Why is my spouse’s name first on our insurance policies?
It is very common to have more than one named insured on a personal lines insurance policy.
Whether this is your automobile or homeowner’s policy usually both spouses or maybe a parent and child are listed together as named insured’s.
But the question is, why is one named listed first, and does it matter?
Years ago the answer would have been it didn’t matter. Usually, the spouse or person who took care of the insurance would be listed first because they filled out the paperwork or made the phone call.
Now, it plays a huge role in determining your actual insurance costs.
Insurance Credit Scoring
As you may or may not know, credit makes a huge difference for many insurance company’s when determining rates for policies like your auto and home insurance.
In many instances, the insurance company will only run an insurance score based on credit on the name who is listed first on the policy. This insurance score will help determine what your overall rates will be.
To learn more about how or why credit plays a factor in your insurance costs, jump over to our blog discussing that topic.
Who is a named insured?
Only certain people can be listed as a named insured on your insurance policies.
For you to be a named insured, you need to have an insurable interest in what that insurance policy is covering.
You need to be a registered or titled owner to one of the vehicles on the insurance policy or you need to be the deeded owner of the property or at least the spouse of the person who is.
What’s Next?
When reviewing insurance rates for our clients, our agency protocol is to run quotes both ways to ensure that you are getting the best possible rates available.
One of the number one ways to improve your insurance premiums is to first improve your credit score.
If you know which named insured has a better credit score, make sure you let your agent know.
Not all agencies make it a common practice to run both ways, so you may be losing out on a chance to lower your current premiums.
A simple change of whose name is primary on the insurance policy can improve your insurance premiums drastically.
Reach out to your insurance agent to have this conversation, if you don’t have a relationship with an agent or want a review of your insurance then click the button below to schedule a review with one of our trusted insurance advisors.
