An SR50 is a state insurance filing that Indiana uses when it requires drivers to show proof of auto insurance. But there is some confusion over how these policies work, how to set them up, and other questions. So I've compiled a quick list of FAQs.
What is an SR50?
The SR50 is known as the affidavit of current insurance in the state of Indiana. It provides proof to the BMV that your auto insurance is current. The SR50 form is sometimes required when reinstating your drivers license.
What does an SR50 filing show?
It simply shows that you are carrying at least the Indiana state minimum auto liability insurance (which is 25/50/10). However, it is highly recommended that you select higher levels of coverage than that, as that is bare minimum coverage.
How do I get an SR50 filing?
If you own a vehicle, you simply need to attach this SR50 to a regular auto insurance policy. If you do not own a vehicle, you need to attach this filing on to what's known as a named operator's policy.
What's the difference between an SR50 filing and an SR22 filing?
An SR22 and an SR50 both are filed by the insurance company and submitted electronically to the Indiana BMV. The main difference is that with an SR22, the insurance company must also notify the BMV if the policy ever lapses or cancels. When this happens, the Indiana BMV once again suspends your license until you put another SR22 in force. With an SR50, the company is also required to submit the filing when taking out a policy. But unlike the SR22, they are not required to notify the BMV when the policy cancels or lapses. That is really the main difference between the two. However, it is very unwise to assume that you can make one payment on your SR50 insurance policy and then lapse and be okay. The BMV can call you out on that at any time.
Will an SR22 filing work as a substitute for an SR50 filing?
Yes. If you're required to file an SR50, an SR22 filing will also work for you. However it doesn't work both ways. If you're required to carry an SR22 filing, an SR50 filing will not work for you.
How much does an SR50 insurance cost?
The answer to that question is really more dependent on what type of auto insurance you carry. After all, an SR50 filing is not insurance at all. It is simply a filing that attaches onto auto insurance. Some companies will not write SR50 policies, but most companies will. The SR50 filing itself is usually just a small minimal add on as far as cost is concerned. The lions share of your premium is more related to the actual auto insurance itself and the coverages you choose.
Where can I find the cheapest SR50 insurance?
The most efficient way to find the best rate would simply be to get multiple SR50 quotes from an independent insurance agent. Particularly, an independent agent who specializes in high-risk auto insurance is most likely to have the best companies, as far as finding you the lowest rate. The beauty of going to an independent agent is that they will do the shopping around for you. That way, you're getting quotes from multiple insurance companies but only having to submit your information one time, rather than trying to get quotes one company at a time.
Get an Indiana SR 50 auto insurance quote here if you own a vehicle.
Get an Indiana SR 50 auto insurance quote here if you do not own a vehicle.
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..