What is SR-50 insurance, and what does it cover?


The SR-50 insurance form is only required in Indiana; however, it isn’t insurance coverage. Instead, it’s a form that provides proof that you have current insurance coverage. Unique to Indiana, this form is typically required if you cannot provide proof of insurance after an accident. Your insurance company can help you file an SR-50. Be aware that the SR-50 is not a replacement for an SR-22.

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UPDATED: 2021-10-15T20:29:32.696Z
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What You Should Know

  • SR-50 isn’t insurance but a form that provides proof of current insurance coverage in the event of an accident
  • An SR-50 insurance form is only required in Indiana
  • Driving without insurance comes with significant consequences like suspension of your license and more

Do you live in Indiana and have been researching how to get cheap car insurance?

While conducting your search, you may have stumbled upon SR-50 insurance, and that brings on its own set of questions like, “What is SR insurance?”

One of the best features of shopping for car insurance online is that you have many free resources at your disposal.

You can use these resources to find out everything you need about SR-50 insurance, affordable car insurance, and more.

You can start comparing SR-50 insurance car insurance quotes today. Enter your ZIP code to receive SR-50 insurance quotes from insurance companies near you.

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Table of Contents

What is SR-50 insurance?

It may surprise you to learn that you don’t have to worry about finding an SR-50 insurance car insurance company, or even if your car insurance rates with SR-50 insurance will be too expensive.

It’s actually a form that you could be required to have if you are a driver needing car insurance in Indiana. The SR-50 form shows when your insurance policy begins and ends.

With an SR-50 form in hand, you have proof that you’re covered by at least the state's minimum requirements.

Now if you are in an accident and don’t have proof of insurance, the Indiana Bureau of Motor Vehicles (BMV) will require you to file for an SR-50 form.

How can a driver file for an SR-50?

If you need an SR-50 form, you’ll have to reach out to your insurance company.

Your insurance company will provide the information necessary to complete the SR-50 form. Then the company will send the form to the BMV.

You will have to pay a small fee for the form, which is typically under $30.

Of course, if you find yourself uninsured at the time of an accident, you could find yourself in a tight spot.

It’s imperative that you buy at least the state minimum requirement for state coverage, or else you could face some severe consequences:

  • Your driver’s license could be suspended for a year
  • You could face a fine between $150 and $300
  • You would have to pay out of pocket for all your car’s repairs
  • You would be liable for any medical bills accrued by any person you hurt in the accident

If you’re in a situation like this, you’ll need to request an SR-22 when you go to buy insurance in the future.

What is an SR-22, and how is it different from an SR-50?

While an SR-50 form displays that you currently have insurance coverage, the SR-22 provides proof of coverage after your license has been revoked. You will need this form to get your license reinstated.

How can a driver obtain an SR-22 form?

As you would with an SR-50, you’ll simply have to reach out to your insurance company to obtain an SR-22 form.

You will also have to pay a small fee for this form, and you will need to keep it up to date for at least three years if you want to drive legally in Indiana.

How can Indiana drivers lower their car insurance rates?

Having all the proper paperwork is very important if you want to hit the road, but so is finding car insurance that you can afford.

Luckily, many major insurance companies offer great discounts that can keep your bank account from hemorrhaging funds.

Try taking a defensive driver course. Insurance companies lose money when their clients get into accidents, so they are pretty enthusiastic about encouraging driver safety.

When you finish the course, send proof that you’ve completed it, and you’ll notice a slight decrease in your rates. That’s not the only savings trick in the book, though.

Take a look at this list of common discounts offered by major insurance companies so you can be sure you are saving every penny that you can:

  • Good student
  • Federal employee
  • Senior driver
  • Higher education
  • Anti-lock brakes
  • Anti-theft
  • Passive restraint
  • Daytime running lights
  • Low annual mileage
  • Claim free
  • Insurance bundle
  • Multiple vehicles
  • Away from home student
  • Safe driver
  • Paid in full
  • Paperless billing

You can ensure that you’re getting every discount you qualify for by using lists like the one above whenever you review your insurance policy.

SR-50 Insurance: What You Need to Know

Now that you know how to buy car insurance with SR-50 insurance, you won’t have to worry about being caught driving without your proof of insurance.

Getting a form is simple, but you will need to pay a small fee for it.

But don’t worry, there are plenty of ways you can increase your savings by reducing your insurance costs.

Review your policy at the time of its renewal, and double-check that every discount you’re eligible for has been applied to your car insurance policy.

Ready to find the best car insurance company for you? You can get excellent coverage right away. Enter your ZIP code to get free SR-50 insurance quotes today.

References:

  1. https://www.in.gov/bmv/
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