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What Is SR-50 Insurance?

Admin May 14, 2021

0 10 4 minutes read

SR-50 insurance is a form used in Indiana for a person to provide proof of insurance for their motorized vehicle to the Indiana Bureau of Motor Vehicles. The form must include both the start and end dates of the current policy.

Why Does Indiana Require SR-50 Insurance?

Indiana state law requires drivers to bear financial responsibility for accidents. If anyone is convicted of a moving violation or has been in an accident, the SR-50 insurance form must be filled out and submitted to the BMV. After the form is accepted, the driver will receive a form acknowledging their compliance.

A Certificate of Compliance may need to be filled out by the driver’s insurance company and returned to the BMV within 40 days. Otherwise, the driver could face suspension of their license.

Non-Compliance Suspension

If a driver does not complete the process, or it is found that they were not insured during the time that the accident or moving violation occurred, then they may be subjected to a one-year driver’s license suspension.

According to Accurate Auto Insurance, the suspension will pause all of their driving privileges, and at the conclusion of the suspension, the driver will need to pay a reinstatement fee, which can run between $150 and $300, and complete an SR-50 insurance form. The paperwork will need to be completed by their current insurance company and provide proof of coverage.

Minimum Liability Coverage in Indiana

In the state of Indiana, all motorists are required to carry the state-required minimum liability coverage of 25/50/25 in the event of the following instances.

A vehicle accident report is sent to the BMV.
You receive a third moving violation within a one-year period.
You are in a major accident that involved a misdemeanor or felony.
You have received a moving violation after already being suspended for failure to prove financial responsibility.

If all four of these conditions are met, you will be required to file an SR-50 insurance form and have your insurance company present a Certificate of Compliance on your behalf.

Requirements After Suspension

When your driver’s license is no longer suspended, you need to have basic liability coverage in place as you will now be considered higher risk than other drivers. As stated on Autoinsurance.org, you will be considered high risk because having an accident or moving violation can show a pattern of bad driving habits, which could mean that you’re more likely to be involved in an accident in the future.

When it’s time to reinstate your license, the SR-50 insurance form will provide proof of the minimum coverage you need to get your license reissued and show that your risk on the road has been mitigated.

Filling Out the SR-50 Insurance Form

Luckily the SR-50 insurance form is straightforward and quite easy to complete. You will simply need to put down:

Your name
Your driver’s license number
The effective date of your insurance coverage
The expiration date of your coverage

It’s important to note that filling out an SR-50 insurance form does not mean you always have to obtain a Certificate of Compliance. If you have the required coverage at the time of the accident and violation, the SR-50 Insurance form is likely all you’ll need.

You may also be required to fill out this form if you were pulled over and were unable to show proof of insurance. You will receive a notice in the mail telling you to complete and send in the form to prove your insurance was active.

The Difference Between SR-50 and SR-22 Forms

As mentioned on Carinsurance.com. it can be easy to confuse SR-50 and SR-22 forms as they are both related to insurance. The main difference is that an SR-22, also known as a Proof of Future Financial Responsibility Form, is sent in to show that you will have the minimum legal auto insurance amount in the future for a set period of time, usually three years. The SR-50 insurance form, on the other hand, notifies the BMV that you currently have the minimum required liability insurance.

If you are required to complete an SR-22 form, it will be attached to your insurance policy and act as a certificate proving you will have extended financial responsibility through the designated time frame. Your insurance company will send in a notification of compliance after receiving this form to verify your coverage. If your policy is canceled at any time during the designated time period due to non-payment or cancellation, your insurance company will send an SR-26 form to the BMV to inform them that your policy is no longer in effect.

Getting Insured After Moving Violations

While it may seem simple enough to get insurance after moving violations or a license suspension, it can be more difficult than you think. As mentioned before, having accidents, moving violations, and license suspensions on your record can put you into the high-risk category when it comes to insurance, which means it may be more difficult or costly to obtain a policy.

One of the easiest ways to obtain SR-50 insurance is getting quotes online or contacting local agents. You can get a free quote for your SR-50 insurance, the same as any other type of insurance, and by shopping around, you can hopefully find rates that are within your needs. For example, The General can provide you immediate proof of insurance and is willing to work with drivers with less than stellar records.

An SR-50 insurance form is simple to complete and required by the state of Indiana to prove you have the minimum coverage needed to maintain financial responsibility if you are in an accident. Failure to have the appropriate insurance can result in license suspension and reinstatement fees. Luckily, you can avoid any of these problems by searching online or contacting an agent to determine if your insurance meets the required minimums by the state.

Check out this guide if you need additional information, resources, or guidance on car insurance.