What is SR-50 Insurance: The Complete Guide

If you're a high risk driver in Indiana, you may be required to complete an SR-50 insurance form; this is not insurance but a certificate of financial responsibility, which is provided to the BMV

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Rachel Bodine graduated from college with a BA in English. She works as an associate editor and writer for 4autoinsurancequote.com for over a year and enjoys creating content that offers expert advice on car insurance topics.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs...

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Reviewed byLeslie Kasperowicz
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UPDATED: May 28, 2020

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Key Facts About SR-50 Auto Insurance
SR-50 Auto Insurance DetailsFrom the Experts...
An SR-50 form may be required in Indiana to prove you currently carry at least the minimum auto insurance requirements in the state and meet the financial respnsiblity lawsIndiana Bureau of Motor Vehicles
The minimum liabiliy auto insurance required to legally drive in Indiana is 25/50/25Indiana Bureau of Motor Vehicles
The average cost of liability insurance coverage in Indiana is $372.44/year or $31.04/monthQuadrant Information Services
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What is a SR-50 insurance form? SR-50 auto insurance is a unique type of auto insurance document required for certain drivers to meet Indiana auto insurance  requirements. Today, we’re explaining everything you need to know about SR-50 insurance, including how it works, how long it lasts, and whether or not you require SR-50 insurance.

Before we get started, take a minute and use your ZIP code to get a free quote on SR-50 auto insurance.

SR-50 Insurance Forms and Auto Insurance

What exactly is SR-50 insurance? What is an SR-50 insurance form? How, when, and why do you obtain one? Is it part of the Indiana auto insurance requirements? Keep reading to find out the answers to these and other questions.

What is an SR-50 insurance form?

First, it’s important to clarify that SR-50 auto insurance isn’t technically auto insurance; it’s just a document that validates a driver’s auto insurance. You still need to buy auto insurance.

What is an SR-50 in Indiana? The SR-50 is a certificate of proof of financial responsibility that verifies the driver complies with Indiana state financial responsibility law. What is a financial responsibility law? According to the National Association of Insurance Commissioners, it is defined as,

“a statute requiring motorists to show capacity to pay for automobile-related losses.”

In Indiana, drivers comply with this law by meeting the minimum requirements for insurance coverage in the state.

However, not all drivers are required to carry an SR-50 as proof of insurance coverage. We’ll discuss who is typically required to obtain and file SR-50 insurance forms in a later section.

The SR-50, also known as the Affidavit of Current Insurance, is issued by your insurance company, then sent to the Indiana Bureau of Motor Vehicles (BMV). if you don’t meet the BMV insurance requirements, you run the risk of license suspension and other penalties.

As a part of auto insurance for high-risk drivers, certain high risk drivers in Indiana are required to hold an SR-50 to prove they have adequate insurance.

What information is found on an SR-50 form?

Your SR-50 Affidavit of Current Insurance document includes all of the following:

  • Name
  • Driver’s license number
  • Effective date of insurance
  • Expiry date of insurance

Who needs an SR-50?

What is an Indiana SR-50 and what are the requirements for who needs one? Most drivers in Indiana do not need an SR-50. Instead, you are only required to obtain an SR-50 if you have received a notification from the state.

If you’re non-compliant with the state’s insurance laws, you might receive an SR-50 notification in the mail. Let’s say you are pulled over for speeding. The police officer asks for proof of insurance card at the time of the incident. You fail to provide proof of insurance. Later, you’ll likely receive that notification in the mail requiring you to obtain an SR-50.

This is also true in the event of an accident when you’re found to be driving uninsured. If you were previously caught penalized for driving without insurance, then the state of Indiana may require you to carry an SR-50 to prove you have insurance.

In addition to an SR-50 for non-compliance with Indiana auto insurance laws, if your driver’s license was suspended for any reason, you may be required to obtain an SR-50. Why? As a part of getting your driver’s license reinstated, you’ll need to prove you have insurance and meet the financial responsibility laws set by the state. This proof will be in the form of an SR-50.

