All About SR-50 Coverage in Indiana
Last Updated on December 8, 2020
Certain drivers in Indiana need an SR-50 form, which is a proof of insurance document. The SR-50 is a form specific to Indiana car insurance.
The Indiana Bureau of Motor Vehicles (BMV) may require certain drivers to obtain an SR-50. The SR-50 provides proof of current insurance coverage, including the start and end dates for your insurance policy. It lets the state know that you are insured at any given moment.
You can obtain an SR-50 from any car insurance company in Indiana. If you already have insurance, then contact your insurer and request an SR-50. You may need to show this form to the BMV to register your vehicle.
Keep reading to discover everything you need to know about SR-50 coverage in Indiana.
What is SR-50 Car Insurance?
The SR-50, also known as the Affidavit of Current Insurance, is a car insurance form that verifies you have insurance coverage.
Indiana has a financial responsibility law that requires all drivers to maintain insurance while driving. Under Indiana law, drivers must show proof of insurance to the Indiana BMV to register a vehicle.
If your insurance has lapsed, or if you are a high-risk driver, then the BMV may require an SR-50 car insurance document. This document proves that you have car insurance. The SR-50 form lists the beginning and end dates for your insurance policy.
In most cases, you are required to show an SR-50 form after any moving violation or accident for which you have been convicted.
Some drivers are also required to provide SR-50 insurance after receiving an OWI or DUI in Indiana. If you are convicted of driving while intoxicated, then you may need SR-50 insurance.
The SR-50 form includes the following:
- Your name
- Your address
- Your driver’s license number
- The date your insurance begins
- The date your insurance expires
If you were uninsured at the time of the violation, then you may be subject to a one-year suspension of driving privileges and a reinstatement fee of up to $300. You will also need an SR-50 to reinstate your license.
How to Obtain an SR-50
You can get an SR-50 through any insurance company in Indiana. Enter your ZIP code online today to find SR-50 car insurance from providers near you.
In certain cases, you require the SR-50 because you’re a high-risk driver. As a high-risk driver, you may face high insurance premiums. Some insurers could even deny you. You may need to use an insurer in Indiana specializing in high-risk drivers. Some insurers specifically advertise themselves as SR-50 insurance providers for this reason: they charge high rates, but they won’t deny your request for car insurance.
How Does SR-50 Insurance Work?
SR-50 insurance is a form verifying that your car insurance meets Indiana’s minimum legal liability limits.
In other words, SR-50 insurance works like any other liability car insurance policy in Indiana. It covers damages to other people and drivers, although it’s unlikely to cover your own vehicle.
The minimum car insurance requirements in Indiana include:
- $25,000 of bodily injury liability coverage per person
- $50,000 of bodily injury liability coverage per accident
- $25,000 of property damage liability
- $25,000/$50,000 of uninsured motorist bodily injury coverage
- $50,000 of underinsured motorist bodily injury coverage
- $10,000 of uninsured motorist property damage coverage
Your SR-50 insurance is not required to include collision or comprehensive coverage by default. However, many drivers purchase this optional coverage for added protection. Collision coverage covers the cost of repairing your own vehicle after an accident, while comprehensive coverage covers theft, storm damage, vandalism, fire damage, and more.
Penalties for Failing to Carry Car Insurance in Indiana
If you are required to obtain an SR-50 form, then you need that form to reinstate your license. If your license is not active, then you cannot legally drive in Indiana.
Penalties for failure to carry car insurance in Indiana include a fine of up to $10,000. You could also face a 90-day license suspension.
However, if your license is already suspended (as is the case with drivers requiring SR-50 coverage), then you could face even more severe penalties.
If you do not have proof of minimum insurance coverage (say, an SR-50), then you cannot register your vehicle or renew registration in Indiana. You need SR-50 coverage to legally drive on the road.
How Much Does SR-50 Insurance Cost?
SR-50 insurance tends to be more expensive than ordinary insurance. In most cases, the drivers requiring SR-50 insurance have committed a moving violation, received a DUI, or been convicted of some other traffic offense.
Because you’ve committed an offense, you’re a high-risk driver. You’ll pay higher insurance rates, which means your SR-50 insurance will cost more than the average car insurance policy in Indiana.
Compare quotes online to ensure you’re paying the cheapest possible rate for SR-50 insurance in Indiana.
Who Needs an SR-50 Form in Indiana?
Most drivers in Indiana do not need an SR-50 form.
You generally require an SR-50 form because you were convicted of OWI/DUI or some other moving violation. Some drivers also require an SR-50 after getting caught driving without insurance.
Unsure if you need an SR-50 form in Indiana? The BMV will notify you.
What’s the Difference Between an SR-50 and SR-22 Certificate?
Indiana has two insurance forms with similar uses but different meanings. There’s the SR-50 and the SR-22 form. You may have already heard of the SR-22 form. In fact, many other states in the US use the SR-22 to prove financial responsibility. Here’s the difference between the SR-50 and the SR-22.
The SR-50 proves that you currently have insurance. It’s a form proving you currently have the legal minimum required amount of car insurance.
The SR-22 proves that you will have insurance in the future. It proves you will carry the legal minimum amount of car insurance for a certain length of time into the future (usually three years).
You may be required to obtain either form if you have received a moving violation or if your car insurance has lapsed. Ask your auto insurance agent for more information on this form and how to get one and file it.
Final Word on SR-50’s in Indiana
If you receive a moving violation, DUI, or accident-related conviction in Indiana, then the Indiana BMV may require an SR-50, or Affidavit of Current Insurance, to reinstate your license.
The SR-50 is a form available from any insurance company. The form proves you have insurance on a certain date. The form lists the start and end date for your insurance policy.
The SR-50 is specific to the state of Indiana. Other states have similar forms, but Indiana is the only state using the SR-50.