Reader’s Question:
What is SR50 auto insurance?
Michael
According to the Indiana Bureau of Motor Vehicles (BMV), an SR50 is a form required to be filed by drivers to show proof of their current insurance to BMV. It shows the start and end dates of the insurance policy.
In Indiana, the law states that a motorist should provide proof of insurance to the Indiana BMV for any accident or traffic violation conviction. Once the BMV has been notified of the traffic or accident conviction, the Department will send the motorist of a Certificate of Compliance. This will be filled out by the insurer or insurance agent. It will then be sent back to the BMV within forty days to prevent suspension of license.
If the driver is convicted of driving without the required insurance in the state at the time of the violation, the driver’s license may be suspended for a year. Other penalties may include reinstatement fee of 150-300 dollars and may be required to submit Affidavit of Current Insurance, or SR-50 form. This form will then be submitted to the insurance company and the insurance company will send it back to the BMV.
SR22 is the form to show proof of financial responsibility and requires to be maintained for 3 years. SR50 on the other hand is the proof of current financial responsibility that the insurance company send to the BMV.
Related Articles
No user responded in this post