Looking for the top car insurance companies for New Jersey? You’ve come to the right spot. While there are many different companies offering auto insurance in the state of New Jersey, there are some that are ranked higher than others. How do you figure out which ones are the top insurers? We’ll use several different sources to help you determine the top car insurance companies for New Jersey.
New Jersey Department of Insurance — One way to find the top car insurance companies for New Jersey is to check for the lowest percentage and number of complaints through the state’s department of insurance. It’s easy to see that, for 2009 exposure with the greatest number of vehicles insured, the top rated insurance companies in the state include the New Jersey Manufacturers Insurance Group (only available to New Jersey state employees or employed by a member organization of the New Jersey Business & Industry Association) with 0.0025 percent complaint ratio for 797,987 (2 complaints in 2009). Other top auto insurance companies in New Jersey with low complaint percent ratio per high numnber of vehicles insured include Geico with 0.0304 percent complaint ratio for 756,300 vehicles, 23 complaints, Allstate with 0.0378 percent complaint ration, 687,964 vehicles and 26 complaints, State Farm with 0.0177 percent complaint ratio, 551,578 vehicles and 8 complaints, Farmers with 0.0614 percent complaint ratio, 179,182 vehicles and 11 complaints. Progressive had 0.0200 percent complaint ratio, 199,740 vehicles insured in 2009, and 4 complaints. Amica Mutual had 0.0511, 2 complaints, and 39,135 vehicles insured in 2009.
J.D. Power and Associates – Consumers may also want to know which top car insurance companies for New Jersey had the highest overall customer satisfaction. The annual J.D. Power and Associates 2010 U.S. National Auto Insurance Study provides a good look at the best-rated car insurers nationally across five factors: interaction, policy offerings, billing and payment, price, and claims. Checking their list, the top car insurance companies for New Jersey (doing business in the state, although they may be headquartered elsewhere) are Amica Mutual, State Farm, and Geico. Amica Mutual is the JDPA award winner with a five-circle JDPA rating across the board. State Farm and Geico each have a four-circle JDPA rating. Progressive and Allstate each have a three-circle JDPA rating.
Check with Ratings Agencies – The top car insurance companies for New Jersey, just like the top insurers in other states, will have strong financial ratings. One way to determine an auto insurance company’s financial strength is to check with ratings agencies with more detailed information about its ratings. Here are several ratings agencies to check:
- A.M. Best — Provides free ratings for up to three companies per call at (908) 439-2200 ext. 5742. Unlimited ratings can be accessed via their web address at http://www3.ambest.com/ratings/default.asp. Here are A.M. Best Company financial ratings for several top car insurance companies for New Jersey:
- Allstate Insurance Group – A+ (Superior)
- Amica Mutual – A++ (Superior)
- Geico – A++ (Superior)
- Progressive Insurance Group – A+ (Superior)
- State Farm – A++ (Superior)
- Fitch — Provides free financial strength ratings for up to five companies per call at (800) 893-4824. Ratings are also available via their website at http://www.fitchratings.com.
- Moody’s — Provides free ratings for up to five companies per call at (212) 553-0377. Unlimited ratings can be accessed via their web address at http://www.moodys.com.
- Standard & Poor’s — Provides free ratings for up to five companies per call at (212) 438-2400. Requests can also be sent by email to: firstname.lastname@example.org.
- TheStreet.com Ratings — Provides all of their ratings for free on their website at http://www.theStreet.com. Reach them at (800) 289-9222.
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