If a driver has infractions that make them a high risk to insure, they may have to get an SR-22 form filed by their insurance company. This form guarantees that they are properly insured and financially capable of paying for the insurance they need. Since SR-22s usually make insurance more expensive, anyone required to get one will want to shop around and ensure they’re choosing the most affordable insurance company that still meets their needs. Here’s the full explanation of Indiana SR-22 insurance and how to get SR-22 coverage for less.
What Is SR-22 Insurance?
An SR-22 is a form that insurance companies send to state motor vehicle agencies to confirm that the driver meets their current insurance requirements, whatever they may be. It usually lasts on a driver’s record for three years and is ordered by a court after a high-risk traffic violation, like reckless driving, driving under the influence, or driving while uninsured. It could also come from multiple accidents or moderate traffic violations in a short period, driving with no valid license, or not paying child support.
The point of this form is to show the state Department of Motor Vehicles that you are financially responsible and dedicated to maintaining your required insurance, hence it also being called a “certificate of financial responsibility.” Technically, SR-22 is not a type of insurance coverage like collision or comprehensive. You could call filing an SR-22 form a type of insurance service, and most major insurance companies can do it.
Since the reasons you might be required to get an SR-22 filed might classify you as a high-risk driver, your insurance rates could go up. Your driving record, as well as your vehicle, your ZIP code, and other factors will affect your final insurance premiums.
Who Has Cheap SR-22 Insurance in Indiana?
The SR-22 is not an insurance coverage that pays money against certain incidents. It has only a small one-time filing fee, such as $25. Still, we can compare the average cost of insurance for Indiana SR-22 drivers by different companies to see how much your premium could rise. The specific infractions that caused you to file the SR-22 are the biggest factor in your price increase.
The reason SR-22 car insurance is expensive is that the infractions remove access to common coverage discounts. After serious offenses like a hit and run, you will likely be required to meet a higher coverage plan, which would include $100,000 for bodily injury liability per person, $300,000 of body injury liability per accident, and $100,000 in property damage coverage. Looking at minimum Indiana car insurance packages for a driver with an SR-22 certificate, the companies with the cheapest SR-22 insurance are:
- Progressive: Progressive’s average annual insurance premium for a driver who filed one SR-22 is $435.
- Erie Insurance: This alternative Pennsylvania-founded company offers an annual SR-22 insurance premium of $484.
- State Farm: State Farm is the third cheapest insurance provider for drivers with an SR-22 at $521 annually.
- American Family Insurance: Abbreviated to AmFam, this private mutual insurance company offers average SR-22 premiums of $553.
- GEICO: GEICO is in fifth place, not the best but still pretty affordable, with average annual premiums for SR-22 filing drivers of $646.
Do You Need the SR-22 for a Hardship License?
Yes, the State of Indiana requires you to get an SR-22 when getting a hardship license. These temporary licenses for suspended drivers give them the right to drive for limited uses, such as to and from work. Hardship licenses are often an option you can request from the same court that suspended your license, but you need to file an SR-22 first.
What Is SR-22 Versus SR-50 and FR-44?
While most states have the SR-22 form for drivers with an infraction or issue, Indiana is one of the few states that also have the SR-50. Sometimes required instead of an SR-22, this form confirms you meet your current liability coverage after one of the following incidents:
- A car accident with a report sent to the Indiana BMV
- A moving violation within a year of receiving two others
- An auto accident classified as a misdemeanor or felony
- A moving violation while already suspended for failing to file an SR-22 or SR-50
Many other states also have the FR-44, a similar insurance form not used in Indiana. All of these forms are certificates of financial responsibility, and one isn’t necessarily worse than another. You should try to avoid situations that would cause you to file any of them, keeping your insurance costs down.
Should You Switch Insurance Providers for an SR-22?
The actual cost to file an SR-22 is negligible over how the incident requiring it could affect your overall insurance cost. It’s important to shop around at three or more companies to be certain that you’ve found the best premiums available for your driving situation. Estimates on the cost of coverage are the most reliable way to judge the cost of insurance with an SR-22, but they are still only estimates. The severity of the violations, as well as your driving past and other background details, have the biggest influence on the starting cost of car insurance.
How Do You File an SR-22?
If your current insurance company offers SR-22 form filings, all you have to do is call them and they’ll take care of it. They’ll add the SR-22 endorsement to your existing policy and then file the document with the state. If you don’t have auto insurance or your current insurer doesn’t offer SR-22s, then you’ll need to buy a new policy.
If you need an SR-22 and don’t have a car, you should call your insurance company to ask about named non-owner coverage. If you need an SR-22 in another state besides Indiana, or need one from Indiana while living somewhere else, major insurance companies capable of handling the SR-22 form can help you. Whether you go with Progressive SR-22 insurance or another company, always be certain you are getting the proper coverage to legally drive and that you will be insured in the future against anything that might happen.
At FIXD, our mission is to make car ownership as simple, easy, and affordable as possible. Our research team utilizes the latest automotive data and insights to create tools and resources that help drivers get peace of mind and save money over the life of their car.