Indiana SR-50 Insurance: How Does SR-50 Insurance Work in Indiana?

Each state has its unique rules and regulations when it comes to car insurance, although most of them are very similar in nature. You can file for cheap SR-50 insurance in Indiana, a type of high-risk driver policy you may require under certain circumstances. What are they, what is SR-50 insurance in Indiana, and how does it work?

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What is SR-50 Insurance in Indiana?

What is an SR-50 in Indiana? SR-50 insurance in Indiana is an affidavit of current insurance that provides proof that you have a policy that is in effect. Indiana SR-50 insurance provides both a start and end date for the policy itself.

The SR-50 is a specific policy that only exists in the State of Indiana thanks to its unique auto insurance laws.

The SR-50 also demonstrates that you are carrying the state minimum required insurance. Of course, it is recommended that you get levels higher than the state minimum to cover reasonably what happens in the case of an accident.

Why do you need to file an SR-50 in Indiana?

Essentially, Indiana has a law about attaining a certificate of financial responsibility which all drivers must maintain regarding their car insurance.

For any accident or moving violation that a driver has been found guilty of causing, proof of insurance must be demonstrated. These are the main reasons for filing an SR-50 in Indiana.

Once the BMV of Indiana has been notified, they will send the driver what is known as a certificate of compliance. You must fill out the form and return in forty days to avoid a driver’s license suspension.

The law offices of Henn, Haworth, Cummings, and Page discuss filing for proof of insurance in the following video.

The types of violations that require SR-50 insurance in Indiana are primarily any moving violation from speeding to reckless driving, like DUI citations, and the like.

Besides, any accident that is caused by a driver may require an SR-50 form as well. SR-50 does not cover non-moving violations such as parking tickets, or expired license.

What happens if you are uninsured in Indiana?

The Insurance Information Institute estimates that almost seventeen percent of Indiana drivers are uninsured. If you don’t have insurance at the time of the accident or when committing a violation, then your license may be subjected to a suspension of up to one year.

This means that you cannot drive during that time and must pay a BMV reinstatement fee of up to $300 after the suspension has been lifted.

What is reinstatement? Renewing your car insurance in Indiana. You will be also required to fill out an SR-50 form.

Driving uninsured can impact your ability to get cheap car insurance in Indiana.

How to File an SR-50 Form in Indiana

Filing the form is rather straightforward in that you will receive the notification that must be filled out and returned within a forty-day time span; otherwise, you risk having your driver’s license suspended.

Your insurance company will often assist and may return the form to the BMV for you after you have visited with your insurance agency. That is because an SR-50 form is separate from your insurance, but it is attached to the policy itself.

If you do not own a vehicle, then the form can be attached to a non-owner SR-22 insurance policy.

Your non-owner SR-22 insurance in Indiana can be used to drive another car on occasion.

Filing Out an SR-50

You can file the SR-50 with your insurance company. In this manner, you can work with your insurance agent to be sure that the form is submitted successfully. In fact, it needs to be filed with your insurance policy for it to be recognized by the state.

The good news is that participating insurance companies will file the SR-50 for you when you apply for the insurance.

According to the rules and regulations by the Indiana State government, you must submit the SR-50 form electronically either yourself or by the help of the insurance provider.

How Much is SR-50 Insurance?

How much does SR-50 insurance cost? The actual cost of SR-50 insurance is very minimal as the fee is only a processing one.

This is because this form is one that is attached to the insurance that you have purchased and used to identify that you have the state minimum coverage.

There are insurance companies that do not handle SR-50 insurance for Indiana residents’ needs. Those that do only charge a subtle fee.

However, you may see a rise in your insurance premiums depending on the nature of the cause for you to get an SR-50 form.

What’s the difference between SR-22 and SR-50?

Indiana SR-22 requirements are different from SR-50. However, the insurance provider files and submits both the SR-22 form and SR-50 to the Indiana BMV.

The biggest difference between SR-22 and SR-50? Indiana SR-22 laws require the insurance company to notify the BMV if the policy lapses or is canceled. This means that your driver’s license will be suspended under the SR-22.

With the SR-50, the insurance company is not compelled to notify the BMV if your policy lapses or is canceled.

However, the BMV can call the insurance company to check on your particular policy, so it is not wise to just pay once and let the policy lapse.

How does SR-50 affect your car insurance rate?

Essentially, the SR-50 insurance quotes may or may not be all that significantly different than if you never received the SR-50 in the first place. This will depend on your driving record as repeated accidents or moving violations will naturally cause your insurance rates to go up.

See what we mean in the table below, which shows how rates increase after a traffic violation in Indianapolis.

However, you may be able to get cheap SR-50 insurance if you shop around, and your driving record is relatively clean except for that incident.

The SR-50 form is less severe than SR-22 insurance in Indiana in many ways. The cheapest SR-22 insurance in Indiana likely will not be the most affordable insurance. Fortunately, getting affordable SR-50 insurance is possible.

Frequently Asked Questions: Indiana SR-50 Insurance

Here are a few frequently asked questions about cheap SR-50 insurance in Indiana and what it does.

#1 – What is the approximate processing time for an SR-50 form?

Generally speaking, the form itself takes about two to four weeks.

#2 – How long is an SR-50 Form mandatory in Indiana?

You will be required to use an SR-50 as long as the sentence was issued for your particular violation or accident. Generally speaking, this could be for up to a year or more in terms of the seriousness of the violation and your driving record.

#3 – Is there an alternative to SR-50 to reinstate a license?

The only option to the SR-50 form when it comes to reinstating your license in Indiana is filing an SR-22 form. However, if you are required to file an SR-22 form, cheap SR-50 insurance in Indiana cannot be used as a substitute.

#4 – How to reinstate a suspended license in Indiana?

Reinstating a suspended license means filling out the appropriate forms sent by the BMV and paying the fee that ranges from $150 to $300 after the suspension is completed.

#5 – Who has the cheapest car insurance in Indiana?

Looking for affordable insurance in Indiana? Geico is an affordable insurance company in Indiana. USAA also offers cheap car insurance.

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