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

 In the state of Indiana, auto insurance laws are a little different when it comes to reinstating your suspended license with the BMV. That is because an SR22 filing gets confused with an SR50 filing. While all but eight states have SR22 filings, Indiana is the only state that has SR50 filings. Having the two filings together gets confusing. This article will explain what you need to know about both the SR50 and SR22 auto insurance filings, and help you learn how to reinstate your license as soon as possible (we will also cover the SR21 as well).


Before I explain the differences between an SR50 and an SR22 filing, it would be easier for you to learn how they're both similar first.


 Similarities:

• Both are used by the Indiana BMV to reinstate a suspended license. Neither an SR22 or an SR50 are actually auto insurance at all. They both simply attach onto one of two types of auto insurance policies (more about that in a minute).
• Both are filed electronically to the BMV by your auto insurance company.
• Both the SR50 and the SR22 filings are how the Indiana BMV verifies that you are carrying at least the state minimum liability auto insurance coverage. This is usually the last step before getting your suspended drivers license reinstated, assuming you have taken care of all the other requirements (fines, fees, etc.).

How to set up the SR50/SR22 attachment onto the right auto insurance policy that you need.


    This is the most important step because it is where people tend to make the most mistakes. But the solution is very simple! There are only two types of personal auto insurance in Indiana: a regular auto insurance policy and a named operator auto insurance policy (aka non owners policy).


To determine which of the two policies you need is very simple:

•  If you own a vehicle, then you need to attach either the SR50 or the SR22 onto a regular auto insurance policy.

• If you do not own a vehicle, then you will need to attach the SR50/SR22 to a named operators policy. It's that simple! But it is where most people screw up because they don't know this beforehand.

Next step: Filing the SR50/SR22 to the state BMV after buying your policy.


     The good news here is that you do not have to do anything. Per Indiana law, both the SR50 and SR22 filings must be filed electronically to the BMV by your insurance company. So once you buy a policy with either filing attached, you just have to sit back and wait for the BMV to process it. Usually this does not take long. The insurance company will send the filing right away and the BMV will normally have it processed within one or two business days.

What's the Difference between the SR50 and the SR22 Filing?

• The SR50 is proof of present Insurance - which means it's a guarantee to the BMV that you are carrying at least state minimum liability auto insurance coverage at the present time. Once this gets filed and processed with the BMV, you're finished!

• The SR22 is proof of future insurance - which means it's a guarantee to the BMV that you will continue carrying at least the state minimum liability auto insurance for the duration of the time that you're required to carry the SR22 (usually 3 years). If the SR22 attached policy lapses during that requirement period, the insurance company is required to notify the BMV. Think of it as a "tattletale clause".

• The main difference between the two are that drivers who are required to carry the SR22 must keep their policy active (or replace it with another SR22 attached policy) for 3 years. If a driver cancels or lapses on an SR22 attached policy, his/her license will be suspended again until the SR22 filing is active again. Drivers who need SR50's don't have that future requirement, and don't get their license suspended if their SR50 cancels. But don't let that be an excuse to lapse on your policy! If you are caught driving without insurance again, the fines and penalties become steeper!

• Drivers who need an SR50 can substitute an SR22 filing, and it works just the same. But not vice versa! If you need an SR22 filing, the SR50 will not work for you. This is important because many auto insurance companies only offer the SR22. Don't worry about substituting if you need the SR50 and only the SR22 is available. It works fine, and you won't be held to the higher standard that SR22 drivers have to obey.

Other types of Indiana State filings:

• Sr21 - now known as Certificate of Compliance (COC). I mentioned earlier that the SR50 deals with the present and the SR22 deals with the future..... The SR21 deals with the past. This usually involves an accident or a violation in which you did not show proof of insurance at the scene. The SR21 is only concerned about that specific date, and if you had insurance on that date. NOTE: as of July 2012, Indiana did away with the SR21 filings because they were identical to the COC form. Now they're just officially known as the COC form, but many still use the old SR21 terminology. Just know that the SR21 and COC are one and the same. A new agent can't help you with this because buying a new policy won't help. You will need to call your agent that you had during the date in question.

• SR26 - This form only applies to those who need an SR22 filing. As I mentioned earlier, the SR22 is kind of like a "tattle-tale clause", meaning the insurance company is required to notify the BMV if that policy ever cancels during the SR22 requirement period. The SR26 is merely the official name of the document that the insurance company sends when this happens.

Summary:


   I hope this clears up any confusion and answered any questions you might have about either the SR50 or the SR22 filing. If you still have questions, feel free to call me or drop me an email, and I'll be happy to answer any of your questions. If you would like to get a SR50/SR22 quote and move forward towards getting your license reinstated, click on one of the two links below, and I will be happy to shop around for you and find you the company with the best rate. And as always, I handle all quotes personally and privately.
*source: Indiana BMV. http://www.in.gov/bmv/2373.htm


If You Own a Vehicle, Get an SR50 / SR22 Quote with Lyles Insurance Here.


If You Do Not own a vehicle, Get an SR50 / SR22 Quote with Lyles Insurance Here.


Related Articles:

​Video: Indiana SR22 Insurance

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

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

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