What is SR-50 Car Insurance?

The driving and auto insurance laws of every state in the country have much in common but also subtle differences. In Indiana, there is a requirement for auto insurance exclusive to this state: the SR-50 form, also known as SR-50 auto insurance. But, what is SR-50 car insurance?

Read on if you want to know what SR-50 auto insurance is and in what situations the state of Indiana requires this form. Find the best rates for your auto coverage in Indiana when you shop for SR-50 insurance. Use our free insurance comparison tool below and compare multiple car insurance quotes. 

What is an SR-50 Car Insurance Form?

In the Hoosier state only, so-called SR-50 auto insurance is required for high-risk drivers. The SR-50 form comes into play as proof of car insurance in Indiana, both for high-risk drivers to obtain high-risk car insurance or for drivers whose licenses have been suspended.

Through SR-50 car insurance, it is proven that the high-risk driver has insurance coverage. This document certifies that the driver currently has the minimum legally required level of auto insurance in Indiana.

What does SR-50 Car Insurance Mean?

The acronym SR stands for “Safety Responsibility”. In particular, this SR-50 Security Responsibility Document is a “Current Insurance Affidavit.” As the name suggests, this form contains proof that a specific driver currently has automobile insurance.

Why do you need Proof of SR-50 Coverage?

You may have wondered why you need to file an SR-50 even though you have proof of insurance from the time you purchase an insurance policy. To provide proof of insurance, is it enough to simply mail the BMV a printed copy of your policy?

Unfortunately, the answer is No. The SR-50 form is official documentation that can only be provided by an insurance company. When the state requires high-risk drivers to provide proof of SR-50 insurance, it does not simply rely on the proof of insurance the driver obtained when purchasing their insurance policy. 

In addition, the driver’s history contains driver-specific circumstances that the SR-50 form also reflects, unlike a standard proof of insurance card.

Indiana Auto Insurance Requirements

Under Indiana auto insurance laws, all drivers are required to drive on public roads in the state only if they are insured. The minimum insurance requirements in The Hoosier State are as follows:

These are the only coverages required by law. However, all insurance companies are required to provide coverage for bodily injury and property damage caused by uninsured or underinsured drivers.

The state minimum requirements only cover harm you may cause others, whether physical or property damage. If you only get minimal coverage, your policy will not cover damage to your vehicle and the cost of your medical bills if you are injured. So, even when you are not required to purchase more than the minimum coverage amount, getting coverage that meets your actual auto insurance needs in Indiana is still a good idea.

When do I need to get an Indiana SR-50?

Indiana drivers only need an SR-50 form when they receive a notice from the state informing them of the requirement. This usually happens after incidents that qualify the driver as high risk. It may be, for example, that the driver was caught driving without insurance, or if the license was suspended. In either case, the driver must file an SR-50 to obtain high-risk driver insurance, or as part of the process to reinstate their license.

The driver will apply to the insurance company for the SR-50 form, and they will issue the document, which will then be sent to the Indiana Bureau of Motor Vehicles as proof of financial responsibility.

We emphasize that those high-risk drivers whose driving privileges have been suspended for reckless driving will not get their license reinstated until the SR-50 document is filed with the Indiana BMV.

Indiana insurance laws establish penalties of up to $300 for not filing the SR-50 form when required.

Why is it Required to Show Minimum Auto Insurance Coverage with an SR-50? 

In the state of Indiana, when your driver’s license is suspended, you will need to prove that you have a valid basic auto insurance policy before your driving privileges can be restored. This is a way of managing the risk for both the driver and third parties on the road.

You may be wondering why. People with suspended driver’s licenses due to poor driving habits are more likely to be in a car accident than the average driver.

The same goes for those who choose not to have insurance, knowing they are violating state rules. Being a high risk to the state, it is then necessary to file proof of insurance before your license is reissued.

How to Buy Affordable SR-50 Auto Insurance?

Most high-risk drivers can experience frustration when shopping for affordable SR-50 auto insurance. With a poor driving record and after a suspension, they can feel overwhelmed as many insurers decide not to insure these types of clients or not to renew their policy.

However, while finding high-risk auto insurance coverage may seem like a difficult task that takes up a lot of your precious time, it doesn’t have to be. By comparing various insurance quotes from multiple regional and national insurers, you can easily find coverage that fits your individual characteristics as a high-risk driver with affordable rates in a short time.

What is the Difference Between the SR-50 and SR-22 Forms?

It can be a bit confusing to determine the differences between the SR-50 and SR-22 forms since they both provide proof of insurance and are related to high-risk drivers. Let’s see:

• The SR-22 insurance form, also known as the Proof of Future Financial Responsibility Form, shows that the driver has the minimum required amount of insurance for a specified future period, usually a three-year period.
• The SR-50 insurance form is the proof that is presented to the BMV that certifies that the driver currently has the minimum liability insurance required by the state of Indiana.

Regardless of the form you need to file with the Indiana BMV, use our free quote tool and compare high-risk driver insurance quotes. Just enter your zip code and get the coverage you need. Once you purchase the best insurance policy for your needs, apply to your company for SR-50 auto insurance and file the form with the BMV.