Affordable SR-50 Auto Insurance (2024)
Drivers wondering about SR-50 insurance only need to worry if the law has ordered them to carry a certificate. An SR-50 is unique to Indiana and may require specific high-risk drivers looking for auto insurance to have it.
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
UPDATED: Oct 27, 2023
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Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Oct 27, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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SR-50 Insurance
| SR-50 Auto Insurance Details | Details | Source |
|---|---|---|
| When an SR-50 form is required: | 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 responsibility laws | Indiana Bureau of Motor Vehicles |
| The minimum liability auto insurance required to legally drive in Indiana: | 25/50/25 | Indiana Bureau of Motor Vehicles |
| The average cost of liability insurance coverage in Indiana: | $372.44/year $31.04/month | Quadrant Information Services |
What is SR-50 insurance? SR-50 auto insurance is a unique type of auto insurance document required for certain drivers to meet Indiana auto insurance requirements.
You probably have questions like how long does the SR-22 last and what is Indiana’s SR-50? 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.
What are the best auto insurance companies for an SR-50? Before we get started, take a minute and use your ZIP code to get free SR-50 insurance quotes.
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 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 SR-50 insurance 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 auto insurance requirements 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, aka 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
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Who needs an SR-50?
What is an Indiana SR-50 and what are the requirements for those who need 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 a proof of insurance card at the time of the incident. You fail to provide any sort of 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 without auto insurance. 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 |
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 high-risk driver, which likely means your high-risk car 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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How to Get SR-50 Insurance
Once you’ve been notified of the requirement to obtain SR-50 insurance, how do you do so? 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. 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 an SR-50.
SR-50 vs. SR-22 Insurance
What is SR-22 auto 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’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 consequences for letting your auto insurance lapse, including penalties and fees.
Your insurance company can file both the Indiana BM SR-50 form and the SR-22 form electronically with the state.
What is SR-22 insurance?
When do you need an SR-22?
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 have a suspended license you’re working to get reinstated.
For example, according to Florida auto insurance laws, 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.
When cancelling your auto insurance coverage for any reason, 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’.
How long does SR-22 insurance last? You are generally required to carry SR-22 insurance for a minimum of two years.
What is the difference between SR-22 and regular insurance?
Again, like an 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 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 one a 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.
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.
Indiana Driving Record Annual Auto Insurance Rates
| Company | Average Annual Auto Insurance Rates with a Clean Driving | Average Annual Auto Insurance Rates with One Speeding Ticket | Average Annual Auto Insurance Rates with One Accident | Average Annual Auto Insurance 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 |
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, DUIs affect your auto insurance much more.
We hope our guide has cleared up SR-50 insurance for you. If you’re ready to buy SR-50 auto insurance, use your ZIP code to get free, affordable SR-50 auto insurance quotes now.
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Frequently Asked Questions
What is SR-50 insurance?
SR-50 auto insurance is a unique type of auto insurance document required for certain drivers to meet Indiana auto insurance requirements.
What is an SR-50 insurance form? How, when, and why do you obtain one? Is it part of Indiana auto insurance requirements?
An SR-50 insurance form is a document that validates a driver’s auto insurance coverage and is required to comply with Indiana state financial responsibility law. It is obtained by contacting an auto insurance company after receiving a notification from the state for non-compliance with insurance laws or license suspension.
What is an Indiana SR-50, and who needs one?
An Indiana SR-50 is a certificate of proof of financial responsibility that certain high-risk drivers are required to carry to demonstrate adequate insurance coverage. It is needed if a driver has received a notification from the state, has been found driving without insurance, or has a suspended license.
What is the purpose of SR-50 insurance?
SR-50 auto insurance serves as proof that a driver has at least the minimum required auto insurance coverage as mandated by Indiana state law.
What information is found on an SR-50 form?
An SR-50 form includes the driver’s name, driver’s license number, effective and expiry dates of the auto insurance policy, and other relevant details.
How can I get SR-50 insurance?
To obtain SR-50 insurance, you need to contact your auto insurance company and purchase a policy that meets the minimum insurance requirements in Indiana. Once you have the policy, your insurance company will issue the SR-50 form.
What is the difference between SR-50 and SR-22 insurance?
While both SR-50 and SR-22 certificates provide proof of insurance, they work in different ways. SR-50 is specific to Indiana and is required for high-risk drivers in the state, while SR-22 is a more widely recognized form used in many states to verify financial responsibility.
How long does SR-22 insurance last?
SR-22 insurance is typically required to be carried for a minimum of two years.
What is considered high-risk insurance?
High-risk insurance is coverage provided to drivers who are considered to be particularly risky to insure due to factors such as a poor driving record or lack of experience. High-risk drivers often face higher insurance rates.
How do I get an SR-22?
To obtain an SR-22, you need to contact your insurance company and inform them of your need for the filing. They will assist you in completing the process.
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 of a 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% of the market share in Indiana, so they are required to insure 24% 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.
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.