I'm being sued and I'm scared

My son let his friend drive a car registered in my name, and his friend was involved in an accident with a married couple that was his (the driver of my car) fault. HE said the other parties didn't appear to be seriously injured. He was cited for failure to yield right-of-way making a left turn.

So now I'm being sued as the owner of the vehicle, along with the driver. The suit says the wife has serious, painful, and permanent injuries, along with the husband claiming wife's "inability to attend church, movies, and loss of companionship to him." I have $100,000 bodily injury per person, and I fully accept my liability, but I'm afraid of losing everything. How likely is it that they will be able to sue for more than I'm insured for--in other words, could I lose my house or retirement or anything?

[I AM ALWAYS LIABLE]

My response:

I wish you mentioned your State name, as the instructions ask.

However, generally speaking, if there were no broken bones, your limits of liability should cover this accident.

On the flip side of this coin, and with a young driver in your home, you really should increase your limits to 1 Million dollars. What if he had killed one or both of the other persons ? What if he wipes out the entire Gonzalez family ?

Your limits are probably "just enough" for the actual facts of this accident. But, certainly not enough if the accident had been worse.

Give all papers to your insurance company. They owe you a defense - - and the costs of that defense are INCLUDED in the cost of your insurance. So, if you haven't done that already, do it ASAP !

I think you're going to be just fine . . . this time.

IAAL