SR 50 Insurance – What You Need To Know

download (11)Auto insurance rules and regulations are quite similar in most places. The SR-50 policy however makes the Indiana State very unique. This is an affidavit that is used to validate driver compliance with financial responsibility mandates in the state of Indiana. Important to note is that the SR-50 is not in any way an insurance policy; it is rather a certificate that is issued by insurance carriers and sent to the Bureau of Motor Vehicles (BMV) as proof that you, the driver, have a valid insurance policy in place.

The affidavit contains important information such as the name of the driver and driving license number of insured parties. It also has the policy’s start date and expiration dates. Unlike the SR 22 that verifies coverage for a specific period, the SR-50 verifies coverage on a specific date. This form shows that you carry minimum insurance required by the state to cover you in case of an accident. If you are a car owner, you are required to attach this form to your regular auto insurance policy but you can also attach the filing to a named operator’s policy if you are not the owner of the car.

Why SR-50?

Proof of insurance needs to be demonstrated once an accident occurs or a moving violation is committed. Failing to show insurance proof during the time of the violation or accident can lead to suspension of a driver’s license. The suspension can be up to a year and it means that you are not allowed to drive during the suspension period. Once the suspension is lifted, you will be required to pay a reinstatement fee that can be as high as $300. You will also be required to fill the SR-50 form. Once the BMV is notified you will receive a Certificate of Compliance that you need to fill and also return within 40 days or you risk suspension of your driver’s license. Apart from accidents and traffic violations, you might be required to show proof of insurance during random state verifications.

The affidavit will be required in common traffic violations such as driving under influence (DUI), reckless driving and over speeding. Accidents by the driver also require the form, but not non-moving violations like expired license and parking tickets. By complying with Indiana’s financial responsibility requirements, you will save yourself from revocation and suspension of your license and even registration privileges.

Filing the SR-50

It is not that hard to fill the SR-50 form in Indiana. The BMV starts by sending you a notification and you will be required to fill and return it within a 40 day span or you risk license suspension. Your insurer can help you fill and return this important form to the BMV. The form can also be filed with the insurance company and submitted. Most insurance companies assist in filing it together with the insurance policy once you apply because it is state recognized. The filled form is then electronically submitted. The filing attracts subtle fee, but your insurance premiums can be affected depending on the cause for the SR-50 form to be required.

 

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