What is SR50 Auto Insurance? Insurance King has filed 10’s of thousands of SR-22 insurance forms within numerous Secretary of States. We also file SR-22 and SR-50 insurance forms fast with our electronic filing services. Typically, drivers licenses are reinstated within 24-72 hours using this delivery system.
*Not all states file electronically. However, we file electronically for all states that have the capability.
Understanding what a SR-22 is.
A SR-22 is not an insurance policy; it’s simply a financial responsibility form proving that you have insurance coverage. The SR-22 is filed with your state by your insurance company. It certifies that you carry the minimum liability coverage on your car insurance policy.
SR-22 for drivers that do not own a vehicle can be filed with a “non-owners” policy.
Drivers who do not own a car must purchase “non-owners” liability coverage. This policy provides liability to a vehicle you drive that you do not own. “Non-owners” policies typically are discounted. However, if you purchase a vehicle you must endorse your non-owners policy to an auto policy to remain covered and legal to drive.
In order to sell and SR-22, the insurance company must be licensed in that particular state. It must also have the authority or “power of attorney” to issue an SR-22. Our office maintains a listing of authorized agents and companies.
An SR-22 requirement can be issued by the Secretary of State based on a judgement in a county court. Depending on the state you live in, SR-22’s are usually required for 12-36 months. Some states require these to be consecutive
months, meaning that if you are late on a payment you have to start the SR-22 all over. SR22, also known as high risk auto insurance, could be required of drivers for several different reasons, including:
1.Unsatisfied judgment suspensions
2.Multiple moving violations or tickets within 12 months
3.Being behind on Child Support Payments
4.Driving with a suspended or revoked license
5.Having an at-fault accident while driving uninsured
6.Multiple moving violations or tickets within 12 months
7.Being behind on Traffic Citation Payments
8.Driving under the influence (DUI)
9.Other major moving violations, such as reckless driving
Keeping a SR-22 Active is the KEY
f your policy lapses, your drivers license will be suspended. Some Insurance King clients opt to pay the 6-12 months of insurance premium in full to avoid suspensions. Other clients opt to pay 30 days in advance, however you choose to pay, just pay before the payment is due to the insurance company. This avoids being arrested for driving uninsured. If you are ever unsure if your policy is active, you can contact your Secretary of State or Insurance King.
Insurance King will file the actual SR-22 form with your state’s Department of Motor Vehicles (DMV). This will show proof of insurance for you. You should always make sure the SR-22 is on file with the State prior to driving. Once the SR-22 is filed, your license suspension will be removed, therefore making it legal to drive again.
Note: SR-22s are state specific — what is required in one state may not apply in another state.
Filing an SR-22 in a different state
Drivers who need an SR-22 that move to a different state must have a new insurance policy from the new state in which they moved to. This makes it difficult to keep your SR-22 filed in the prior state. Insurance King is able to help people in this situation as long as they live in a state Insurance King is licensed in both states. Not too many agents are able to file SR-22’s in different states because they are not licensed in multiple states.
Switching insurance companies with a SR-22 filing
It is possible to cancel an SR-22, in order to switch to another company. However, Insurance King suggests getting the new SR-22 on file and then canceling the old policy afterwards, to receive a refund. This means not having to go without a SR-22, and risk driving on a suspension, or having to start over on the time line for which you need a SR-22 with your state.
Once the SR-22, or financial responsibility requirements have been satisfied by the state in which you live, you will be notified, as will your insurance company. SR-22’s generally do not cost extra money. It just removes the suspension requirement if your policy were to lapse in the future. Insurance King suggests you keep the letter of completion in your glove box for a few months to ensure you do not have any issues with any unforeseen traffic stops.
SR50 Auto Insurance filing
The Indiana Department of Motor Vehicles requires an Indiana SR-22 or SR-50 auto insurance certificate to be filed for license reinstatement. Similar to an SR-22 certificate of financial responsibility. An Indiana SR50 auto insurance certificate, is a rider to a driver’s primary insurance policy. An Indiana SR-50 insurance certificate is a requirement for license reinstatement. In addition, it is a guarantee to the Indiana Department of Motor Vehicles that the driver will remain insured for a required period of time. This form shows the Department of Motor Vehicles the beginning and ending dates of the current policy.
Trying to reinstate driving privileges from a mandatory suspension? Indiana suspended drivers will be required to pay a reinstatement fee. Also, they will be required to have an SR-50 insurance form filed with the Indiana Bureau of Motor Vehicles.
If the policy expires or is cancelled, the insurance provider immediately notifies the Indiana DMV by submitting an SR26 filing. Lapsing will cause the driver’s license being suspended or revoked again. The result is additional fines, fees or other penalties.
Usually, drivers under this requirement are expected to carry Indiana SR-50 insurance for a period of three years. In addition, no lapse in coverage is allowed.
Offenses that require Indiana SR50 auto insurance include:
DUI or DWI offense
Refusal to take a breath or blood test
Operating an uninsured vehicle / uninsured accidents
Multiple driving offenses / excessive points on a driver’s record
Child support or neglect cases
Indiana SR-50 insurance can be purchased as an owner/owner-operator policy for those who own a vehicle. In addition, also as a non-owner policy if you don’t own a vehicle.