My wife, 18-year-old son and I have a responsibility to limit multicar Insurance $ 300,000. My son driving one of our cars every day, but the champion was in his mother’s name. Are we beyond the financial responsibility of $ 300,000, if my son caused the accident? And will make a difference, if the car is heading, and registered in his name
You may be on the hook for any losses greater than $ 300,000, if your son – your family or anyone – can lead to a major accident. This is a good reason to increase the liability limit on your car insurance, especially if you have a teenage driver, and consider buying an umbrella policy. Umbrella coverage, you can add $ 1 million or more, your car and homeowners liability insurance, usually $ 200 to $ 400 a year. For more information, see Why you should umbrella liability insurance.
If the car is in the name of your son’s name, he can get his own insurance, which should limit your liability. But it can be very expensive in a 18-year-old man to buy their own car insurance coverage; it is usually cheaper to maintain and family coverage multicar discount. See 8 layers ways to reduce the cost of insurance for teen drivers detail.
For more information on car insurance to save money, see four reasons Reshop your car insurance.