What is the purpose of SR-50 insurance?

SR-50 auto insurance is an Affidavit of Current Insurance. It’s proof that you have at least the minimum auto insurance coverage you’re legally required to purchase in the state of Indiana.

Both SR-50 and SR-22 certificates (which we’ll discuss in the next section) verify to the Indiana BMV that you are meeting the bare minimum requirements. What are those requirements? Take a look at this table.

Minimum Auto Insurance Requirements in Indiana
Auto Insurance
Coverage Type
Minimum Auto Insurance
Coverage Required
in Indiana
Bodiliy Injury per Person$25,000
Bodiliy Injury per Accident$50,000
Property Damage$25,000
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If you are required to obtain an SR-22 or SR-50 certificate, then it’s possible your license was previously suspended. Or, you may have been caught driving without insurance. Whatever the reason, you may be considered a higher risk driver, which likely means your high-risk auto insurance costs more. The SR-22 and SR-50 certificates verify that you are genuinely paying for auto insurance and have legal coverage.

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SR-22 vs. SR-50 Insurance

What is SR-22 insurance? What is an SR-22 form and why do you need it? Is there a difference between SR-22 and SR-50 insurance? Does SR-22 insurance vary by state? What are the Indiana requirements for SR-22 insurance? Read through the next few sections to find out the answers to these and other questions.

What is SR-22 Insurance?

Many states require certain drivers to fill out an SR-22 form to obtain an SR-22 certificate that verifies financial responsibility. Similar to an SR-50 form, the purpose is to provide verified proof that you meet the minimum insurance requirements in your state. An SR-22 is a certificate that is attached to your auto insurance policy. The certificate ensures that drivers maintain extended financial responsibility.

Also similar to an SR-50, SR-22 insurance is most often required when you’ve been found driving without insurance or are have a suspended license you’re working to get reinstated. For example, in Florida, if your license has been suspended, you’re required to obtain an SR-22 filing as proof that you have the bodily injury and property damage liability requirements set by the state before your license will be reinstated.

In Indiana, the SR-22 insurance form, which is also referred to as ‘Proof of Future Financial Responsibility,’ is required when working to have your suspended license reinstated. It essentially states that when your license is reinstated, you’ll have the necessary insurance to legally drive.

Once you have obtained adequate auto insurance with the SR-22 certificate, your insurance company will send a notification to the Indiana BMV verifying that you are compliant with Indiana financial responsibility requirements.

Similar to the SR-50 certificate, the SR-22 certificate includes your name and driver’s license number as well as the effective and expiry dates of your auto insurance policy.

If you cancel your auto insurance coverage for any reason, then your insurance company is required to send a notification to the Indiana BMV. This cancellation notification is called an SR-26 form, or a ‘Cancellation of Proof of Future Financial Responsibility’.

What is the difference between SR-22 and regular insurance?

Again like SR-50, an SR-22 is not actually insurance. It is simply proof that you meet the auto insurance requirement in the state. Thus, you’ll still need to purchase an auto insurance policy of at least the minimum coverage requirements in the state, prior to your insurance company issuing you an SR-22 and filing it with the BMV.

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

The SR-50 and SR-22 certificates are similar in that they both provide proof of adequate insurance, but they work in different ways:

  • The SR-50 is proof of present insurance, which means it proves you currently have the legally required minimum level of auto insurance
  • The SR-22 is proof of future insurance, which means it proves you will carry the legal minimum amount of auto insurance for a specific period into the future (typically 3 years)

There are major repercussions for canceling SR-22-certified auto insurance in Indiana. Your insurance company will file an alert with the Indiana BMV, and you could face further dangers for letting your auto insurance lapse, including penalties and fees.

Both the SR-22 and SR-50 are filed electronically by your insurance company to Indiana’s state BMV.

How to Get SR-50 Insurance

Once you’ve been notified of the requirement to obtain SR-50 insurance, how do you do so? Getting an SR-50, or an Affidavit of Current Insurance, is as easy as contacting an auto insurance company online or over the phone.

