N.J. Bank-Owned Agency to Give Reward Points to Insureds

Commerce Insurance Services, a wholly owned subsidiary of Commerce Bancorp based in Cherry Hill, N.J., has unveiled a new Visa Extras rewards program for its personal insurance customers in New Jersey.

Customers will receive 2,000 bonus points for each new policy, plus one Visa Extras rewards point for every dollar of their total premium, up to a maximum of 11,000 points per policy per year. Personal lines coverage eligible for Visa Extras rewards points includes automobile, homeowners, umbrella, watercraft /boat and flood.

Commerce Insurance said it is America’s first insurance agency to give New Jersey customers Visa Extras rewards points when they purchase personal lines insurance.

Customers must hold a Commerce Bank Visa Check Card or Credit Card and be enrolled in the Visa Extras rewards program to take advantage of this new benefit. In addition, the property or vehicles insured must be registered or deeded in New Jersey. The company said the new program was reviewed by the New Jersey Department of Banking and Insurance to assure compliance with state insurance regulations.

The rewards points can be redeemed for goods and services from the Visa Extras catalog or saved up for larger rewards such as a Belmont Stakes hospitality package.

Commerce Insurance Services has an annual premium volume of $850 million and a network of 14 offices.

Latest Comments

• June 3, 2005 at 9:16 am

  Mikee says:

  Good point! It appears that the difference is that there a line from the parent of the agency to the customer. The Insurance Department is diligent in attacking referral fee... read more
• June 3, 2005 at 8:39 am

  Dutch says:

  These offers may not automatically constitute "rebating" or an "inducement to purchase", whatever they may look like on their face. I would guess that to get these "points", t... read more
• June 1, 2005 at 8:19 am

  Eileen says:

  It's great to make a comment here but it won't do much good. I suggest that we write letters to the NJ DOI and state attorney general's office to complain. No doubt about it, ... read more