Managed Competition

An organization that collects loss statistics and develops advisory insurance rates for its member companies. North Carolina Rate Bureau (NCRB) is a prominent example, providing rating services for auto, property, and workers compensation insurance. Some states use rate bureaus while others allow insurers to file their own rates.

An insurance company that is licensed by a state's insurance department to do business in that state. Admitted carriers must comply with state regulations including rate and form approval requirements, financial solvency standards, and market conduct rules. Their policies are backed by the state guaranty fund, which provides protection to policyholders in the event of insurer insolvency. Admitted carriers file rates and policy forms with state regulators for approval before use. They are subject to regular financial examinations and must meet ongoing reporting requirements. The admitted market represents the standard insurance marketplace, as distinguished from the surplus lines (non-admitted) market.

Insurance coverage that pays for damage to your vehicle resulting from a collision with another vehicle or object.

Insurance coverage for damage to your vehicle from causes other than collision, such as theft, vandalism, fire, weather events, or hitting an animal.

Insurance that covers you if you're in an accident caused by a driver who doesn't have liability insurance.

Specialized insurance coverage for motorcycles including liability, collision, comprehensive, uninsured motorist, and optional coverages like accessory coverage and roadside assistance.