You can speak to any licensed insurance agent (including your own) in Indiana about SR-50 auto insurance. Though as we’ve noted already, after you’ve spoken with an insurance agent, you’ll need to purchase a policy that at least meets the minimum requirements in Indiana, before your insurance company will issue and SR-50.

The Bottom Line for SR-50 Insurance

An SR-50 is an auto insurance certificate required for certain drivers in the state of Indiana. You may be required to obtain an SR-50 certificate after driving without auto insurance, engaging in high-risk behavior while driving, or having your license suspended. Contact your auto insurance company to learn more about obtaining SR-50 auto insurance.

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FAQs

Still have questions about SR-50 insurance? Read through these frequently asked questions to learn more.

What is considered high risk insurance?

High-risk insurance is reserved for those drivers who insurance companies consider to be especially risky to insure. What makes you so high risk? Typically you’re considered high risk if you have very little driving experience (which is the primary reason younger drivers have significantly higher rates than older drivers) or have a poor driving record. Take a look at this video to learn more about how driving record affects rates.

The higher the risk you pose, the higher your rates will likely be. Take a look at this table, populated with rates from Quadrant Information Services, which compares average rates in Indiana for a clean record, a record with one speeding ticket, a record with one accident, and a record with one DUI to see how your driving record can affect your rates.

Auto Insurance Rates in Indiana by Driving Record
Insurance CompaniesAverage Indiana Rates for a Clean DrivingAverage Indiana Rates with One Speeding TicketAverage Indiana Rates with One AccidentAverage Indiana Rates with One DUI
Allstate$3,175.58$3,777.03$4,665.22$4,301.12
American Family$2,536.03$3,020.98$4,041.92$5,117.20
Farmers$3,075.51$3,395.05$3,585.45$3,692.93
Geico $1,483.91$2,060.50$2,335.58$3,162.96
Liberty Mutual$4,509.08$4,969.05$5,317.03$8,331.91
Nationwide$2,332.31$2,627.10$3,007.11$2,883.35
Progressive$2,920.42$4,063.99$5,121.94$3,485.71
State Farm$2,352.06$2,352.06$2,578.33$2,352.06
Travelers$2,882.59$3,092.54$3,562.38$4,036.63
USAA$1,231.12$1,526.13$1,752.37$2,010.62
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As you can see, even one traffic violation can have a significant effect on your rates. While a single accident or speeding ticket likely won’t push you into the high-risk category, a single DUI probably will.

How do I get high risk insurance in Indiana?

If you’re considered a high-risk driver, obtaining auto insurance may be difficult, because insurance companies might consider you to be too high risk to insure. If you fall into this category in Indiana (specifically if you’ve been unable to purchase insurance from at least three insurance companies in the previous 60 days), you do have options.

The Indiana Automobile Insurance Plan (IN AIP) was created in 1948 to address the issue of insuring high risk drivers.

All insurers in the state are required to participate in the program by insuring a certain percentage of eligible IN AIP applicants. The percentage is based on the market share of each insurance company. For example, State Farm has 24 percent of the market share in Indiana, so they are required to insure 24 percent of IN AIP applicants. However, if you’re insured through IN AIP, you may be required to pay higher than average rates because of the risk.

How much does SR-22 insurance cost a month?

Recall that SR-22 insurance is not technically insurance coverage, so the cost to you is simply the filing fee. However, if you’re required to maintain an SR-22, then you’re likely in the high-risk category, so as we’ve already discussed, your insurance rates will probably be higher than those of the average driver.

What is myBMV?

myBMV is the portal on the Indiana Bureau of Motor Vehicles that allows users to complete certain transactions online. These include, but are not limited to, registering a new vehicle, renewing your vehicle registration, renewing your driver’s license, scheduling a driving skills test, and reviewing your driving record.

Before you go, use your ZIP code to get a free quote on SR-50 auto insurance.

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