How to get the best rate on Indiana SR50/SR22 Auto Insurance

​ Many Indiana drivers that currently have their license suspended will need either an SR50 or SR22 state filing attached onto their auto insurance policy to get their drivers license reinstated. Although this is a very simple process, There's not that much information out there regarding SR50's/SR22's that offer much help in guiding you through the process. This article will better help you understand how both the SR50 and SR22 auto insurance filings work, and what you need to know to get the proper coverage you need at an affordable rate.




What is an SR50?


        An SR50 attaches on to an auto insurance policy. Once you buy an auto insurance policy with an SR50 attached to it, the company is required to notify the Indiana BMV that you have purchased at least state minimum auto liability insurance coverage. Think of it as proof of auto insurance in the present.


What is an SR22?

•       An SR22 is similar to an SR50 in that they both attach onto an auto insurance policy. They let the Indiana DMV know that you're caring at least state minimum liability auto insurance. But the SR22 goes a step farther than the SR50.
•      With an SR22, you must keep the policy active as long as you're required to carry it. Think of it as proof of insurance in both the present present and the future. If a policy that has an SR22 attached to it ever cancels or lapses, your drivers license will be suspended until you reinstate the policy or take out a new one with another SR22 attached.

Substitution factor


This is very important:

• If you're required to carry an SR50, then either the SR50 or the SR22 will work for you just the same. That's because they both cover proof of insurance in the present.

• However, it doesn't work the other way around. If you need an SR22, you can not substitute for an SR50.

So just to be clear, if you need an SR50, an SR22 will work just as well. But not vice versa! If you need an SR22, you're stuck with the SR22.

Why this is important?




Because many companies do not offer SR50 filings....  They only offer SR22's.

• Therefore for those who need an SR50, you may have to substitute and take the SR22 instead. Do not be worried about the fact that the SR22 carries a higher standard. If you only required an SR50, you will not be held to the higher standard of an SR22. So don't let that bother you.

• That is very important to know for those who need an SR50. Because if you're only shopping with auto insurance companies that offer the SR50, you are limiting yourself to the number of companies you can quote with. Thus, you will likely not get as low of a rate as you may have by taking the SR22 instead.

How do I set up an SR50 or an SR22 state filing?

• All you need to do is purchase one of two types of auto insurance policies: regular auto insurance or named operators insurance.

• For those who own a vehicle (or have a vehicle registered in their name), or drive a vehicle owned by another household member, they will need to carry a regular auto insurance policy.

• If you do not own a vehicle or have a vehicle registered in your name, you will need to take out what's known as a named operators auto insurance policy.

• Choose whichever of the above two policies that fits your situation. That's the type of policy you need to attach either the SR22 or the SR50 onto.

• Not all auto insurance companies offer SR50's and SR22's. In fact, many of them don't. So be sure to let your agent know that you need one of those filings before he/she runs you a quote.

• And finally, if you are unsure of whether you need the SR50 or the SR22, contact the Indiana BMV. It's very easy for them to look it up and tell you.

Summary:


I hope this helps you make sense of Indiana state auto insurance filings. If you have any other questions, feel free to give me a call or drop an email. I will be happy to answer any questions you have.



Get an SR50/SR22 Quote with Lyles Insurance here if you own a vehicle


Get an SR50/SR22 Quote with Lyles Insurance here if you Do Not own a vehicle




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