto Insurance Complaint Ratio = B (0) (No complaints)
2015 US auto insurance premium = $5,465,521
2014 Auto Insurance Complaint Ratio = B (0) (No complaints)
2014 US auto insurance premium = $17,572,367
2013 Auto Insurance Complaint Ratio = B (0) (No complaints)
2013 US auto insurance premium = $20,845,777
2012 Auto Insurance Complaint Ratio = B (0) (No complaints)
2012 US auto insurance premium = $25,528,043
2011 Auto Insurance Complaint Ratio = B (0) (No complaints)
2011 US auto insurance premium = $30,409,561
2010 Auto Insurance Complaint Ratio = B (.24)
2010 US auto insurance premium = $35,499,921
2009 Auto Insurance Complaint Ratio = C (1.03)
The New Jersey Re-Insurance Company subsidiary has a better-than-average auto insurance complaint history in the most recent five of the last six years, with no auto insurance complaints from 2011 to 2014. New Jersey The auto insurance market share for New Jersey Re-Insurance Company has decreased each year since 2010, which may be an indication New Jersey Re-Insurance Company does not have competitive pricing for its auto insurance, or it may not be selling new auto insurance policies.
4. NJ Manufacturers Home Insurance Complaint Statistics & Ratings
New Jersey Manufacturers homeowners insurance complaint record considering all subsidiaries:
Better than average
NJ Manufacturers sells home insurance through the two subsidiary companies listed below. Here is the home insurance complaint data for each New Jersey Manufacturers subsidiary:
B = Better than Average C = Average W = Worse than Average
2017 Home Insurance Complaint Ratio = B (.04)
2017 US home insurance premium = $262,229,482
2016 Home Insurance Complaint Ratio = B (0) (No complaints)
2016 US home insurance premium = $244,425,244
2015 Home Insurance Complaint Ratio = B (.09)
2015 US home insurance premium = $231,079,110
2014 Home Insurance Complaint Ratio = B (.04)
2014 US home insurance premium = $208,626,852
2013 Home Insurance Complaint Ratio = B (.06)
2013 US home insurance premium = $196,874,528
2012 Home Insurance Complaint Ratio = B (.22)
2012 US home insurance premium = $185,622,508
2011 Home Insurance Complaint Ratio = B (.14)
2011 US home insurance premium = $168,109,293
2010 Home Insurance Complaint Ratio = B (.06)
2010 US home insurance premium = $152,143,235
2009 Home Insurance Complaint Ratio = B (.16)
The New Jersey Manufacturers Insurance Company subsidiary has a superior, better-than-average home insurance complaint history over the last six years, with its number of home insurance complaints in its worst year during this period at a very low 22% of the industry average. The home insurance market share for New Jersey Manufacturers Insurance Company has increased each year, over the last four years, which may be an indication of competitive pricing for its home insurance.
B = Better than Average C = Average W = Worse than Average
2017 Home Insurance Complaint Ratio = No policies in force
2017 US home insurance premium = $0
2016 Home Insurance Complaint Ratio = B (0) (No complaints)
2016 US home insurance premium = $395,776
2015 Home Insurance Complaint Ratio = B (0) (No complaints)
2015 US home insurance premium = $1,414,196
2014 Home Insurance Complaint Ratio = B (0) (No complaints)
2014 US home insurance premium = $1,473,297
2013 Home Insurance Complaint Ratio = B (0) (No complaints)
2013 US home insurance premium = $1,480,838
2012 Home Insurance Complaint Ratio = W (5.50)
2012 US home insurance premium = $1,493,076
2011 Home Insurance Complaint Ratio = W (10.96)
2011 US home insurance premium = $1,480,279
2010 Home Insurance Complaint Ratio = B (0) (No complaints)
2010 US home insurance premium = $1,531,265
2009 Home Insurance Complaint Ratio = W (4.89)
The New Jersey Re-Insurance Company subsidiary has a worse-than-average home insurance complaint history in three of the last six years, with its number of home insurance complaints in its worst year during this period at 1,096% of the industry average. However, New Jersey Re-Insurance Company has an extremely small home insurance market share (more than 100 times smaller than the home insurance market share of the New Jersey Manufacturers Insurance Company subsidiary) so the one home insurance complaint it had in 2012 resulted in the 5.50% complaint ratio. In 2011, two home insurance complaints resulted in the 10.96 complaint ratio. The home insurance market share for New Jersey Re-Insurance Company has been about the same over the last five years, which may be an indication New Jersey Re-Insurance Company does not have competitive pricing, or its no longer selling new home insurance policies.
5. NJ Manufacturers Auto & Home Insurance Rates & Pricing Compared to Competitors
Homeowners Insurance Pricing
NJ Manufacturers was not included in any of the recent annual JD Power homeowners insurance customer satisfaction studies, so it is not rated by JD Power for homeowners insurance pricing.
For pricing, the most reliable way to know if NJ Manufacturers has high or low rates for you, is to conduct your own pricing survey, by obtaining price quotes from all the leading insurance companies in your state, to find the best company for you. However, a recent rapid increase or decrease in market share may indicate whether a company has higher or lower insurance rates for at least some people applying for auto or homeowners insurance.
If you look at the annual homeowners insurance premiums for New Jersey Manufacturers Insurance Company in section #4 of this review, its homeowners insurance market share has increased each year since 2010, which may indicate New Jersey Manufacturers Insurance Company has competitive homeowners insurance rates.
To help you comparison shop for homeowners insurance, The following companies rated better than average (4 power circles or 5 power circles) for lower homeowners insurance rates in the 2014 JD Power Homeowners Insurance Satisfaction study, and available in NJ and/or PA: Auto-Owners (PA only), Amica, Hartford, Erie(PA only), Mercury, and GEICO.
Auto Insurance Pricing
NJ Manufacturers received the highest rating of five power circles (among the best) for the category of auto insurance pricing in the Mid-Atlantic region of the 2015 JD Power Auto Insurance Customer Satisfaction study, which reflects the opinion of current NJ Manufacturers policyholders about the auto insurance rates they pay.
The following companies also rated above average (4 power circles or 5 power circles) for lower auto insurance rates in the 2015 JD Power Auto Insurance Customer Satisfaction study: USAA, Erie, Hartford, and GEICO.
Remember, the companies with the best rates for some people participating in a survey may not have low rates for you. To get lower auto or home insurance rates, the only way to know if any insurance company has high or low rates for you is to conduct your own pricing survey, by obtaining price quotes & reviewing your coverage with all the leading insurance companies in your state, to find the best company for you.