UPDATED: Mar 13, 2020
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SR-50 insurance is a unique type of car insurance document required for certain drivers in the state of Indiana. 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.
First, it’s important to clarify that SR-50 car insurance isn’t technically car insurance: it’s just a document that validates a driver’s car insurance. You still need to buy car insurance. The SR-50 is a certificate of financial responsibility that verifies the driver complies with Indiana state car insurance law.
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).
What Information is Found on an SR-50?
Your SR-50 Affidavit of Current Insurance document includes all of the following:
- Driver’s license number
- Effective date of insurance
- Expiry date of insurance
Who Needs an SR-50?
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.
You might receive an SR-50 notification in the mail if you were found to be non-compliant with insurance laws, for example. If you were previously caught driving without insurance, then the state of Indiana may require you to carry an SR-50 to prove you have insurance.
Certain drivers are required to obtain an SR-50 after their driver’s license was canceled. In order for your driver’s license to be reinstated, you need to provide proof of insurance via the SR-50 form.
Let’s say you are pulled over for speeding. The police officer asks for proof of insurance at the time of the incident. You fail to provide proof of insurance. Later, you receive a notification in the mail requiring you to obtain an SR-50.
How Does SR-22 Insurance Work in Indiana? What’s the Difference Between SR-22 and SR-50 Insurance?
Many states require certain drivers to obtain an SR-22 certificate to verify financial responsibility. Indiana has its own SR-22 document entitled ‘Proof of Future Financial Responsibility’. Some drivers in Indiana are required to obtain both SR-22 insurance and SR-50 insurance.
An SR-22 is a certificate that is attached to your car insurance policy. The certificate ensures that its drivers maintain extended financial responsibility. Once the driver has obtained adequate car 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 car insurance policy.
If you cancel your car insurance policy 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’.
Both the SR-22 and SR-50 are filed electronically by your insurance company to Indiana’s state BMV.
Why Do I Need SR-50 Car Insurance?
SR-50 car insurance is an Affidavit of Current Insurance. It’s proof that you have at least the bare minimum legally required amount of car insurance in the state of Indiana.
Both SR-50 and SR-22 certificates verify to the Indiana BMV that you are meeting the bare minimum requirements.
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 is, you may be considered a higher risk driver, which means you need to pay higher premiums for car insurance. the SR-22 and SR-50 certificates verify that you are genuinely paying for car insurance and have legal coverage.
What’s the Difference Between an SR-50 and an SR-22 Certificate?
The SR-50 and SR-22 certificates are similar but 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 car insurance right now
- The SR-22 is proof of future insurance, which means it proves you will carry the legal minimum amount of car insurance for a specific period into the future (typically 3 years)
There are major repercussions for canceling SR-22 car insurance in Indiana. Your insurance company will file an alert with the Indiana BMV, and you could face further penalties for letting your car insurance lapse.
How to Get SR-50 Insurance
Getting an SR-50, or an Affidavit of Current Insurance, is as easy as contacting a car insurance company online or over the phone. Contact an insurance company or insurance agent and ask about SR-50 car insurance.
An SR-50 is a car insurance certificate required for certain drivers in the state of Indiana. You may be required to obtain an SR-50 certificate after driving without car insurance or engaging in high-risk behavior while driving. Contact your car insurance company to learn more about obtaining SR-50 car insurance.