Hello! I'm Dan Lyles with Lyles Insurance. And in this video, I'm going to show you a quick little buyer's guide for drivers in Indiana who need a state SR50 auto insurance filing to get their license back.
First, let's go over, what is an SR50? An SR50 is not auto insurance. It's a state filing that
attaches onto an auto insurance policy. It shows that you're carrying active liability auto insurance of at least state minimum limits. And getting an SR50 filing is usually the last step you need to take to have your driver's license reinstated. And if you wondered why it's so hard to find information about SR50’s it's because it's very rare. In fact Indiana is the only state that has them.
But here's where things got complicated and confusing. Several years ago, Indiana laws changed. The BMV stopped issuing SR50 filings, and switched to the more common SR22 filings that most other states use instead. However, for those of you who lost your license prior to the law changing, you're still grandfathered into the old SR50 requirement.
Here's where you're going to run into problems in finding SR50 state filings. Fortunately, it has a very easy fix. The bad news is that most auto insurance companies that write state filings no longer offer the SR50 since the law changed. They've switched to only writing SR22’s. But if you need an SR50, you can substitute an SR22 for it. And it'll work just fine. In fact most of you will have to go that route because very few auto insurance companies still write SR50’s.
Here's a quick comparison between the SR50 and the SR22, and what they have in common.
They're both attach onto an auto insurance policy, whether it be a regular auto insurance policy or a non owners policy. I'll talk about that more in a minute. When you buy an auto insurance policy with either filing attached, the auto insurance company is required to file this SR50 or SR22 electronically to the Indiana BMV. Once this happens the Indiana BMV will then process your filing, and your license will be reinstated (as long as you paid all other fees and met all other reinstatement requirements).
Now here's where SR50 and SR22’s are different. It's okay for a driver who needs an SR50 to substitute it with an SR22, but not vice versa. If you need an SR22, then you have to go with an SR22. But for those of you who just need SR50’s, an SR22 substitutes just fine. The reason it just works one way is because an SR22 carries a higher standard than the SR50 does. However, people still grandfathered into the old requirement are not held to that higher standard. So don't worry about it.
How do you set up an SR22 or SR50 state filing? This is very important that you get this right and understand this. Fortunately, it's very simple and easy to understand. If you own a vehicle, or have a vehicle registered in your name, you simply need a regular auto insurance policy, and attach to either state filing onto it.
If you do not have a vehicle, you need to take out what's called a named operator auto insurance policy (it's also known as a non owner policy). And again, either state filing will attach to it as well.
Finally, let me give you a quick tip about finding the best rate. Because even with SR22’s or SR50’s, not all auto insurance companies write those state filings. So the best way for you to find what you're looking for at a decent price, is to find an independent insurance agent that specializes in high-risk auto insurance. The companies they carry tend to go easy on SR22’s and SR50’s, and also drivers who have dings on their driving record. And the best thing about that is it's very time efficient. You get quotes with multiple companies at once, instead of quoting just one company at a time. So I hope you've learned what you need to learn about buying an SR50 or SR22 filing. Thanks for watching, and have agreat day!
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..