NJ Car Insurance Cos. Ranked in Regulators’ New Report

The New Jersey Department of Banking and Insurance (DOBI) has released its latest consumer-complaint ratio report showing the worst and best rated auto insurance companies in the state for customer satisfaction.

best and worst rate NJ auto insurance companiesThe rankings list all car insurers in the state covering at least 10,000 autos as of Dec. 31, 2010. They list the total number of complaints filed by consumers and upheld by the DOBI and then weighs the complaint volume against the total number of cars insured by each of the 32 companies included in the report.

In the end, New Jersey Manufacturers Group — the company with the largest share of insured vehicles — came out on top with the best complaint-to-policy ratio. The company, which insurers about one in every seven cars in the state, had zero valid complaints filed and more than 800,000 cars on its books.

Another eight insurers also saw no valid complaints filed against them in 2010, including the Palisades Group, which had issued insurance policies covering a little more than 4 percent of New Jersey autos at the end of 2010.

At the other end of the spectrum, Personal Service Insurance Co. had the worst record. That company insured about 13,600 cars at the end of 2010 and had three valid complaints filed against it last year.

Regulators in most states produce these consumer-complaint reports annually and make them accessible through their departments’ websites. Consumers are often encouraged to review them when shopping for coverage in order to get a better idea of a company’s customer satisfaction track record.

About Matthew Morisset
Matthew Morisset is a proud alumnus of the University of Redlands, where he obtained a degree in English Literature. Utilizing his passion for analysis and writing, Matthew looks for important trends in the auto insurance industry and their implications for consumers and the market as a whole.

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