Buyers guide for buying an Indiana SR50 or SR22 auto insurance filing

 Indiana is one of the very few states that have multiple types of auto insurance filings.  While an SR22 filing is very common to many states, the SR50 filing is unique to Indiana.  That’s why you’re not able to find as much information out there regarding SR50 filings.  While the SR50 and the SR22 filing are very similar in many ways, there are some key differences between the two.  This article will help you understand both types of filings, and also show you how to attach either filing to an auto insurance policy.  For many drivers, this is usually the last step a driver needs to complete in order to get their drivers license reinstated.




Understanding what an auto insurance state filing does




     A state filing that is attached to an auto insurance policy does not change or alter your auto insurance policy in any way.  It is simply an attachment that requires the auto insurance company to notify the Indiana BMV.  It lets the Indiana DMV know that you have bought an active auto insurance policy that has at least Indiana State minimum liability auto insurance coverage.  In the case of an SR22 filing, it also lets the Indiana BMV know that you’re keeping this coverage active.

What the SR50 and the SR22 state filings have in common:

• Both attach onto an auto insurance policy, whether it be a regular auto insurance policy or a non owners insurance policy.

 

• When you buy an auto insurance policy with either filing attached, the auto insurance company files either the SR50 or the SR22 electronically to the Indiana BMV.

 

• Once the Indiana BMV processes this filing, your license will be reinstated as long as you’ve paid all fees and met all other reinstatement requirements. 

Where the SR50 and the SR22 state filings are different:

• An SR50 filing only covers the present, not the future. 

 

• The SR22 filing covers both the present and the future.

 

• With an SR22 filing, the insurance company will notify the Indiana BMV that you have presently started an auto insurance policy with at least state minimum liability coverage, just like the SR50 filing does at that present time.  But the SR22 filing goes a step farther than the SR50 filing does, in that it also monitors coverage in the future.  If at any time that your policy should lapse, cancel or expire, the auto insurance company is required by an all to notify the Indiana BMV that the SR22 is no longer active.  When this happens, your license gets suspended again until you put another active Sr. 22 filing in place.

The substitution factor


This is very important to understand.  For those of you who need the SR50, the substitution factor will also be critical as far as your ability to find the lowest rate.  Here’s how it works:

• If you need an SR22 filing, there is no substitution.  If you need an SR22, you have to go with an SR22 because of the higher standard that it requires.

 

• If you need an SR50 filing, however, you may and probably will end up substituting the SR22 for it.

 The main reason for substituting the SR22 for the SR50 is competition.  Even though many people still need them, Indiana is slowly phasing out the SR50 filings, and will soon just have SR22’s.  Because of this, very few auto insurance companies handle SR50 filings anymore.


     Most of them have switched to just offering the SR22 because they know it works for either one.  If you need an SR50 filing don’t be afraid to go with the SR22.  Otherwise, you’ll be severely limiting yourself to companies that may and probably offer lower rates. 


      Also, if you just need the SR50, don’t worry about the higher standard that the SR22 requires.  You won’t be held to the higher standard that drivers requiring SR22 filings are held to.  So don’t let that part bother you.








How to set up an SR50 or SR22 filing with your Auto Insurance:


It is very important to set this filing up with the right type of policy.  And to do so is very simple:

• If you own a vehicle you simply need a regular auto insurance policy, and attach either filing to it.

 

• If you do not own a vehicle, you can attach either filing on to what’s called a Named Operator Policy (AKA non-owners policy). 

Is it ok to carry two active auto insurance policies; a regular auto insurance policy to cover my vehicle, and a named operator policy to satisfy my SR50/SR22 requirement?




Yes, this is perfectly fine to do.  In fact many people do this because their current auto insurance company does not write SR50 or SR22 filings (or charge a fortune to do so).  However, for the vast majority of people, this is the more expensive route to go because you’re paying for two separate policies instead of combining both together into one policy.  The rare exceptions are usually people who are homeowners that have excellent credit and have their homeowners and auto insurance policies bundled together.  For just about anyone else, it’s usually comes out cheaper to combine everything on to one policy.




Finding the best rate


Regardless of whether you need an SR50 or an SR22 filing, or whether you need regular auto insurance versus a named operator policy, the best place to find the lowest rate is the same….


Your best chance is to get a quote with an independent agent that specializes in high risk auto insurance. That way, an agent can do the shopping around for you with several companies who are SR50/SR22 friendly while weeding out the companies that aren't. This is the most efficient way to find the best rate for what you need.




Click here to get a regular auto insurance quote




Click here to get a named operator quote




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Related Articles:


Indiana Named Operator Auto Insurance Policy: Key Points to Know


What's the difference between an Indiana SR50 and an SR22 auto insurance filing?


The difference between an Indiana SR50 and an SR22 auto insurance filing?