What is Indiana’s SR50 Insurance Certification?
A fun way to think about an SR50 is as the cousin of the SR22 that lives in Indiana. Both function the same way in certifying that a driver meets the states’ insurance requirements in order to qualify for insurance after a suspended license or significant traffic violation(s). Indiana has its own coverage requirements, and they want to be sure that every driver abides by them. There isn’t a real difference between an SR50 and an SR22 except how long they last and the insurance they signify. We’ll get into the specifics of what that means in this handy guide to everything about the Indiana-exclusive SR50 insurance certificate. So unless you live in Indiana, you shouldn’t pass up on this reading.
Why Can You Only Get SR50 Insurance Certification in Indiana?
There’s no particular reason or odd legal technicality behind why SR50 insurance certification is only used in Indiana. It’s just an exclusive practice to the Indiana Bureau of Motor Vehicles (BMV), so they can better file proof of insurance for every driver in the state. The BMV is especially important to get acquainted with since they, along with your car insurance company, directly work with one another when it comes to SR50s and SR22s because an SR50 may signify an issue with a driver’s license which the BMV assigns.
Is SR50 Insurance Certification Actually a Car Insurance Policy?
The short answer is no; an SR50 isn’t its own insurance policy with auto coverage, deductibles, and claims. In the other 49 states, SR22s aren’t a valid form of insurance coverage either. You would have to get an SR50 if your license was suspended or you were caught driving without auto insurance, so it’s never a standard choice at the insurance brokers. We use the word, certification, very literally in the headings, as you’ve probably noticed. Because that’s what an SR50 is, a certification that you carry or are able to carry the minimum required liability coverage in Indiana. This can help you qualify for proper car insurance and/or reinstating a suspended license.
When Would You Need SR50 Insurance Certification?
Because SR50s aren’t regularly offered like any other insurance policy, they’re only reserved for certain cases of driver discrepancy.
Here are some cases where an SR50 is required:
- Driving uninsured - Drivers that don’t meet Indiana’s minimum coverage requirements but drive anyway are in violation of said law. This can result in a license suspension and infamous reputation with insurance providers that only an SR50 can fix.
- Major auto accident - The BMV will personally look into your case if the accident is directly reported to them. A significant accident due to an error on your part can have severe consequences like license suspension or insurance cancellation.
- Multiple traffic violations - At least three traffic or moving violations within a 12 month time period is enough grounds for a license or insurance suspension. At that point, you would be required to get an SR50.
- Driving misdemeanor or felony - More serious driving-related crimes that amount to a misdemeanor or felony are always a red flag for your insurance providers and the BMV.
- Driving with a suspended license - Driving without a suspended license is bad enough but imagine being involved in any of the mentioned cases above while your license is suspended. Unless you get an SR50, you may permanently lose your driving privileges.
- Receive a notification - The BMV is usually the first to let you know that there is an issue with your driver’s license. The moment you are informed of this by the state, it’s time to get SR50 certification.
What Are The Required Insurance Limits in Indiana?
A legally required, valid auto insurance policy would include bodily injury and property damage insurance. Indiana is one of many “25/50/25” states, which refers to the amounts of coverage for each insurance type. $25,000 in per person bodily injury, $50,000 in per accident bodily injury, and $25,000 in per accident property damage. The proper insurance is another thing you would have to make sure you have in addition to an SR50 after the BMV contacts them. The minimum limits may not be your exact limits as every policyholder sets theirs differently. Take a look at your net worth to gauge how much insurance would be right for you.
How Much Does SR50 Insurance Certification Cost?
Auto insurance rates in Indiana are among the lowest in the country. An SR50 doesn’t cost anything to file. The only expense related to it is the license reinstatement fee of $150. Sometimes it can go up to $300. In Indiana, you would be paying around $430 annually for basic insurance coverage and $1,266 for full. However, further traffic violations or driving without a license or insurance can result in severe fines and charges if they persist. Auto insurance cost is different for each person. It can depend on your car make, driving history, age, and even sex. An SR50 can result in higher rates since it indicates a unique driving history. At the same time, it’s beneficial to have because it shows that you are taking the proper steps to become a legal driver to the insurance company.
How Are You Able to Save on Auto Insurance in Indiana?
Here’s a nice, little bonus subsection on what you can do, perhaps to save money on a new state-required auto insurance policy. High-risk car insurance can be costly, so we recommend shopping around local and national insurance names.
Standard deals you may find are:
- Insurance bundle - The most common types of bundles insurance providers sell are home and auto. Buying them together can take some money off the sticker price.
- Higher deductibles - Setting your deductibles to a higher amount will result in lower rates since it’s an inverse relationship. Deductibles go up; rates go down.
- Stick to basic coverage - Adding on collision and comprehensive insurance for full coverage can drive your rates up a considerable amount. Sticking to what you need with basic coverage will be more economical.
- Complete safety programs - The BMV has approved safe driving programs and classes that you can take to lower your risk as a driver. Insurance companies smile upon this as it shows you’re trying to become a better driver.
- Telematic device - Insurance companies can monitor your driving by installing a telematics device in your car. They’ll lower your monthly rates in return.
What is The Difference Between an SR50 And an SR22?
Every state, including Indiana, uses SR22s in the same fashion that an SR50 is used in. The main difference is the time frame for which they are active. An SR50 is filed only once and can be active for a maximum of six months or at least until the driver has their license reinstated and buys an insurance policy. An SR22 is much more long-term with an average lifespan of three years and must be filed multiple times. Both, however, do serve the same purpose in certifying that the driver has the minimum required insurance and can legally drive.
There’s another certificate that Indiana can issue their drivers, and that is an SR16. This is only issued when the unlicensed or uninsured driver has a motor vehicle law conviction, unpaid citations, and doesn’t appear in court. The BMV will be notified of this and whenever the SR16 is resolved or rescinded.
Where Can I Get SR50 Insurance Certification?
An SR50 can be filed at any insurance company in Indiana. For them, SR50 filing is as standard as a driver buying liability insurance. They then work with the BMV to ensure that the SR50 is filed with the beginning and end dates of your insurance policy. Shop around today for a new policy and file an SR50 to avoid further suspension of driving privileges and higher license reinstatement fees.