The state of Indiana uses the SR-50, or Affidavit of Current Insurance, to validate its drivers' compliance to Indiana’s financial responsibility mandates. The SR-50 is not an insurance policy but rather a certificate, issued by the insurance carrier and sent directly to the Indiana Bureau of Motor Vehicles (BMV).
The information on the SR-50 affidavit includes the name and driver’s license number of the insured party, as well as the policy’s effective and expiration dates. Indiana uses this form to verify coverage on a specific date, unlike the SR-22, which is used to verify coverage for a specific period.
Indiana drivers are only required to send a SR-50 when they have received notification from the state. Indiana will issue the request when they have received notification of a driver’s possible noncompliance. In most cases, this can occur after failing to show proof of insurance at the time of a traffic violation or vehicle accident, as well as during the state’s random verification.
Indiana uses the SR-22, or Proof of Future Financial Responsibility, to ensure that its drivers maintain extended financial responsibility. This certificate or filing is attached, or endorsed, onto the auto insurance policy. Once in place, the insurance carrier issues notification to the Indiana BMV that the driver is compliant with the state’s financial responsibility requirements. Similar to the SR-50, the SR-22’s information includes the driver’s name and driver’s license number, as well as the policy’s inception and expiration dates. If, for any reason, the policy cancels, the insurance carrier will send notification to the Indiana BMV that the driver is no longer insured under the policy. This cancellation notification is issued electronically in the form of an SR-26, or Cancellation of Proof of Future Financial Responsibility.
It is possible for Indiana to demand both an SR-50 and SR-22 from a driver. The failure to meet the state’s requests for these certificates can result in the suspension, or revocation, of license and registration privileges. The easiest way to avoid the need for these forms is to comply with Indiana’s financial responsibility requirements. Under Indiana mandates, licensed drivers must maintain bodily injury and property damage liability, as well as uninsured and underinsured motorist liability coverages of, at least, $25,000 per person, $50,000 per accident with $10,000 in property damage liability.